Marketing Environment Of Asia Life
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7.0 Marketing Environment
7.1 Microenvironment
This environment consists of smaller and more immediate factors that affect Asia Lifes business operations. The environments that influence Asia Life directly will be marketing intermediaries and competitors.
7.1.1 Marketing intermediaries
Asia Lifes servicing agents stand a great role in the company. They are the one who help the company to promote, sell and distribute products to the client. As a matter of fact, Asia Life will conduct a seminar training for all their agents every year in order to improve their quality, creativity and services and to keep track on the things their agents are doing. In the quest to optimize the performance of Asia Life, the company has creates a vision for their agencies group.
To be a premier insurance company reputed for service excellence and trust.
Besides, they also generate 3 missions for the agents to accomplish:
To provide excellent service to customers
To maximize benefits to stakeholders
To care for and develop our people
7.1.2 Competitors
There are 16 insurance companies exist in Malaysia. In line to be successful, Asia Life stands out by using their brand name which was recognized internationally. Asia Life had received 3 international awards, which are Million Dollar Round Table, International Quality Award, and IMMs Dragon award.
Other than that, their slogan “Well Be There For You”, denotes continuous commitment to deliver assurance services that meet the different needs of their customers.
Besides, Asia Life also stands out by using the main product they offers to the public which is Flex-ed plus. It is the one and only education and endowment policy provided in Malaysia, which consists of only 4 years payment but the gain of 20 years policy. No substitutes are available yet in the insurance industry in Malaysia.
7.2 Macro environment
This environment includes all factors that can influence Asia Life, but that are out of their direct control.
7.2.1 Demographic factors
With the increasing growing rate of children in Malaysia, educational policies nowadays play an important role in the society.
With the reason that every parents want their child to have a university education; thus the availability of seats at local, cost-subsidized universities are so limited that most qualified students have to further their education at costly private institutions, as a result educational policies had becomes the most popular invested policies in Malaysia.
In order to lay their hand in this major business, Asia Life had designed a unique education and endowment policy named FlexEd plus to response to this great factor. FlexEd plus is a combination of both education and medical policy designed specially for students or children.
7.2.2 Economic factors
When the Malaysian economic is facing a boom or inflation, Asia Life will try to design more products that will fit the needs and wants changes by the people. As when their family income rises, this will indirectly mean that they can afford to pay a greater premium basis policy, instead of the family affordable package. Besides, when ones person income increase, he or she will be more willing to invest in insurance in order to a life policy. In link to this, Asia Life will try to instruct their agents in order to increase their productivity. On the other hand, the company will also make an effort on increasing the quality of their policy, thus to grab more customers to Asia Life.
7.3 SWOT Analysis
7.3.1 Strength
Asia Lifes strength is mainly their brand name. The name Asia Life is