Reference no: EM131744808
Assignment: Introduction to Human Performance Technology
Case Study 10: Second Life for SL Insurance?
SL Insurance (SLI) is a new company that sells a wide variety of insurance products at a discount. In a market filled with competitors, SLI has decided that its business model is to aim its products to a distinctive younger demographic group. The target population is in the 18 - 35 range, mainly urban, educated and computer savvy.
A few months ago, SLI commissioned a comprehensive marketing study to examine the needs and concerns of the targeted demographic. One of the main problems the study found was that when potential customers were asked about different insurance products, a large majority (82.4%) did not fully understand the difference between products, pricing and their features. A second, and equally important problem is that the media SLI has been using, mainly magazine and radio commercials, are scoring low in the retention and penetration studies undertaken by the marketing team.
Sales have been flat to down in the last six months and the SLI management team is worried. After a three day retreat, the idea was hatched to create a new, radical and innovative way to market the company and its products, unlike anything seen before. One of the executives suggested that the best approach to increase sales should be a combination of cool marketing combined with a simple education program to clearly explain SLI's products in a simple, straightforward way. The team agreed on this approach.
Another of the younger company executives gave an exciting demonstration of the web-based application called "Second Life" where people get to interact in a virtual world and where more and more companies are setting up virtual offices for people to visit them. The SLI executive team was deeply inspired by this demonstration and unanimously agreed that it would make sense for SLI to set up a virtual office in Second Life.
Other marketing initiatives were also approved.
After much searching, one of the best marketing and training teams in the business was assembled to tackle this new strategy. As the Team Learning Technologist, your role is to put together the SLI virtual presence in the Second Life environment. This presence must include a simple way and "fun" way for prospective SLI customers to get information on the 124 difference insurance products the company offers.
Because the company has never attempted this before, the finance team is unsure of how much finding to allocate to you for this project. You need to provide a plan on what resources (including headcount) you need and also a brief description of what this virtual space will look like and how it will help customers learn about SLI's product line.
You will need to present your strategy proposal to a Management Review Committee (MRC) who will have the ultimate approval authority for your project.
Case Study 10:
https://www.expertsmind.com/library/how-you-set-up-license-and-certification-tracking-process-51744804.aspx