Coursework Assignment Template

Coursework assignment 3answer template930Coursework submission rules and important notes
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To be completed before submission:
Word count: 2772 Words
Start typing your answer here:
Marsh: Brief Overview
Insurance broking firm named Marsh was founded 140 years back. Henry W. Marsh
and Donald R. McLennan founded this company. Their aim is to help various businesses to
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Coursework assignment 3answer template930cope up with the changing and innovative environment. A major step changed the course of
insurance broking throughout the world1.
Marsh with a large network has its branches spread out in all over world. It is
assisting millions of customers in almost 130 countries all around. It also has a very big labor
of around 35000 employees. They are working hard in order to provide risk management
portfolios to the clients of the company2.
As the network of marsh is very large, that is why it is considered one of the top
players of insurance broking industry. The main objective of the company is to look into the
portfolios of its insurance clients and make a balanced portfolio to manage their risk certainty
and provide them solutions to overcome any drawback or uncertain condition. This allows
the company to have competitive advantage over other companies of their industry.
Marsh is one of the four subsidiaries of Marsh and McLennan Company. It is a very
productive and profitable company, which work at providing risk management, strategic
solutions to its clients. It is working from around 140 years and still a global leader of its
kind3.
In this assignment, the competitive environment of Marsh is going to be discussed.
The ethical consideration and regulatory requirements that one should take into
consideration will be going to discussed and analyzed in terms of Marsh4. Based on that,
some recommendations will be suggested.
1 Marsh, ‘Diversity and Inclusion’ (Marsh, 2019a) https://www.marsh.com/uk/about-marsh/diversity-
and-inclusion-marsh.html accessed on 25th April 2019
2 Marsh, ‘Leadership’ (Marsh, 2019b) https://www.marsh.com/uk/about-marsh/leadership.html
accessed on 25th April 2019
3 Marsh, ‘You are changing. We are too’ (Marsh, 2019f) https://www.marsh.com/us/home.html
accessed on 25th April 2019
4 Marsh, ‘Leading the Way in Transparency’ (Marsh, 2019c)
https://www.marsh.com/uk/about-marsh/leading-the-way-in-transparency.html accessed on 25th April
2019
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Coursework assignment 3answer template930Competitive environment of the Marsh Company
Source: Porter’s Five Force Model5
The competitive environment of Marsh Company is focused on the implementation of
porter’s five force model and it tends to analyse the factors by which it is being able to
present the maximum competitive analyse in which the company works and how they
usually get it affected by the sort of factors associated with it. There are different types of
factors which are associated with it, i) rivalry among existing competitors ii) bargaining power
of suppliers iii)
Rivalry among existing competitors
Industry is the type of organization that is being served as the combination of
different types of organization. Competition is focused within the industry in association
within them concurrently. Rivalry is there between the in the market place in order to race
out to be the best performer in the market.
Marsh is considered one of the top players of this insurance and insurance broking
industry. They have high profit margins as compared to their competitors and its financial
statements are showing amazing and competitive results. This company efficiently perform
better performance in the country and thus helps to adequate better positivity throughout the
systematic approach envied by the company.
Bargaining power of suppliers
An industry it effected by its supplier’s bargaining powers also. They have much
potential to influence the prevailing prices of supply of goods or services to the respective
company.
5 Michael E,Dobbs, ‘Guidelines for applying Porter's five forces framework: a set of industry
analysis templates’ [2014] 24 Competitive Review 32
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Coursework assignment 3answer template930In case of Marsh there is no existence of suppliers, however they need suppliers for fixed
assets and for some miscellaneous tasks related to their company. Marsh needs a strong
base of its supplier, so that some irrelevant things cannot hamper the core functions of the
company.
Bargaining power of buyers
Bargaining power of the buyers are allotted to reduce the price of the goods in the
market in order to exert pressure on the businessmen by the consumers who are intended to
provide higher quality of goods and services to end consumers. Better amount of customer
service and also indulging with adequate quality of industry services. It is referred as one of
the services which focuses to shape out the competitive structure of the economy.
Threat of new entrants
It is referred as the threat that is referred to the existing competitors in the particular
industry. There are many instances where new companies try to enter the industry and
enable to focus in the associative culture in the market instances. When the new companies
can easily enter in the market then it can be analysed that entry barriers are quite low in the
market. However, when there are situations that new entrants are finding it too hard to enter
in the industry then it is assessed that entry barriers are quite higher. When It refers to
threats that can be posed by new competitors on the organizations, which are already in
industry. New entrants are usually towards that industry which is making profit. Hence
existing organizations of that industry faces big threat from new entrants.
Marsh is facing a huge challenge by getting lots of threat from the market as because
market is quite wide in this sector and thus it enhances to increase the competition in market
structure.
Threat of substitute products or services
Threat of substitute is defined as availability of products that is particularly purchased
by instead of industry’s product. It is referred as the product that is offered by different
company but offers a wide range of prices. These are different sort of product that is given to
the customer within the industry. which is known as the services and it is been considered as
one of the biggest threats in market activities in today’s life. In this way cycle continues6.
Marsh is a service concerned organization and it focuses to deal with every aspect of
servicing process. They thrive to maintain their service quality to top class efficiency and it is
very much effective in focus of reducing the threat of substitution and it stems to generate
more sort of innovative ideology into one of more services acknowledged by other
companies.
Competition and New Business Acquisition in the market
In focus to build up new business in the competitive world, companies emphasise to
focus on setting up regulatory requirements and emphasise on ethical considerations before
implementing it into best level. 7 In relation to the current study, they emphasise on
6Flemming, Poulfelt and Thomas H, Olson, Perspectives and Advice from Leading Experts (2nd
Edition, Routledge, 2017)
7Edward E, Lawler III, Talent: Making People Your Competitive Advantage (John Wiley & Sons, 2010)
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