Ethical Marketing Strategy for Silver Springs Life Insurance Company
Added on 2019-10-01
9 Pages2066 Words300 Views
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Running Head: MARKETING ETHICSEthics Case StudyNameSubmitted ToDate
Introduction In this paper, a discussion is represented on the Ethics Case Study dealing with the marketing strategy proposed by Facebook to Silver Springs Life Insurance Company. The paper discusses the data released by the company over its life insurance policyholders. Since many policyholdersof the company were reportedly found to lose and lapse their life insurance coverage. These policyholders aged between 60-70 hold accountability of their families and children who were totally dependent on them (Yin, 2013).In an attempt to hold back these policyholders under the insurance covering section, a marketing representative is brought into the team and tasked to produce and place advertisements for the promotion of newly launched Good Provider policy scheme to hold back its former policyholders. The paper further discusses the marketing objectives, marketing strategy, ethical responsibilities, and ethical evaluation of the proposed marketing strategy by the Facebook employee. Case analysisWhat are the marketing objectives of Silver Springs for this advertising campaign? Who is the target market? Answer - The marketing objectives of Silver Springs behind the promotion of the Good ProviderPolicy are to win the favor of former policyholders by launching a more competitively priced insurance policy. In order to meet the goal set by the company while promoting its Good Provider Policy", a cross-functional product team is built to win the favor of at least initial 50% of their former policyholders. The target market of the Silver Springs for this advertising
campaign is their former policyholders at which the Good Provider Policy is aimed at (Parente and Strausbaugh-Hutchinson, 2014).Describe all known elements of the marketing strategy proposed by Facebook for the Silver Springs campaign. Answer - The marketing strategy which Facebook proposed to Silver Springs was to apply emotional marketing strategies to boost company's business. In today's world, emotional attention has grabbed the eyeballs of marketers while they make marketing communication with their target groups. Facebook advised the marketing representative of Silver Springs to take the help of emotional marketing while advertising for Good provider policy, to win the favor of its former policyholders. Emotional marketing strategies practice is seen to widely appeal the target consumers, as these hold potential to directly appeal to consumer's emotional state, needs and aspirations (Baker, 2014).The other marketing strategy proposed by Facebook to help Silver Springs in its launched scheme was to apply targets' newsfeeds strategy which has the ability to attract more attention of the people towards the news feed. Newsfeeds which engage target audience more have the possibility to get more hits as compared to the news feed which has no fate. The newsfeeds designed to invoke a mood of insecurity among the target group has potential to convey a maximum message to its customers. By citing few examples through newsfeed such as seemingly unrelated stories about the celebrities who died in the age ranging from 60-70 due to life-threatening illness, and the stories of helpless older people and adult children grab the attention of target people. Answer - What are the ethical responsibilities of Silver Springs and Facebook?
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