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Consumer shopping around – provide opportunity to attract competitions customers
Customers want “cheap”. – allowing PGI to develop a value for money proposition and gain competitive advantage over competition
Increased level of lending and new mortgages being granted – increases house ownership and percentage of customer needing household insurance
Single product offering – increasing product offerings will help increase potential customer base and revenue
Reactive management approach – market analysis and forecasting will help management to be proactive in business situations
Restricted target market – increasing target market to individuals will increase potential customer base
Indirect distribution channel – reaching customers directly will remove the necessity of sharing commission with affinity groups

Question 3

Using a marketing planning framework of your choice, recommend a suitable outline strategy for PGI, explaining your choice fully.  
(20%)
I will suggest the PGI make customer’s awareness as a priority and taking into account customers' behavioral issues and financial awareness in the field. According to the conventional economic theory, humans have the ability to process information, to act guided by self-interest and to try from their actions to maximize their wealth or income. Multiple researches in behavioral economics show that people do not always have the ability to make fully rational decisions . For example, it should be considered the situation when, while somebody is crossing the street, a car is moving at a high speed towards him/her. At that point a decision must be made. The car would stop and depending on the result, take the optimal decision - jump in front of the car or quietly continue our crossing. On the other hand as I think it happens in practice, this person will quickly cross the street without having to calculate a certain probability of being hit by the rushed driver. It goes without saying that no one will accept the negative consequences (monetary and others) of an unwanted incident, but still some people have insurance and others do not. So the PGI should take into account the influence of these factors on buyer decision when they launch a commercial offer. training of insurance agents must include psychological aspects to make their mission easier.

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