AON Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of AON analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on AON marketing mix, help the brand succeed in the market. Let us start the AON Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
AON Product Strategy:
The product strategy and mix in AON marketing strategy can be explained as follows:
AON is a leading financial institution serving customers worldwide with its services. AON provides risk management solutions, insurance brokerage, Human Resource consulting and outsourcing. They provide their customers with a customized combination of products and services in its marketing mix according to their needs. These services are looked into by experts in the field who have the best knowledge in the given area. They generally have B2B (Business to Business) products and their customers are other firms. The customers are provided with tailor-made solutions according to their problems.
With the growth in technology, AON also adopted the technological route. Around a decade ago, they ventured into a technology-oriented platform. They make sure that the changes made in the system are reflected throughout the organization worldwide. Some of the products and services offered by AON are:
• Human Resources – Talent, Retirement, Health
• Reinsurance – Analytics, Securities, Client Services, Facultative/Treaty Reinsurance
• Risk Management Solutions – Actual Risk Assessment, AON Optics: Claims Service Provider, Strategic Advisors & Transaction Solutions, Casualty Risk Management, Crisis Management, Cyber Risk management, etc.
Image: company website
AON Price/Pricing Strategy:
Below is the pricing strategy in AON marketing strategy:
The pricing decisions at AON are based on the level of expertise, the type of solutions and the level of complexity of the available data to be analyzed. AON also depends on the technology used.
Each element of the solution is a cost driver which decides the price of the service offered. The cost of hiring and retaining people also adds up. Their competitors include AIG, Marsh & McLennan Companies Inc, Brown and Brown Inc. To create a unique position amongst its competitors it has to price its services appropriately so that the customers are attracted to AON rather than their competitors. They follow a comparative pricing strategy so as to remain in the competition and increase their market share in comparison to their competitors.
Read more about AON
AON Place & Distribution Strategy:
Following is the distribution strategy in the AON marketing mix:
AON is a consulting firm which is present in 120 countries and has over 500 offices around the world. Every firm has experts in the field to provide customers with the tailor-made solutions to their queries and problems. The distributions channels include Solutions, Reports and Plans, and Intellectual opinion, Risk analysis reports, etc.
The solutions are provided locally and globally to small and medium-sized businesses.
AON Promotion & Advertising Strategy:
The promotional and advertising strategy in the AON marketing strategy is as follows:
AON reaches their clients through proper segmentation and target marketing. Since their customers are other businesses they have to carefully study the market and focus on how to target and segment their customers to effectively advertise or market their services to them. AON make sure that their content and information is crisp and precise in whatever they promote or advertise so that it reaches the correct audience. Since it is a B2B service, there are much fewer channels available to them. They have limited communication channels. Their ads could be placed on social media and formal platforms. AON was an official sponsor of Manchester United Football Club which helped them gain visibility internationally.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of AON.
Physical Evidence:
With over 500 offices worldwide, AON provide solutions to their clients on a regular basis. Their technology and solutions form the baseline of their products and services. Their solution consists of reports, plans, data, etc.
People:
AON have over 72,000 employees worldwide. The firm is people and client oriented. The customer is the top most importance. The success of the firm is largely dependent on its people and the relationships they maintain with their clients. AON provide their employees with numerous benefits such as global compensations, normal and executive benefits, healthcare, retirement benefits, etc.
Process:
AON believes in the concept of globalization. They believe that you should gain all the necessary knowledge from around the world and provide solutions locally. To deliver the services effectively you need to have global resources and knowledge base and a global network of Business Units and Account Management systems. Through this, you can deliver services locally as well as globally to various businesses which fit their requirements. This completes the marketing mix of AON.
About AON:
AON is a global consulting firm and it was founded in 1982 by Patrick Ryan. It has its headquarters in London, United Kingdom. It provides various risk management services such as health and retirement solutions, insurance and reinsurance brokerage, Human Resource consulting and outsourcing. They provide innovative and effective risk management solutions. It was also named and the best global insurance brokerage firms in 2009.
AON realized that generic solutions were not relevant anymore and business needed unique and effective solutions suiting their needs. With this insight, they went on to become one the best solutions providers in the market.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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