Strategic Marketing Plan for Red Kites Money (ACC3012) - Finance

This report presents a reflection on the development of a strategic marketing plan for Red Kites Money, a financial planning firm, with a focus on pre-retirement insurance. The assignment involved analyzing the company's current market position, identifying target segments, and formulating a marketing strategy to address the needs of pre-retirement clients. The student discusses the challenges faced, such as aligning marketing objectives and understanding the market, and highlights the successes, including gaining knowledge about the insurance market and applying segmentation, targeting, and positioning principles. The report emphasizes the importance of research, understanding client needs, and the application of marketing concepts. The student also reflects on the segmentation process, market analysis, and the practical application of marketing principles in a real-world scenario. The assignment aimed to create a product that aligns with the roles and responsibilities of the people below the age of 50, creating a need in the market. The student also explored the different market segments prevailing in the market on demographics, geographic, income level of the people, age group, personality and so forth.

Preretirement insurance

TABLE OF CONTENTS
Reflection...................................................................................................................................3

Reflection
While preparing the marketing plan for the Red Kites, there were many aspects which
were required to be looked after which I never thought before. As I initiated the process, the
more things start coming to my mind. The challenges that I faced were in respect to the plan
is to align the objectives set with the other marketing activities and for which I had to look
back at the objectives again and again to ensure that everything is as per the objective. The
main success I think I had achieved in preparing for the marketing plan was that I had
research about the product and the current market situation in the field of insurance and the
mentality of the people in respect to it. This has helped me in grabbing lot of knowledge and
awareness. I have studied about the thinking of the people in regards to it which has helped
me in coming up with the idea of this product and services which is aligned with the roles and
responsibilities of the people below the age of 50. This has provided assistance to me in
creating such a product that will actually create a need in the market. The insurance product
is mainly sold through agents or entering into agreement with the corporates through which
the employees can be provided with this benefit or the product. For making sure that the
delivery of the product is made properly, all the legal aspects in respect to insurance is met
and properly evaluation.
Through this assignment I actually worked on segmentation process which ahs helped
me in gaining more knowledge along with the application of it on the given marketing plan. I
have analysed the want market segment the company should focus on and will it be right or
not. In order to do it correctly, I have personally analysed the different segment that I have
created before finalizing the one so that I can select the right one. This entire segmentation
process resulted into gaining an in-depth knowledge and understanding about the structure of
the insurance market in UK. In this entire formulation of strategic marketing plan process
what I actually enjoyed doing the most is the segmentation, targeting and positioning of the
product. This process has given a good exposure to the various market segments prevailing in
the market on the demographics, geographic, income level of the people, age group,
personality and so forth. In case if I would have given opportunity to work on the similar
project in real employment then in that case, I have rather research about the basics of
segmentation, targeting and positioning in order to ensure that I have remembered that. Then
I will carefully analyse the case and then implement it. For sure I would be very nervous in
doing the simple thing as well, as everyone would be judging me based on my work. But this

assignment would be considered as an important thing for me as it has helped me in
developing my ability.