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Marketing

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Marketing Plan Written Project
Geico Company

A paper submitted to Webber International University in partial fulfillment for the
Bachelor of Science degree in Sport Business Management

By: Petr Doubravsky Date: April 16, 2014

Course: MKT - 250 Principles of Marketing

Semester: Fall 2013

Instructor: Dr. John Schwarze

GEICO, the Government Employees Insurance Company
GEICO is the third-largest, private passenger auto insurer in the U.S., which provided coverage for more than 13 million motor vehicles owned by more than 12 million policy holders. GEICO has had consistent growth and success since its founding, but current competitors are copying their Web-based service, and humorous advertising because of their success.
Target Market:
Regardless of mood, status, income or location, various types of people drive and hopefully have insurance. Specifically, GEICO targets males and females ages 24-64, and appeals to customers with humor and wit.
4 P’s:
Price:
* The cheapest quote by far is $479 Beating for instance State Farm by $186 per 6 months. This follows anecdotal evidence that GEICO is pricing their insurance very aggressively for new customers.
Place:
* GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. * Has more than 23,000 associates in 12 major locations around the country * GEICO's assets have reached $28 billion, and the company looks forward to even more growth, founded on quality coverage and outstanding GEICO customer service.
Product:
* In addition to auto insurance, GEICO offers customers products for their motorcycles, all-terrain vehicles (ATVs), travel trailers and motorhomes (RVs). The GEICO Insurance Agency can also help you with coverage for your boat, home or apartment.
GEICO has also offered other types of insurance besides auto, including homeowner's insurance from 1962 to 1996. A sister company, the Government Employees Life Insurance Company (GELICO), offered life insurance from 1975 to 1985. Although GEICO has since focused on its core auto insurance competency, it uses its established direct sales infrastructure to market homeowner's and other types of insurance underwritten by other companies.
Promotion:
* GEICO offers a wide variety of products featuring the Gecko and Caveman available to associates and customers. * They spent also over $483 million dollars on advertising * Merchandise includes products in apparel, leisure, sports, home, safety and travel.

GEICO’s commercial has become very successful making something as mundane as car insurance seem fun and interesting through their commercials, including the GEICO Gecko, the Cavemen, the GEICO racing spots featuring NASCAR’s Mike Wallace, protecting products theme, celebrities, and Gecko partnership with the Association of Zoos and Aquariums (AZA).

Growth:
8.5 million policy holders and more than 23,000 associates. Increased market share to 7.2 percent. Annual ad expenditures increased to $751 million. Sales reached $12 billion. Increased share of the motorcycle market from 2.1% to 6% in three years.
Geico’s icons:
Gecko
Icon Gecko was introduced in 2000. It was developed by the Martin Agency and proposed when consumers where pronouncing GEICO as gecko. It is computer-generated talking lizard, charming reptile with an English accent. Chats about being the GEICO spokesman and saving people money on car insurance. It was also voted as one of the most popular advertising icons in 2005.

Caveman
Another well-known Geico’s icon is Caveman, which was deputed in 2004 and developed again by the Martin Agency. Main reason is neanderthal-like caveman living in the modern world. It is sarcastic, yet sophisticated, spokesmen. Campaign is used to brand GEICO’s Web site. Emphasizes which using geico.com is "so easy even a caveman could do it." As the Cavemen are disgusted and try to distance themselves from GEICO, they bring more attention to the auto insurer. It was voted one of the most popular advertising icons in 2008, and has become part of the American pop culture (Geico, 2008).
Customer Service:
15 minute quote:
One of GEICO’s most prevalent selling points is “15 minutes could save you 15% or more on car insurance,” and ads boast that “it's quick and easy to get a free car insurance quote online. The online policy application is available 24/7.” This feature is also available through their 800 telephone number in which consumers can talk with an agent.
SWOT
Strength * Well-known company * Offers competitive * Fast customer service * Easy to use Web site * Partnership with TV networks, wildlife association etc.
Weaknesses
* Current icons annoy some customers * Recent overload of phone lines irritates customers * Little face interaction with personal agents
Opportunities
* Larger advertising budget * Maintain 800 telephone number and Website * Additional partnership to advertise GEICO
Threats
* Competitors are using witty advertising * Continued use of icons could deter customers * Website work well, and Local offices may flop
Marketing problem:
GEICO has seen consistent growth and success since its founding, but current competitors are following their primarily Web-based service, and creative and humorous advertising. Although GEICO icons have obtained great brand awareness for the company, the auto insurer needs to again differentiate itself from others. With the development of local offices, GEICO needs to promote personal agents and the benefits of visiting GEICO on location. Furthermore, these representatives need to be recognized as an important part of the company and the consumer’s purchasing power. At the same time, the GEICO icons have become part of the American culture and other companies are turning to the auto insurer for partnership in their own initiatives.
Marketing objectives:
Develop a GEICO IMC campaign that reaches consumers interested in purchasing insurance at local offices. Re-position from 800 telephone number to Web site to introduce local offices and working with reps in person. Introduce sales representatives and personal agents to audience alongside icons to retain brand awareness. Partner with nationally recognized community affiliations to illustrate GEICO’s commitment to community.
Strategies:
Differentiate GEICO from copy-cat competitors and introduce local offices and representatives with current icons. Execute a media campaign designed to communicate the importance and value of auto insurance and community. Frame campaign around partnering with community organizations and real GEICO agents Invite consumers into offices where they can work with the company in person to develop their plan. Illustrate company’s involvement in communities across the nation. Continue to send consumers to the Web site and incorporate icons as spokespeople. Feature the GEICO Corporate Community Citizens (GCCC) to emphasize current volunteer initiatives.
Among GEICO’s strategies and tactics belong improving Spokespeople, Advertising, Personal selling, Direct Mail, Web site, Press releases, Social networking, or E-mail.
Problem Area:
Geico’s web site is very easy-to use with very fast customer service, however they have really small number of local offices near their customers. Current icons annoy consumers with oversaturation and competitors are using witty advertising.
What they could do better?
GEICO should seek out more collaboration, and maximize brand awareness, specifically with nationally recognized community organizations. They should improve their call-center, because recent overload of phone lines irritates customers.

References:
Wikipedia: Geico From Wikipedia, the free encyclopedia (2004) from: http://en.wikipedia.org/wiki/GEICO
Berkshire Hathaway Annual Report. (2007). Retrieved October 19, 2008, from http://www.berkshirehathaway.com/letters/2007ltr.pdf Geico direct auto insurance. (1999, November 1). Direct Marketing. Retrieved October 19, 2008, from http://www.allbusiness.com/personal-finance/automobiles-automobile-insurance/374392-1.html
Geico. (2008). Retrieved October 17, 2008, from http://www.geico.com/about/pressreleases/092208/
Hampp, A. (2008, July 9). Geico integrated into Wii games. Advertising Age. Retrieved October 14, 2008, from http://www.commercialalert.org/news/archive/2008/07/geico-integrated-into.html
Rosenfield, J.R. (2005). Geico: The Dangers of wit, and the re-invention of long copy. Direct Mail Quotes. Retrieved October 20, 2008, from http://www.directmailquotes.com/expertadvice/display.cfm?article=75
Torgovnick, K. (2007, September 25). All hail the Geico ad execs. Crucial Minutiae. Retrieved October 19, 2008, from http://www.crucialminutiae.com/?p=662

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