I have received a high-quality paper within very short time (12 days before the deadlines). I will approve it and if I have any questions or modification i will come back to you.
For this assignment you are to address the following questions:
1. Based on the Case Study information below and what you have learned, define 5 strategies that The Rock can implement to become more Customer–centric.
Integrate concepts from the Cundari book into your analysis. Be sure and highlight those concepts. See the Rubric as you write your overview.
2. Define customer life time value and demonstrate how understanding this concept can help The Rock better meet the needs of their customers and expand their business.
3. Chapters 7, 8 and 9 in Customer-Centric Marketing address innovations and the future of CRM. Based upon what you read in these chapters and how you have observed other companies using technology, how might The Rock can innovate and meet its goals?
Your assignment is based upon the below scenario:
By focusing on its strengths, its present client base, and new value-priced products in the next year, The Rock Insurance plans to increase gross sales by 10% and profit by 15%. In addition to this, The Rock Insurance plans to expand their current office locations from three to five office locations.
The Keys to Success and critical factors for the next year are, in order of importance:
The Rock Insurance, Inc. has been profitable, but recently Rock Insurance has had a stagnant market share and this must be addressed. Therefore our goals are:
The Rock Insurance, Inc. is dedicated to providing insurance products that provide quality protection with value pricing. The Rock Insurance Company wishes to establish a successful partnership with the clients, staff members, and insurance companies that respect the interests and goals of each party. Success will be measured by the clients choosing The Rock because of their belief in The Rock’s ability to meet or exceed their expectations of price, service, and expertise.
In order to implement our strategic goals, The Rock will focus on developing the following tools:
The Rock Insurance primarily markets and services Personal Lines Insurance. Its customers are mostly urban and some rural, lower income families or long-time resident senior citizens who demand value-priced insurance premiums in keeping with their lower and fixed incomes. The Rock will also provide insurance to small business, mostly family-run seasonal operations primarily focused on the tourist trade.
The Rock Insurance is a privately incorporated company in the South Puget Sound district and is licensed to transact both Life and General Insurance. The shares are held equally by John Smith and Peter Smith.
The Rock has stressed to the insured the importance of good communication between the broker and client to insure proper coverage is in place. The Rock has noticed as the clients become better informed about insurance that there has been a tremendous increase in clients wishing in-depth discussions about their policy coverage and how they can get the most value for their insurance dollar.
The company’s strength lies in the quality and depth of our products and staff. The offices, unlike the competition, are open six days a week. Because of The Rock’s larger staff, they are able to service the clients even when a client’s broker is busy or out of the office on inspections. The Real Estate division, which is a separate company, helps with market value and replacement cost analysis when required.
The past few years have seen tremendous upheaval in the insurance industry. The number of players has decreased in both the broker and company communities. The recession has curtailed insured from properly maintaining their homes and automobiles, and insurance fraud has become a major issue for the entire insurance industry.
Brokers are concerned that in spite of commission reductions, quotas, contract cancellations, and refusal to write new auto business by some markets, they now may find themselves in competition with some of the traditional broker distribution companies that are setting up direct marketing facilities and branches. The banks now have announced they will open stand alone insurance offices to retail insurance.
In spite of the above, The Rock believes that the independent broker will survive. The Rock is more automated than most service industries.The Rock is close to the customer, regardless of some insurance companies’ attempts to sever the traditional broker-client relationship. The clients, in most cases, still do not care or know which company they are placed with. They trust The Rock’s judgment in selecting the proper coverage and company.
Based on these changes in the goals, outlook, and company culture, The Rock anticipates that they will be able to make revenues of approximately $2,000,000 by year three of the plan and a net profit of $570,000. The company does not anticipate any cash flow problems.
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