Republic of the Philippines

BATANGAS STATE UNIVERSITY

Gov. Pablo Borbon Campus I
Rizal Avenue, Batangas City

COLLEGE OF ACCOUNTANCY, BUSINESS, ECONOMICS

AND INTERNATIONAL HOSPITALITY MANAGEMENT
---o0o---
GRADUATE STUDIES

Marketing Management
Terminal paper requirement

In Partial Fulfillment of the

Course Requirements for the Degree
Master in Business Administration

By:

Carpio, John Carlo G.

Mabuti, Shaira Mae D.

December 2019
 EXECUTIVE SUMMARY

By focusing on its strengths, its present client base, and new value-priced products

in the next year, Pru Life UK China Jade Branch plans to increase gross sales by 20%

and profit by 10%.

The Keys to Success and critical factors for the next year are, in order of importance:

1. Identify "Target Markets".

2. Begin the "Insurance Partners" program.

3. Provide small businesses with an affordable basic business package. Pru Life UK has

been profitable, but recently has had a declining market share and this must be

addressed. Therefore our goals are:

 To re-establish Pru Life UK as the market leader in quality and value-priced insurance

products in Batangas province.

 Establish good working relationships with the present insurance markets by meeting

with their decision makers and plotting a mutual plan for success. Get commitments

for support and products that Pru Life UK can market.

 Investigate new markets that meet the marketing criteria by committing to small rural

areas;

 Providing products suitable to the economic and social climate; and

 Plans for the upload and download of insurance policies.

 Provide sales incentives to staff to meet sales goals.

 Formulate plans to acquire another branch expansion.

 Pru Life UK is dedicated to providing insurance products that provide quality

protection with value pricing. Pru Life UK wishes to establish a successful partnership

with the clients, staff members, and companies, that respect the interests and goals of

each party. Success will be measured by the clients choosing Pru Life because of their

belief in the company’s ability to meet or exceed their expectations of price, service, and

expertise.

In order to implement our strategic goals, Pru Life UK will focus on developing the

following tools.

 Knowledgeable, friendly staff that can empathize with our consumers' needs and

circumstances.

 Policies that meet or exceed the expectations of our clients, and that are affordable,

available, and understandable.

 Policies and endorsements delivered on time with minimal errors.

 A commitment to an annual insurance review for all of our clients. A phone call is more

than any direct mass marketer offers. Pru Life UK believes personal contact and

service is the cornerstone of our success.

Pru Life UK primarily markets and services Personal Life Insurance. Its customers

are mostly young professionals and middle class families who demand value-priced

insurance premiums in keeping with their fixed incomes. Pru Life UK will also provide

insurance to small businesses, mostly cooperatives which primarily focused on the

welfare of the community.

 Pru Life UK has stressed to the insured the importance of good communication

between the agent and client to insure proper coverage is in place. Pru Life has noticed

as the clients become better informed about insurance that there has been a tremendous

increase in clients wishing in-depth discussions about their policy coverage and how they

can get the most value for their insurance.

The company's strength lies in the quality and depth of our products and staff. The

offices, unlike the competition, are open six days a week. Because of larger staff, they

are able to service the clients even when an agent is busy or out of the office on

inspections.

The past few years have seen tremendous upheaval in the insurance industry. The

number of players has increased in both agent and company communities.

Insurance agents are concerned that in spite of commission reductions, quotas,

contract cancellations, and refusal to write new business by some markets, they now may

find themselves in competition with some of the traditional distribution companies that are

setting up direct marketing facilities and branches. The banks now have announced they

will open stand alone insurance offices to retail insurance.

In spite of the above, Pru Life UK believes that insurance agents will survive. The

company is more automated than most service industries. Pru Life UK is close to the

customer, regardless of some insurance companies' attempts to sever the traditional

broker-client relationship. The clients, in most cases, still do not care or know which
company they are placed with. They trust Pru Life UK judgment in selecting the proper

coverage and company.

Based on these changes in the goals, outlook, and company culture, Pru Life UK

China Jade Branch anticipates that they will be able to make revenues of approximately

Php 10,000,000 by year three of the plan and a net profit of Php 1,000,000. The company

does not anticipate any cash flow problems.

 TABLE OF CONTENTS

MARKET SITUATION ....................................... 7

SIZE AND GROWTH OF THE MARKET ................. 7

CONSUMER NEEDS AND WANTS ................. 8

FACTORS THAT AFFECT CONSUMER BEHAVIOR ...... 8

PRODUCT SITUATION ........................... 9

COMPETITIVE SITUATION ............................ 9

DISTRUBUTION SITUATION ............................ 14

MICRO-ENVIRONMENTAL SITUATION ................. 16

SWOT ANALYSIS ....................................... 18

STRENGTH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

WEAKNESSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

OPPORTUNITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

THREATS ............................................. 19

ISSUE ANALYSIS .................................. 20

FINANCIAL AND MARKETING OBJECTIVES ................. 20

TARGET MARKET ....................................... 21

MARKETING STRATEGY .................................. 21

ACTION PROGRAM ....................................... 22

FINANCIAL PERFORMANCE .................................. 23

IMPLEMENTATION AND CONTROLS ....................... 25

REFERENCES ............................................. 27
MARKET SITUATION

SIZE AND GROWTH OF THE MARKET

Pru Life UK is a subsidiary of British financial services giant Prudential plc and

started its operations in the Philippines in 1996.. Established in 1848, Prudential plc has

an extensive network of life insurance and mutual funds operations around the world,

active in the United Kingdom (UK), Europe, the United States (US) and 13 markets in

Asia. It has 26 million customers worldwide and manages £351 billion in assets.

In the Philippines, Pru Life UK is one of the leading life insurance companies with

more than 20 years of excellence in providing relevant and innovative life insurance

products designed to meet the specific needs of the public. The pioneer and expert in

investment-linked insurance products, Pru Life UK is driven by its commitment to always

listen to and understand the financial protection and wealth management requirements

of the Filipino.

Pru Life UK serves in the Philippines with over 100,000 customers and a team of

over 3,000 financial consultants offering an increasing portfolio of ordinary life,

endowment, personal accident and investment-linked products. The company was

recognized also as one of the fastest growing Prudential company in Asia by regional

headquarters Prudential Corporation Asia (PCA).

CONSUMER NEEDS AND WANTS

Most of single individual especially young professionals need financial goals for their

future dreams and wants. For married individuals starting a family, they need financial
security product or a saving plan that can answer to their future goals, children’s

education, emergency use, life protection, retirement, business or investments. Both of

them wanted to have it personalized so that they can choose various components.

Most of them are saving in the banks, and then second option is through cooperatives

and third is through insurance company. They are saving in the bank because it is safe

and secured. They are willing to save for many years and have willingness also to save

outside of a savings account eg. Stocks and shares, funds or bonds.

They invested on insurance because of its good customer service, financial advisers

and great benefits and they invested because of their friend, relatives or family. Another

reason for investing in an insurance policy is that they wanted it to be a financial support

in case of emergencies.

FACTORS THAT AFFECT HUMAN BEHAVIOR

When a consumer are going to invest in an insurance company, they consider the

following: Cost of premiums, policy coverage, service (payment method accessibility),

company branding, history and earnings. Knowledge about a financial is also important

to consider. Consumer behavior is also affected by the influence of previous experience,

like most of them are influenced by their family or friend experience. We can also see

here that salary mostly affect them in saving together with their priorities in life. So, it is

an implication that cost of saving or willingness to save matters here plus the customer

experience like updating them through text or email or giving them good service and

most importantly their knowledge about this financial product. The use of information
materials like leaflets is also an important consideration when it comes to informing them

about a financial product or saving plan.

PRODUCT SITUATION

Pru Life UK saves and protects life goals with wide range of comprehensive

plans. This will be able to tailor-fit protection benefits according to the needs and budget

of the client. While giving peace of mind against life’s uncertainties, Pru life UK products

also accumulate savings that will get through unexpected financial bumps and make

money work for the client.

Pru Life UK as an investment-linked plan allows to align premium payments with

investment strategy, confident that investment is backed by the rich financial experience

of one of Asia’s most trusted and awarded fund managers – Eastspring

Investments(Singapore) Limited.

COMPETITIVE SITUATION

Pru Life UK’s direct competitors are Sun Life Financial Canada (Philippines), Inc.,

AXA Philippines Insurance, BPI-PHILAM Life Assurance Corporation, Insular life,

Manulife Financial, and PhilAm Life. These insurance firms are among the top Life

Insurance Companies in the Philippines according to total premium income reported by

the Insurance Commission. Pru Life UK ranked second.

 Sun Life Financial Canada (Philippines), Inc.

Sun Life Financial Canada (Philippines), Inc is the number one insurer in

the Philippines. It offers a wide spectrum of products that include Life Insurance,

Accidental Insurance, Pension Plans, Education Plans and Mutual Funds. Sun Life

Financial Philippines is represented in the country by its life insurance arm, Sun

Life of Canada (Philippines), Inc. (SLOCPI); its mutual fund manager, Sun Life

Asset Management Company Inc. (SLAMC); and its pre-need business distributor,

Sun Life Financial Plans Inc (SLFPI).SLOCPI pioneered life insurance in the

Philippines in 1895. Today, it is one of the largest and most trusted insurers in the

country with almost half a million policy holders to date. (retrieved from

www.sunlife.com.ph) Sun Life offers individual life insurance products to fit your

lifestyle. Its differentiation strategy “It’s time for a brighter life” gives its clients

assurances of putting their family above all, providing for the present while

covering the future, preparing for a children’s education, own home and a family

vacation and the need to get a life insurance and an investment portfolio. It offers

lifetime financial security & protection and wealth management to individuals. Their

actual products for savings are Sun Acceler8 and Sun Dream Achiever.

 AXA Philippines Insurance

AXA Philippines is redefining the market by challenging the present and

always looking for solutions that better meet the financial needs of its customers

or modify its services to adjust to their changing preferences. AXA Philippines

made a search of “Redefining Standards”. This quest made AXA Philippines the
 innovator behind the development of banc assurance and the introduction of

variable life products into the market. AXA Philippines is determined to give

customer’s needs, the way they want it. Currently AXA Philippines is offering

financial security to almost 500,000 individuals through its group and individual life

insurance products. As the pioneer in the market, AXA Philippines is offering the

second generation variable life products that provide the clients even better

financial security and improved returns. It targets young high potential prospects,

leaders and managers of tomorrow, aged 25 and up with a net spendable income

above 25,000 a month and the managers and leaders of today looking forward to

secure their financial future. Through market segmentation Philippine AXA is able

to provide unique and changing preferences of different customers by providing

easy and affordable solutions.

 BPI-PHILAM Life Assurance Corporation

BPI-Philam Life Assurance Corp. is a strategic alliance between two leading

companies in the country, the Philippine American Life and General Insurance

Company (Philam Life) and Bank of the Philippine Islands (BPI). Philam Life is the

premier life insurance company in the Philippinxes and the market leader for over

60 years. BPI is a leading commercial bank in the country with over 160 years of

experience in the local banking industry an extensive branch network of more than

800 branches and 1,500 ATMs.(retrieved from www.philamlife.com.ph) BPI-

Philam Life Assurance Corp. targets Individuals with paying capability of securing

the future of those who matter to them most through peso investment.
 Insular Life

Insular Life was established on November 25, 1910 at a time when the

Philippines was flexing its wings as an independent country. Today, as the

Philippines’ leading and largest Filipino life insurance company, Insular Life prides

itself with its role in securing the lives of Filipinos families for close to a century. Its

roster of products from its ordinary whole life, endowment, limited-payment,

college education and insurance plans, to pension and investment plans not only

offers the best cost- benefits ratios among insurance plans in the market. More

importantly, these are designed to allow individuals to wield control over their

family’s financial security.Magandang Araw is an Insular service, a personalized

and friendly service. The company understands the Filipino culture, which is why

they provide the warm, friendly Filipino brand of service that makes Insular Life

unique. Insular Life length exists for 103 years in the insurance industry. It is the

only Filipino insurance company makes it to the top 10 making it as the largest

Filipino insurance company. The company offers best value for money-dividends

and cash values. Its policies generally pay dividends and build up cash values. As

a Filipino mutual life insurance company, all Insular Life policyholders are part

owners of the company. They have voting rights and their policies earn dividends.

Insular Life offers low-priced or competitively priced product lines that are geared

towards a wide market segment spanning the A, B and broad C socio-economic

class to provide every Filipino the opportunity to secure the financial future of his

family. It also offers convenience with its no medical exam requirement and no

lengthy application form. It is positioned as the protector and the guardian "Insular
 Life is your far-sighted guardian” that its attributes can be associated with an

eagle. Insular life strength was on strength lay on our heritage, size, strength and

stability, experience, being Filipino who is the local champion. As the far-sighted

guardian, they share their experience and knowledge to help their customers lay

solid foundations for the future. (retrieved from www.insularlife.com.ph)

 Manulife Financial

Manulife has been conducting business in the Philippines for over 100

years. One of the oldest life insurance firms in the country, Manulife received its

license in 1907 to operate in Manila, 20 years after the company was first

established in Toronto, Canada in 1887 by Sir John A. Macdonald, who had

concurrently held the post of Prime Minister of Canada. The first foreign company

to list in the Philippine Stock Exchange, Manulife is among the top life insurance

companies in the country today. A dedication to client service has paved the way

for the company's growth and increased financial strength throughout the years.

The Manufacturers Life Insurance Co. (Phils.), Inc. ("Manulife Philippines") is a

wholly owned subsidiary of The Manufacturers Life Insurance Company, the

insurance company of Manulife Financial Corporation (MFC). On August 24,

2000, Manulife received approval from the Philippine Securities and Exchange

Commission (SEC) to operate its pre-need affiliate – Manulife Financial Plans, Inc.

(MFP). MFP, a subsidiary of Manulife Philippines, is committed to offering high

quality pension and education plans to the public. (retrieved from

www.manulife.com.ph) Manulife targets working individuals including government

 and private working professionals, OFWs and business organizations. The

company provides a broad portfolio of financial planning and wealth management

products and services tailored to both individual and group customers in Asia.

Manulife’s focus is providing its clients with strong, reliable, trustworthy and

forward-thinking solutions for their most significant financial decisions. These four

pillars have guided our company and have helped establish Manulife as one of the

most dynamic and progressive financial organizations in the world.

 PhilAm Life

Philam Life exists to provide customers with financial protection, security,

and a comfortable future. “Anong Plano mo? Usap tayo” is thecompany’s

campaign to gain deeper insights that enable them to offer a range of insurance

and wealth management products that fit the needs of the individual by genuinely

engaging with people’s real lives. Over the last 90 years, the company has built its

business upon serving the ever-changing needs of people and companies in Asia.

(retrieved from www.philamlife.com) The company targets working individuals

including government and private working professionals and OFWs. It has

developed products and implemented marketing programs that fit the needs of

their customers based on their life plans.

DISTRIBUTION SITUATION
 As competition in insurance industry is intensifying together with the continued

environmental, operational, and technological changes, insurance companies move

towards the development of multiple distribution channels. They no longer rely solely on

traditional channels such as agents and physical presence of their offices, but have

developed new alternate channels to drive sales and customer convenience while

keeping costs low and maintaining profitability. These factors are leading to the

emergence of additional channels.

With advancements in technology, insurance companies have also started

exploring ways to develop newer distribution channels in the online space. As customers

continue to integrate the use of the internet in their daily lives, this has become an

attractive medium through which insurance companies advertise and distribute insurance
products as customers make use of the internet in their decision making and product

buying process. Insurance companies are also effectively using technology to better meet

customer demands by integrating technology with the whole policy sales cycle to include

payment schedule and updating of customer information and policy composition. They

are focusing on speeding up the complete insurance distribution process while also

identifying processes that can be automated—improving efficiency and profitability.

These initiatives are enabling insurance companies to scale up their business models by

strengthening their internal processes with a goal of better customer service.

MICRO-ENVIRONMENTAL SITUATION

Demographic

Noted in 2010 Census that 11.2 % or 157,080 of the Batangas province population

were academic degree holders with females (58.3 %) and males (41.7 %). Only 1% of

them have insurance policies or investments. Given with this figures, the insurance

company has a greater opportunity since there will be higher possibilities that money

earned will be put on savings because they are more open for changes and knowledge

through financial literacy program.

Economic

In terms of the economic environment, there are 80,763 OFWs from Batangas

Province (2010 Census). More than 40 % of the remittances from them goes to

household spending like on education and health care which can affect the buying

behavior of customers and the company can leverage on its pricing strategy. The
remaning 60 % goes to everyday expenditures of their family like acquiring goods and

services.

Technological

In terms of Technological environment, Social Networks and Media Strategy

(Existence of Facebook, Twitter, Google+ and other web like Tumblr serve as key points

in the value chain. This media flatform helps in the Product Development since Insurance

Company can scan social networks to interact with customers and funnel the input to

product development. More so, for Marketing and Communication to create marketing

material making use of viral marketing like adding viral videos which could spur the

interest of the market.

Political/ Legal

The PD 612 otherwise known as the Insurance Code of the Philippines and the

BSP Consumer Education Committee initiatives provides a more stringent rules and

regulations towards the protection of the consumers. This implies that the potential

consumers of the Insurance Company will be more confident in transacting with them. On

the end of the company, the stricter rules will enable them to review their operating

policies and revise accordingly.

Socio-Cultural
 Educating about the value of insurance or financial literacy would be easier and

sufficing information about the product could spark their curiosity about availing insurance

policies. According to survey, Filipinos are receptive to change and use of social media.

There are 36.2 million Filipino Facebook Users as of 2018. These numbers are a positive

indication that Filipinos are tech-savvy people which positively welcome change and

innovation thus an opportunity for the company to think of promotional strategies using

internet as the medium.

SWOT ANALYSIS

The following SWOT analysis captures the key strengths and weaknesses within

the company and describes the opportunities and threats facing Pru Life UK.

STRENGTHS

 Pru Life UK is a subsidiary of British financial services giant Prudential PLC

operating for almost 166 years already.

 Prudential PLC has penetrated Asia long before than its competitors

 Pru Life UK is the pioneer and expert in investment-linked products in the

Philippines managed by Eastspring Investments Singapore (Limited), one of

Asia’s most awarded fund-management companies

 Pru Life UK's savings plan offers customization of the policy one may want to

invest in. It offers a lot of choices that one can tailor-fit acording on his wants and

budget (the premium, single or combination of funds to be invested in, options to

 increase/ decrease your premium, and the freedom to spend it into anything you

want)

WEAKNESSES

 Conservative approach to promotional activities

 Heavy Reliance on direct selling to reach target market

OPPORTUNITIES

 The company can create a marketing campaign focusing on the importance and value

of saving backed with security

 The company can maximize the use of the internet and social media in promoting the

company’s Savings Plan product thru videos, teasers and slogans

 The company can promote easy access of information re company’s products,

customer account updates through the use of the internet via computers, mobiles, and

other hand-held devices

 An innovative campaign must be created to highlight the flexibility and customization

of Pru Life UK's savings plan package

THREATS

 Joint ventures of large companies to strengthen their positioning in the market e.g.

BPI and PhilAm Life; AXA and Metrobank

 Aggressive promotional campaigns of other insurance companies (competitors)

Looking into the SWOT Analysis, it can be derived that Pru Life UK can maximize its

brand positioning thru investment on marketing activities promoting its financial reliability
and product flexibility. And with the interest of the Batanguenos to the internet, the

company can take full advantage of the online channel to increase awareness and sales

opportunities to attract the millennial generation customers. Only then can the company

capture more policy holders while protecting it from the strategic alliances and aggressive

campaigns of its competitors.

ISSUE ANALYSIS

Insurance as an intangible product is a great challenge for the companies to

market as they are selling an “invisible product” that is hard for the consumers to measure

the value of satisfaction and benefits that they can get out of purchasing a policy package.

A number of insurance companies are in existence in the market but still, many

are reluctant to avail due to lack of proper knowledge and understanding about the

product and with the assumption that all insurance offerings are the same. Thus,

appreciation of the product’s advantage and uniqueness are not properly conveyed to the

target market.

Pru Life UK however, despite the unique product offerings that it upholds failed to

convey this message to the market. Its conservative approach to marketing hinders it to

reach more of the potential market. This failure in promotion is the critical issue that the

group will address in our integrated marketing plan in order to reach our objectives.

FINANCIAL AND MARKETING OBJECTIVES

a. Financial Objectives
  To generate a Total Annualized Premium of Php 25,000,000 by the end of 2020

representing a 20% increase from the projected annualized premium of Php

22,000,000 in 2020

b. Marketing

 To capture at least 2% of the target market by the end of 2020 marketing plan

in order to reach our objectives.

TARGET MARKET

Pru Life UK China Jade Branch primarily markets and services Personal Life

Insurance in the province of Batangas. Its customers are mostly working young

professionals (25 yrs old and above) and middle class families who demand value-priced

insurance premiums in keeping with their fixed incomes. Pru Life UK will also provide

insurance to small businesses, mostly cooperatives which primarily focused on the

welfare of the community.

MARKETING STRATEGY

The primary objective is to position Pru Life UK as the market leader in quality and

value-priced insurance, commanding 2% of market share next year. The marketing

strategy will seek to first to create customer awareness regarding the services offered,

then develop the customer base, and work finally toward building customer loyalty and

referrals.

Pru Life UK will employ several methods to communicate. The first method will be

and advertising campaign. The campaign will utilize the different sources, both the yellow

pages as well as an industry journal. The second method of communication will be within
the regional event that attracts most the local agents and brokers. The last method of

communication is a direct mail campaign, targeting local insurance agents and brokers.

The mail campaign will provide all of the prospective customers with information regarding

the Pru Life UK service offerings.

ACTION PROGRAM

Pru Life UK marketing mix is comprised of the following approaches to pricing,

distribution, advertising and promotion.

 Pricing: Ensure that the price and service are perceived to be good value to the client.

The pricing scheme will be competitive relative to other support service providers such

as Sun Life Financial Canada (Philippines), Inc., AXA Philippines Insurance, BPI-

PHILAM Life Assurance Corporation, Insular life, Manulife Financial, and PhilAm Life

 Distribution: The services will be offered at the customer's place of operation (small

business) or at Pru Life UK’s office, whichever the customer prefers.

o Select seniors will have special attention to this market in advertising. Will make a

concerted effort to support and sponsor seniors programs in the area. Will seek out

Cottage associations and offer support and advice to attract new senior clients who

are recently retired or about to in the near future.

o Insurance Partners: Will include inserts in renewal, endorsements, and

correspondence stressing the importance of the insured taking an active interest

and responsibility for trying to control the severity and number of claims. Staff

should take every opportunity, when discussing insurance with a client, to

emphasize the consequences of multiple claims.

 Advertising and Promotion: A multi-tiered marketing campaign will be used to

generate visibility and equity.

o All advertising has to emphasize the differentiation point rather than price

o The company must sell, not the product. In spite of some companies' efforts to

minimize the importance of the broker, clients still identify with the broker, not the

insurance company

o Putting of email address in newspaper advertising, but need to ensure about

attracting clients from out of the area who may be difficult to service and properly

inspect.

o Make contacts and support senior citizen groups and cottage associations. Identify

sports and hobby groups that involve seniors and cottagers.

FINANCIAL PERFORMANCE

In the end of 2019 the projected total premium income is 10% better than 2018.

While forecasted growth in 2020 is being projected by 20% from the current year of 2019.

Premium Income (Thousand)

30000 20% 25%

25372
20%
25000 21143
19810 19221 15%
18116
20000
15000
16446
10%
20% 10%
5%

10000 6% 0%
-5%
5000 -10%
0 -9% -9% -15%
2015 2016 2017 2018 2019 2020
Premium Income (Thousand) % of increase

Figure # 1: Pru Life UK yearly Premium Income Performance

 The decline in total net premium income in 2017 was mainly attributed to the shift

in sales mix to five-pay unit-linked product from single-pay linked product. Excluding

single premium income, the Company’s first year and renewal years’ premium income

grew by 31% and 26%, respectively.

Growth in total premium income in 2018 was a modest 6% versus prior year 2017.

In passing, the heightened focus on protection products produced a 15% growth in first

year premium income and 27% increase in renewal premiums.

SALE FORECAST 2015 2016 2017 2018 2019 2020

PREMIUM INCOME 16,446 19,810 18,116 19,221 21,143 25,372

(THOUSAND)

% OF INCREASE -9% 20% -9% 6% 10% 20%

Table # 1: Pru Life UK yearly Premium Income Performance

Advertising and marketing financial performance was reduced from 2017 (P

127,736) to 2018 (P 105,975). Estimated advertising and marketing expenses for 2019 is

P 100,673.

2015 2016 2017 2018 2019 2020

Advertising and Marketing 102,144 101,759 127,736 105,972 100,673 121,784

Advertising 40858 40704 51094 42389 40269 54803
Digital Marketing 30643 30528 38321 31792 30202 26792
Direct Marketing 20429 20352 25547 21194 18121 34100
Publications 10214 10176 12774 10597 12081 6089

Table # 2: Pru Life UK yearly Advertising and Marketing Expenses

 While to be able to meet the company goals, the projected advertising and

marketing expenses on 2020 will be P 121,784. Pru Life UK will provide priority on the

advertising and direct marketing.

IMPLEMENTATION AND CONTROLS

The Keys to Success and critical factors for the next year are, in order of

importance:

1. Identify "Target Markets".

2. Begin the "Insurance Partners" program.

3. Provide small businesses with an affordable basic business package. Pru Life UK has

been profitable, but recently has had a declining market share and this must be

addressed. Therefore our goals are:

 To re-establish Pru Life UK as the market leader in quality and value-priced insurance

products in Batangas province.

 Establish good working relationships with the present insurance markets by meeting

with their decision makers and plotting a mutual plan for success. Get commitments

for support and products that Pru Life UK can market.

 Investigate new markets that meet the marketing criteria by committing to small rural

areas;

 Providing products suitable to the economic and social climate; and

 Plans for the upload and download of insurance policies.

 Provide sales incentives to staff to meet sales goals.

 Formulate plans to acquire another branch expansion.

In order to implement our strategic goals, Pru Life UK will focus on developing the

following tools.

 Knowledgeable, friendly staff that can empathize with our consumers' needs and

circumstances.

 Policies that meet or exceed the expectations of our clients, and that are affordable,

available, and understandable.

 Policies and endorsements delivered on time with minimal errors.

 A commitment to an annual insurance review for all of our clients. A phone call is more

than any direct mass marketer offers. Pru Life UK believes personal contact and

service is the cornerstone of our success.

Pru Life UK has stressed to the insured the importance of good communication

between the agent and client to insure proper coverage is in place. Pru Life has noticed

as the clients become better informed about insurance that there has been a tremendous

increase in clients wishing in-depth discussions about their policy coverage and how they

can get the most value for their insurance.

The company's strength lies in the quality and depth of our products and staff. The

offices, unlike the competition, are open six days a week. Because of larger staff, they

are able to service the clients even when an agent is busy or out of the office on

inspections.
REFERENCES

https://www.prulifeuk.com.ph/en/

www.sunlife.com.ph

www.axa.com/en/

www.philamlife.com.ph

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