Tuesday, October 4, 2011

Chapter 2


CHAPTER 2 - Product Profile

    Introduction      


2.1 Product name
Smart Protect Essential Insurance 2

2.2 Product Classification
Smart Protect Essential Insurance 2 is a service targeted at consumers that is durable.
2.3 Product Characteristics
2.3.1 Packages            : Smart Protect Essential Insurance 2
2.3.2 Pricing Range     : Start from RM100

2.4 Product Range
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2.5 Distribution
            This product is distributed both directly and indirectly. It is distributed directly through booth campaign. While distributed indirectly through over 3000 insurance agent in Malaysia. It is an exclusive distribution because it only can purchase through an insurance agents.
2.6 Product Life Cycle
2.7 The Brand 
Smart Protect Essential Insurance 2 is an insurance plan introduce by Great Eastern. Their targeted at age between 20 to 35 year old, person who have high aim that want to achieve in future. It could be dream car, first home or an adventure to around the world. However between the logical need to save and a desire to spend, building a personal safety net for money can be challenging.
2.8 Brand Image and Implication
The brand is still in the introduction stage because the brand awareness and brand penetration is relatively lower than its major competitors. Currently, Prudential holds approximately 43.3% of market share in insurance industry, while Takaful holds 30.8% and Great Eastern holds only 25.9%.
2.9 Strength and Weakness
2.9.1 Strength
  • Cheapest insurance, start only from RM 100
  • It provides financial protection against the unexpected
  • Can choose own protection and investment level
  • Its offers extra protection
  • It gives tax relief
2.9.2 Weakness
  • The product is new and lack of product promotion and advertising.
  • The market strategies are not enough. People always have doubt in trusting new product.
  • Unclear information given on the broacher/ pamphlet, thus consumers do not know or get confuse on what type of feature it actually provides.
2.10 Advantages and Disadvantages
2.10.1 Advantages
  • Great Eastern has a large and diverse portfolio of investment properties ranging from landmark office buildings in the central business district to lifestyle retail centres and premier residences. 
  • Fast feedback from company
2.10.2 Disadvantages
  • There are other company / banks that provide insurance.
  • Have contract.
2.11 Unique Selling Proposition (USP)
  • Achieve goals and stay protected. Start with just RM100.
2.12 Promotional History and Advertising Schedule
  • June 18 – Great Eastern’s Children Care Goes Green with Effect, Kuala Lumpur
  • April 18 – A Fun Family Day Out with Great Eastern
  • April 14 – Great Eastern Blood Donation Campaign
  • April 12 – Style hit Great Eastern
2.13 Positioning Statement
            Smart Protect Essential Insurance 2 start with just RM100, they will achieve their goals and stay protected, targeting on adult at the age of 20 – 27 years old.
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