Marketing Plan Of Bupa Health Insurance

Conduct marketing audit

Discuss about the Marketing Plan of Bupa Health Insurance.

With the ramified economic growth and complex business functioning, every organization is indulged in using the effective strategic planning and marketing process to win over the market.  In this report, Bupa Health insurance Company has been selected to prepare the extensive marketing plan. This report is divided into four sections which will eventually set up the marketing plan which Bupa Health insurance needs to implement to strengthen its business insurance program in market.

Bupa Health insurance is international health care insurance company which was incorporated by undertaking the strategic alliance with several health care organizations and UK based healthcare services expert, Bupa (Bupa Health Insurance, 2017). Currently, Bupa Health insurance has been serving 32 million people around the globe.

The main vision of Bupa is to develop premium international coverage with the products and services to access the healthcare they need anytime anywhere (Bupa Health Insurance, 2017).

The main mission of Bupa Health insurance is to provide its health care insurance cover services on international level with a view to increase the satisfaction level of clients (Bupa Health Insurance, 2017).

With the ramified and increased competition in the market, many organizations are using the extensive offers and innovative technologies to win over the market. However, Bupa Health insurance has grabbed 21% market share on international level which strengthen its profitability and overall turnover. Nonetheless, Pru Health and AXA PPP Health Company are giving the tough completion to Bupa which might affect the overall market share and turnover of the business (Bupa Health Insurance, 2017).

The future threats which will be faced by Bupa is related to the intense competition with the continues innovative technologies used by the rivals in the market, government intervention that may affect the profitability and increased growth of company and stagnating growth of the health care insurance industry. Nonetheless, it is observed that due to the international remittance of money in UK, have also affected the cash inflow of business highly (Johnston, and Bate, 2013).

The main marketing objective of Bupa Health insurance is to increase the overall market share to 30% within 2 years which will not only strengthen the profitability and increased growth of company but also strengthen the brand image of company. However, the marketing plan will also assist in collecting data from the clients who will help Bupa to customize its insurance health care covers as per the client’s needs and demand. The objective of the  marketing plan is to make the products and services offered by Bupa Health insurance customized with a view to increase its overall marketing objectives.

Implementation of the marketing plan

The marketing plan of Bupa Health insurance will be accompanied with the several steps. However, the brief overview of the marketing plan is given as below.

• Customize its insurance health care covers.
• Increase the market share to 30% on international level
• Increased the overall turnover and growth rate of business.

Bupa needs to target clients who are falling between the age group of 22 years to 60 years. These are prominent potential clients for the BUPA.

The marketing managers need to assess the different market segments such as insurance covers for the children, male, female and old people (Goi, 2015).

Strength – The main strength of Bupa is that it has diversity in its products, strong brand image and increased customer loyalty on international level.

Weakness- It has been facing high cost structure and less effective technologies in its business.

Opportunities- with the increased growth rate of the insurance industry, Bupa may lead the market by using the attractive offers.

Threats- It is observed that the tough competition with continues innovative technologies used by the rivals in the market, government intervention will affect its business.

Bupa Health insurance needs to keep its health care insurance cover different from others. It will assist organization to develop product differentiation strategy.

It is required to analysis all the internal and external factors of market before implementing the strategic marketing plan (Goi, 2015).

It will assists in analyzing the price, products, process, promotional strategy which could be used by Bupa to keep its business different from others in market (Fernandes, Ferreira, and Moura, 2016).

The SWOT analysis, PESTLE analysis, BCG matrix and product life cycle strategies will be used to prepare the effective strategic marketing plan of Company.

It will require rigorous efforts from the sales employees. It will assist in identifying the possible changes in its offered products to attract more clients.

It is the procedure to control the issues and problems which might be faced by Bupa in busienss.

It will help in implementing the strategies in business. It is observed that these tactical plans will assist in mitigating the small operation issues to adapt with the changes.

However, the markeing audit frameworks could be used to analysis the present and future situation of Bupa (Fernandes, Ferreira, and Moura, 2016).

Therefore, it could be inferred after assessing the marketing objectives and implementing the markeing audit that company has faced high completion due to the increased use of the innovative technologies by the clients in market. If Bupa wants to win over this intense competition then it first needs to analysis all the internal and external factors develop its core competency in product differentiation strategy and cost leadership strategy (Conway, 2013).

Determining the marketing objectives

The marketing objectives of Bupa Health insurance Company are based on the financial plans and its vision. It is analyzed that the main vision of Bupa Health insurance Company is to increase its overall market share and increased the busienss growth. It has also planned to customize its products and insurance covers with a view to increase the overall output in effective manner (Boshyk, 2016).  It is analyzed that the marketing objective of the Bupa Health insurance Company is to collect the prominent information and collect the data from the clients regarding their choices, perception and values. It will assist sales team to understand what types of changes clients wants in the offered health care covers. This type of changes in the offered health care insurance cover will strengthen the overall products offering and will also help company to create core competency in product differentiation strategy. The most of the insurance covers are sold to the people who are working in the corporate sectors.  Bupa needs to develop those insurance covers which could not only cover their health issues but also assist them to avail the tax exemption. This tax exemption plans will be the biggest win-win situation for Bupa Health insurance Company.  Marketing objective of Bupa Health insurance is to increase the overall market share to 30% within 2 years. The implemented marketing plan will assist in to customize its insurance health care covers as per the client’s needs and demand. Therefore, the marketing plan is to make the products and services offered by Bupa Health insurance customized (Conway, 2013).

It is further analyzed that if Bupa Health insurance could use this marketing plan then the collected data from the clients could also be used by company to diversify its business.  The diversified busienss plans will assist Bupa to tap those markets which are offering high growth rate (Fernandes, Ferreira, and Moura, 2016).

However, the marketing objective of the Bupa Health insurance could be assessed by using the Ansoff Matrix which could assist company to diversify its busienss and strengthen its existing market (Goi, 2015).

 After analyzing all the details and market factors, it could be inferred that Bupa Health Insurance needs to introduce new insurance cover health care product. It is analyzed that most of the people in UK are paying high amount of tax (Johnston, and Bate, 2013).  The new health care insurance cover products will be eligible for them as tax free investment. It could also be used by them in their tax planning process. This newly developed health care insurance cover will be eligible for the tax deduction for the clients to the certain limits determined by the government. This will require agreement with the government which could strengthen the existing quality of the health care insurance cover (Rashid, and Ghose, 2015).

In addition to this, new health care insurance cover products will also be accompanied with the less terms and condition which will not only increase the client’s attraction but also increase their overall satisfaction from the purchased insurance cover product (Schmidt, Spann, and Zeithammer, 2014).

The marketing plan of the Bupa Health is accompanied with the several steps and required utmost strategic analysis.

The marketing objective of Bupa is to customized its insurance covers and increase its overall market share to 30%

With the increasing changes in its busienss, the main target of the Bupa Health Insurance would be tapping the clients who are falling between the age group of 22 years to 60 years. However, the new product developed by Bupa would be the insurance cover which is eligible for the tax benefit. Therefore, marketing plan will also target the office going people and business entrepreneur who are paying high amount of tax to government (Solomon, 2014).

It is analyzed that company needs to use the cyber computing online mechanism to promote its business. The Bupa has strengthened its business position by using cyber computing mechanism which will be used to increase the visibility of its products in market. Company has strong brand image in market which will eventually increase overall outcomes of the business (Siguaw, and Simpson, 2015).

The markeing mix of the Bupa is accompanied with the following points.

People- Bupa needs to focus on the clients who are falling between the age group of 22 years to 60 years. The new insurance cover benefit will be mostly purchased by the people who wants to avail the tax benefit (Wei, Samiee, and Lee, 2014).

Process- It will have to change the preparation of the insurance cover which will eventually increase the overall outcomes.

Promotional strategy- Bupa will use online marketing channel and seminars to promote its newly developed insurance cover.

Price- It will follow the cost leadership strategy in which the price of the insurance cover will be determined on the basis of cost plus benefit program.

IMC plan with the selected challenges and message

The IMC plan refers to the integrated marketing plan is accompanied with the strategies which will assist Bupa to achieve its marketing objectives through well-coordinated promotional methods. The IMC plans of Bupa will cover the following things.

Audience- The main audience of marketing plan of the Bupa would be sales person, team, and clients.

Message channels- The main message of the integrated marketing plan is to promote the goods and services of Bupa on international level.

Competition- By using the advance technologies and effective business plan, Bupa could give tough completion to rivals.

Technologies- It is analyzed that use of advance technologies will assist company to win over the market.

Owned media- Its own SEO engine and cyber computing system will be used to promote business online (Bupa Health Insurance, 2017).

Conclusion

With the ramified and increased competition in the market, Bupa needs to use extensive offers and innovative technologies to win over the market. It is observed that if Bupa could use effective work program and marketing plan then it could easily attract more clients in market.

References

Boshyk, Y. ed., 2016. Business driven action learning: Global best practices. Springer.

Bupa Helath insurance, 2017., Annual report., [Online]., Available at https://healthcompanion.maxbupa.com/telesales/index.php?source=gbrand&gclid=Cj0KCQjw9LPYBRDSARIsAHL7J5m1XsPjDNpap8nRvLC_plMWgYn8RTZBonbfIZZIg_tmDCWMQ9gNAT8aAndaEALw_wcB., .,   [Accessed 14th May, 2018].

Conway, J.B., 2013. A course in functional analysis (Vol. 96). Springer Science & Business Media.

Fernandes, C., Ferreira, M. and Moura, F., 2016. PPPs—True Financial Costs and Hidden Returns. Transport Reviews, 36(2), pp.207-227.

Finch, B. 2016. How to write a business plan. Kogan Page Publishers.

Goi, C.L., 2015. Marketing Mix: A review of’P’. The Journal of Internet Banking and Commerce, 2005.

Johnston, R.E. and Bate, J.D., 2013. The power of strategy innovation: a new way of linking creativity and strategic planning to discover great business opportunities. AMACOM Div American Mgmt Assn.

Mohd, W., Idris, S. and Momani, R.A., 2013. Impact of environmental dynamism on marketing strategy comprehensiveness and organizational performance. International Journal of Business and Management, 8(9), p.40.

Rashid, S. and Ghose, K., 2015. Organisational culture and the creation of brand identity: retail food branding in new markets. Marketing Intelligence & Planning, 33(1), pp.2-19.

Schmidt, K.M., Spann, M. and Zeithammer, R., 2014. Pay what you want as a marketing strategy in monopolistic and competitive markets. Management Science, 61(6), pp.1217-1236.

Siguaw, J.A. and Simpson, P.M., 2015. A marketing plan for marketing instruction: A satirical look at student comments. In Creating and Delivering Value in Marketing (pp. 129-133). Springer International Publishing.

Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.

Wei, Y.S., Samiee, S. and Lee, R.P., 2014. The influence of organic organizational cultures, market responsiveness, and product strategy on firm performance in an emerging market. Journal of the Academy of Marketing Science, 42(1), pp.49-70.

Order an Essay Now & Get These Features For Free:

Turnitin Report

Formatting

Title Page

Citation

Outline

Place an Order