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AIA International Marketing Communication

   

Added on  2020-06-06

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Marketing Communication-AIA International
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11.About AIA International......................................................................................................12.Market communication objective........................................................................................13. Target audiences.................................................................................................................24. Strategy...............................................................................................................................35. Tactics.................................................................................................................................46. Evaluation of effectiveness.................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
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INTRODUCTIONWith the rising competition level in the corporate world, marketing becomes a keydeterminate of organizational success wherein companies use different promotional tactics andmarketing strategies to convey their product information to their consumers for awareness. AIAInternational is a leading organization of Hong Kong that offers insurance and other investmentoriented products to the consumers. It was established in 1919 and in Fortune Global 500; it isranked 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. Itcovers various aspects such as setting objective, targeting people, using different communicationstrategies and marketing tactics to educate audiences about AIA International’s offerings. Thereport 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 InternationalAIA Group limited is a public listed company and one of the largest Pan-Asia lifeinsurance group in Hong Kong. Organisation was founded 98 years ago, in 1919 by CorneliusVander Starr (Boeing, 2016). Headquarter of AIA international is based in Central Hong Kong. Itis presented in 18 markets within Asia-Pacific with wholly owned branches in countries likeThailand, Malaysia, China, Australia, Singapore, Korea, Indonesia, Taiwan, Macau, ThePhillipines, etc. along with holding of 97% subsidiary in Sri Lanka and 49% of joint venture inIndia. In 1945, it became subsidiary of American International Group that is based in New Yorkand 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 nextmonth only a UK based financial security company. Prudential PLC announced to buy AIAInternational 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 asa leader and provide the best quality services to the people and society as whole.2.Market communication objectiveAll the companies marketing their offerings with the ultimate aim to boost their consumerbase through great awareness. It is necessary for the entity to align their marketing efforts with1
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the overall business strategic targets to reach defined corporate goals. AIA International followsa forward looking business strategy in which it is highly committed towards product innovationto provide greater value to the customers. Following innovation strategy, AIA recently launcheda new product “Smart Elite Ultra” to provide illness and disease protection solution to theconsumers with an extended insurance coverage (AIA Hong Kong Launches AIA “SMARTELITE ULTRA”, 2017). The product consists of several important features that are Benign ExtraBenefits and Undetected congenital coverage to provide protection to more and more people. Thenew offering covers number of life insurance benefits, illness protection and provides customer acomprehensive and extended coverage for wealth increase. The key aim of AIA international’s marketing plan for the Smart Elite is presented here asfollows: To maximize revenues by atleast 12% through consumer awareness by the end of 2018To invest 1% of total revenues in research and development (R&D) activities every yearto know new marketing tactics To generate minimum 7% net profitability on the total turnover by attracting morecustomer base3. Target audiencesSTP approach is the best technique to classify the entire market into various sub-sets andthereafter select the target audiences from it which will be targeted by AIA International. STPstands for segmentation, targeting and positioning which is used in modern marketing andapplied in real practice. The model presents a clear link between marketer’s expectations andcompany’s own products and services and help in providing right product to right audience thattailor 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. Segmentationfacilities establishment in dividing entire market into various sub-groups, so that, it can identifytheir target market easily. Targeting: It can be defined as the process of selecting a specific group out of multiplesub-sets. Product is designed targeting that groups and all the marketing efforts are required to be2
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