Unit 2 Marketing Planning - Hiscox Ltd - level 5 in business

Unit Name: Unit 2 Marketing Planning - Hiscox Ltd

Level: level 5 in business

Task 1: The internal and external marketing environment for Hiscox Ltd

a) Of the three commonly used portfolio analysis tools, which is the most useful when considering the addition of a new product to Hiscox's product portfolio, and why?

(b) Based on what you know of Hiscox Ltd, what do you feel are the company's strengths and weaknesses in terms of marketing planning capability?

(c) Based on what you know of Hiscox Ltd, which of McDonald's ten barriers to marketing planning might be most relevant to the company, and why?

(d) What specific steps might the company take to overcome the barriers identified when bringing the new specialist flood insurance product to market?

(e) Carry out a PESTEL analysis, identifying opportunities and threats within the marketing macro-environment for the new flood insurance product for high-value domestic properties

Task 2: The marketing plan

(a) Explain why the planning of the marketing function is fundamental to the strategic planning process in commercial organizations

(b) In what ways do you think the increasing use of the internet as a distribution channel has changed perspectives on marketing planning in the UK insurance industry?

(c) In terms of the development of the proposed new flood insurance product for high-value domestic property, why might traditional product development techniques such as SWOT analysis be of limited use?

(d) How might the TCF outcomes be incorporated in the design of the proposed new flood insurance product for high-value domestic property?

(e) Write a set of objectives and a short strategy statement for a marketing plan for the flood insurance product for high-value domestic property

(f) Write a tactical plan for the pricing policy, communication policy and ‘6Ps'.

(g) Based on your tactical plan, set out controls for ensuring that the plan stays on track over its intended life.

Task 3: Marketing ethics

(a) What might specific ethical issues arise in Hiscox's Wi-Fi campaign for B2B customers?

(b) If any of these issues were to be realized, how might Hiscox respond in order to defend its brand image?

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