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Principle of Marketing: Pricing and the Competitive Advantage
Some marketing campaigns focus on benefits and pricing; however, some products, such as Rolex watches and Coach bags, are marketed to a clientele where the price is no object. Can you explain this phenomenon? How can this apply to an insurance market plan?
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Brand recognition comes as an important tool for upgrading the status of an entity before the market. A brand tries to secure a unique position in the eye of a customer by designing unique logos, promoting itself, and leveraging widespread influence. A similar strategy is used by a brand like Rolex watches and Coach Bags to gain special attention before people. The idea of brand recognition equivalently applies to the insurance companies too. In the market plan of insurance enterprises, there has to be an adequate promotional plan which will help the company to secure the finest position before clientele. It helps people to gain trust regarding an insurance company.
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