1273626 Rohit Sharma, F2, Q23 – Comment on Products strategy and design in the present scenario

Comment on Products strategy and design in the present scenario?

INTRODUCTION
In today’s economy, the financial services industry is exposed to increasing performance
pressures and competitive forces . Modern media, such as the internet, have
created new challenges for this industry .New business concepts, a change in client
sophistication , and an increasing number of new competitors entering into the
market, such as independent financial consultants, have changed the business models and the
competitive forces that established financial services organizations are facing today worldwide.A
marketing strategy serves as the foundation of a marketing plan. A marketing plan contains a
list of specific actions required to successfully implement a specific marketing strategy


strategy is different than a tactic. While it is possible to write a tactical marketing plan without a
sound, well-considered strategy, it is not recommended. Without a sound marketing strategy, a
marketing plan has no foundation. Marketing strategies serve as the fundamental underpinning
of marketing plans designed to reach marketing objectives. It is important that these objectives
have measurable results.A good marketing strategy should integrate an organization's marketing
goals, policies, and action sequences (tactics) into a cohesive whole. The objective of a
marketing strategy is to provide a foundation from which a tactical plan is developed. This
allows the organization to carry out its mission effectively and efficiently.
The following techniques are implemented to device the Marketing Strategy for the
product/service:
 Segmentation
 Targeting
 Positioning

Conclusion: Life insurance industry requires new strategies in order to survive and survive 

successfully .To tap the insurance potential to maximum industry needs to frame such plans and 

strategies that will help to capture the market. Companies instead of focusing only on improving 

the variety of products needs to focus on targeting new segments and implement innovative 

strategies in order to achieve sustained growth and ensure profitability of business as well as 

growth of insurance coverage. 

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