Marketing Research Methods and Application

This assignment delves into the realm of marketing research, examining both qualitative and quantitative methodologies. It includes a range of academic sources discussing market segmentation, sustainable marketing practices, operational barriers in marketing planning, and the application of marketing principles in social contexts. The assignment also incorporates case studies, such as the AIA 'SMART ELITE ULTRA' product launch, highlighting the practical implementation of marketing research.

Marketing Communication-
AIA International

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1.About AIA International......................................................................................................1
2.Market communication objective........................................................................................1
3. Target audiences.................................................................................................................2
4. Strategy...............................................................................................................................3
5. Tactics.................................................................................................................................4
6. Evaluation of effectiveness.................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
With the rising competition level in the corporate world, marketing becomes a key
determinate of organizational success wherein companies use different promotional tactics and
marketing strategies to convey their product information to their consumers for awareness. AIA
International is a leading organization of Hong Kong that offers insurance and other investment
oriented products to the consumers. It was established in 1919 and in Fortune Global 500; it is
ranked at 383 positions with a total revenue of $28,196 million in 2017 (AIA International,
2017). The aim of the current assignment is to prepare a marketing plan for the company. It
covers various aspects such as setting objective, targeting people, using different communication
strategies and marketing tactics to educate audiences about AIA International’s offerings. The
report evaluates key market strategies including 3Ps stands for Pull, Push and Profile. However,
marketing tactics consists of advertisement, personal relationship, direct communication,
sponsorship and many others for maximizing business growth.
1.About AIA International
AIA Group limited is a public listed company and one of the largest Pan-Asia life
insurance group in Hong Kong. Organisation was founded 98 years ago, in 1919 by Cornelius
Vander Starr (Boeing, 2016). Headquarter of AIA international is based in Central Hong Kong. It
is presented in 18 markets within Asia-Pacific with wholly owned branches in countries like
Thailand, Malaysia, China, Australia, Singapore, Korea, Indonesia, Taiwan, Macau, The
Phillipines, etc. along with holding of 97% subsidiary in Sri Lanka and 49% of joint venture in
India. In 1945, it became subsidiary of American International Group that is based in New York
and also shifted its headquarter from Shanghai to New York (Sung, 2016).
It was then planned to list AIA in Hong Kong stock exchange in April 2010. But the next
month only a UK based financial security company. Prudential PLC announced to buy AIA
International in US $35.5 Billion.
Vision: Vision of AIA to become world's pre-eminent life insurance company.
Purpose: Main purpose of company is to derive social and economic benefit by acting as
a leader and provide the best quality services to the people and society as whole.
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2.Market communication objective
All the companies marketing their offerings with the ultimate aim to boost their consumer
base through great awareness. It is necessary for the entity to align their marketing efforts with
the overall business strategic targets to reach defined corporate goals. AIA International follows
a forward looking business strategy in which it is highly committed towards product innovation
to provide greater value to the customers. Following innovation strategy, AIA recently launched
a new product “Smart Elite Ultra” to provide illness and disease protection solution to the
consumers with an extended insurance coverage (AIA Hong Kong Launches AIA “SMART ELITE
ULTRA”, 2017). The product consists of several important features that are Benign Extra
Benefits and Undetected congenital coverage to provide protection to more and more people. The
new offering covers number of life insurance benefits, illness protection and provides customer a
comprehensive and extended coverage for wealth increase.
The key aim of AIA international’s marketing plan for the Smart Elite is presented here as
follows:
 To maximize revenues by atleast 12% through consumer awareness by the end of 2018
 To invest 1% of total revenues in research and development (R&D) activities every year
to know new marketing tactics
 To generate minimum 7% net profitability on the total turnover by attracting more
customer base
3. Target audiences
STP approach is the best technique to classify the entire market into various sub-sets and
thereafter select the target audiences from it which will be targeted by AIA International. STP
stands for segmentation, targeting and positioning which is used in modern marketing and
applied in real practice. The model presents a clear link between marketer’s expectations and
company’s own products and services and help in providing right product to right audience that
tailor their demand in an appropriate manner (Kalafatis, 2002).
Segmentation: In this, market can be segmented on the basis of nationality, origin,
geographical base and others consumer specific characteristics (Henley, Raffin & Caemmerer,
2011). In this, for AIA International, market is segmented considering age factor. Segmentation
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facilities establishment in dividing entire market into various sub-groups, so that, it can identify
their target market easily.
Targeting: It can be defined as the process of selecting a specific group out of multiple
sub-sets. Product is designed targeting that groups and all the marketing efforts are required to be
made targeting target people only. First-in-Market coverage for children will target children fall
in the age category of 0 to 17. However, First-in-Market family care will provide premium
protection to the before below 75 and multiple illness protection specifically target people with
cancer.
Positioning: The new product covers both disease, treatment and rehabilitation protection
features to the consumers as a quality position strategy. Former includes extend insurance
coverage to the people who already have breast disorder, elevated prostate and uterine fibroid.
However, treatment includes First-in-Market cover for children and family as well and
rehabilitation protection consists of multiple illnesses protection. Its designed critical illness
solution will facilitate consumers by providing wealth accumulation opportunity with guaranteed
cash. For instance, Benign Extra Benefit is guaranteed to 20% of the total sum assured. It covers
115 illness, 58 critical and 44 early stage diseases i.e. cancer at early stage, invasive surgery and
carcinoma. Thus, it clearly indicates that AIA is following quality positioning strategy in the
business.
4. Strategy
In the company for making smooth work strategy is the most important factor. And
strategy is the main power of any business. So, strategy can be in any work, task or marketing or
promotion the business. Push, pull & profile are the 3 P's in AIA's marketing communication
strategy.
Push strategy: It works according to product to retailers to sale more product and
increase the sale of the product. In strategy communications push strategy is very important
because that push to service provider for increase their sale and profit so they can survive in the
market easily and get the big reward and earn the more profit (Burrell & Morgan, 2017).
However, AIA is launching the Smart elite ultra in the operational market.
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Pull strategy: In strategy communications one more P is work in the word as a pull
strategy. This strategy involve communication with the end customer or consumer to attract
them, to the retailer or distributor in order to buy the service or the product. Pull strategy attract
to the customers through their product and services and then customer will buy their product or
service with happiness. Pull strategy is for customers happiness only. The strategy
communications uses to satisfy their customers and promotional goals are developed through
what is referred to as a strategy communications. When company can not be able to get what
they want, then company can use the push strategy and get the things what they want. When
company can not be able to attract their customers then they can start the pull strategy for
inviting their customers and attract to them toward their product (Burrell & Morgan, 2017).
Profile strategy: In this strategy communications, will make a strategy for only
satisfying the needs of the stakeholders. This strategy is based on stakeholder and giving some of
responsibility to the stakeholder and they complete their responsibilities then they satisfy to
company and after then company will satisfy to stakeholder. When company need public
relation, sponsorship and corporate advertising then they can start the use of profile strategy.
They build awareness, perception, attitude and reputation in the market. Pull strategy is one of
the requires high spending on advertising and promotion to build up. A push strategy makes use
of a company's sales target and trade promotion activities to create demand of customer for a
product. A profile strategy decide overall marketing objectives.
5. Tactics
Tactics that can be used in campaign
Set up a meeting- first of all a meeting should be called to attract for all the employees,
shareholders, investors, suppliers, creditors, owners, etc. in this the ideas, strategy regarding the
advertising, campaigning tactics should be discussed. It is also done to encourage supporters to
share their views and ideas (Cörvers & et.al., 2016).
Set up a stall- the AIA can set up a small stall in an area where there is the highest
amount of footfall. So it is very helpful for the company to attract the customers' ans start their
campaign. Setting up a stall requires the least cost and through that many customers can be
attracted. The customers are also directly in contact with the company products ans services.
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Contact the local media- it is the very common tactics that most of the company uses.
The local media is very helpful and supports it by giving information to the huge amount of
customers at same time. The media should know that what type of organisation AIA is and what
are products. The radio is also a hub of the providing information to large people.
Town hall forum- organising this type of tactics it can be very helpful for AIA to start
campaigning. In this a large amount of interested customers are there to know about firm and
products and services. In this they can get the views from the people that what they think about
their product a service. It is just like a debate (Kalafatis, 2002).
Attending organisational meetings- many institutes organise their annual meetings. So
by attending these meetings the stakeholders of the AIA have a good chance to directly interact
with the peoples who are ready to advertise the product of business.
Boards and signs- AIA can print some attractive boards and signs and can paste it on
some popular streets and locations or places like outside of a hotel, cinema, office, building, etc.
where most of the people gathers. It should be placed at a proper place where it can divert the
minds of every people.
Volunteers- AIA stakeholders can also act a volunteer so that they can tell their relatives
and friends and can interact with other people and tell them about the product and services
offered by the company. By this they can have a strong network connection which can be helpful
in promotion of organisation (Henley, Raffin & Caemmerer, 2011).
6. Evaluation of effectiveness
Post testing advertising: By considering this technique of promoting the product for AIA
international such as Smart elite which in turn to be examine by the professionals in the
organization after analysing the demand and reputation gain buy the product in the market.
However, there has been use several methods which helps in analysing the post testing methods
such as relationship surveys, Attitude measurement, sales test, inquiry and coupon responses as
well as recall test. Hence, such test will help the managers in making the adequate changes in the
such products as per the responses generated by them
Enquiry tests: In accordance with this method the organisation issues coupons to
consumers on which they make their judgements towards various questions. Hence, by issuing
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the numbers of coupons to people which in turn helps in making the assumption that the
marketing of Smart elite is done on the favourable phase. However, with the help of such
strategies the company will have the indirect marketing and advertising for the product launch.
Moreover, with the help of such techniques AIA will develop the brand image in the market.
Market research techniques
In order to start campaigning of its new product that is Smart elite ultra, company need to
conduct a market research that will enable it knowing about its targeted audience and the actual
need of this product within the society. With the help of such measures AIA will be able to gain
the statistical data on which they can be able to make the adequate promotional strategies For this
purpose following are the best two methods:
 Qualitative Market research Quantitative Market Research
Quantitative market research:
Objective of this research method is to measure the research topic in mathematical and
statistical form. Under this method company need to analyse raw data that can be collected by
primary sources or secondary sources. This analysis can be done with the help of software's like
spreadsheet, Microsoft excel, SPSS, etc. In order to facilitate quantitative research, company
need to gather data in an organised and structured form (Bernard, 2017). Market research
methods like experiments and survey are the best way to conduct quantitative market research.
However, in order to conduct this research, primary research method is not necessary.
Qualitative Research:
Nature of Qualitative research method is typical, unstructured and exploratory. Under this
method company would require to research about insights of the research topic. Research
methods like interviews, observation and focus group are the best way to conduct qualitative
market research (Creswell & Poth, 2017). Automated content analysis is an another method of
qualitative research. Under this method conclusions are drawn by looking the data manually.
Both this method will help AIA International in identifying various required information
that will ultimately help the company in promoting its campaign for its new product, Smart Elite
ultra.
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CONCLUSION
On the basis of this report it can be said that there will be use of various marketing
techniques which in turn helps the AIA international in promoting the product launch such as
Smart elite Ultra. However, the strategic planning were made by the professionals is to targeting
the audience, segmenting as well as making the adequate plans for the business performance.
Further there has been various surveys made in context with analysing the requirements of the
consumers as well as stakeholders of the company.
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REFERENCES
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Online
AIA Hong Kong Launches AIA “SMART ELITE ULTRA”, (2017). [Online]. Available through:
http://www.aia.com.hk/en/about-aia/media-centre/press-releases/2017/aia-press-release-11-
july-2017.html
AIA International. (2017). [Online]. Available through: < AIA Hong Kong Launches AIA
“SMART ELITE ULTRA”, 2017>.
Qualitative and Quantitative Research Methods, 2017. [Online] available Through
:<http://www.mymarketresearchmethods.com/quantitative-vs-qualitative-research-whats-
the-difference/>.
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