A marketing plan for Philam Life's VIP family business owners

• Main Authors: Alejandro, Cheryl L., Ortiga, John Antonio L.
• Format: text
• Language: English
• Published: Animo Repository 2001
• Subjects: Marketing
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/17664
• Institution: De La Salle University

In our study on PHILAM LIFE, we have decided to make a marketing plan based on meeting the needs of a potential target market, which hasn't been tapped yet by PHILAM LIFE, and this is the VIP family business owners market. With the various VIP markets available, we concentrated on the family business owners since it comprises a large chunk of the whole National Capital Region, as opposed to the professionals and those of inherited wealth only, and is considered the most dense of all markets. This is because most families themselves rely on their own business to make a living each day and many realize more profits when they become the employers and not just an employee. Out of these family business owners, we have surveyed that VIP's give specific preferences towards investment management, retirement planning and business continuity in their policies. Moreover, we have characterized a specific Juan Dela Cruz by making a survey and finding out what traits the person, either a family business owner himself or not, would believe these VIP family business owner possess. We found out that being shrewd, patient, hard working, thrifty, those with high perseverance and most of all those are willing to take risks would be highly classified as a VIP business owner. Moreover, these family business owners may be highly classified as loving parents, empire builders or fortune hunters since their needs and wants are more complex and much segmented. For these, different classifications would also require different needs hence the product INFINITY. With INFINITY, it is a policy that would cater to the various needs and wants of these family business owners due to its flexibility and adaptability into various situations. INFINITY also is designed specifically for this market so it actually meets the demands of these business owners. With the product designed, various non-traditional advertisements were done also with a public relations campaign to effectively launch and make INFINITY known to these VIP family business owners. Likewise, an estimate of its pricing scheme and profitability was assessed to know if INFINITY would be profitable or not.