Community State Farm Agency Team C GM 600 1.10

Community State Farm Agency Team C GM 600 1.10 - Community...

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Community State Farm Agency 1 GM 600 Business Planning Seminar Keller Graduate School of Management Community State Farm Agency Prepared By: Group C Danielle Usher Jeff DeWeese Andrew “Joe” Detolve Betsy Buys Tamara Ellison Michele Baker Table of Contents Executive Summary 3 Marketing Plan 5 Product or Service Concept 5 Target Market Analysis 6 Evidence of Market Needed 7 Competitive Analysis 7 Pricing Strategy 9 Marketing Communications Plan 10
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Community State Farm Agency 2 Marketing Budget 12 Sales/Marketing Channel Plan 14 Management Plan 15 Licensing, Zoning, and Legal Concerns 15 Curriculum Vitae of Management 16 Delegation of Management 17 Operations Plan 17 Operations Strategy and Execution 17 Facilities and Equipment Plan 18 Human Resources Plan 20 Operations Budget 21 Information Technology Plan 22 Finance Plan 22 Sector/Industry Analysis 22 Sales Forecast 23 Balance Sheet 25 Income Statement 25 Cash Flow 26 Required Total and Outside Investment 28 Valuation after 5 Years 28 Exit Strategy 29 Appendix 30 A –Team Resumes 30 B – Primary Research 37 C – Financial Spreadsheets 38 References 50 Executive Summary Mission and Vision State Farm’s mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams (State Farm Company Profile, 2010). As independent State Farm agents, our mission will be to provide our customers with world class customer service and the knowledge to help them determine which products and solutions best suit their dreams. State Farm’s vision for the future is to be the customer’s first and best choice in the products and services they provide, including both the insurance and financial services arena (State Farm Company Profile, 2010). These values will guide our team to have expert knowledge of the products and services in order to represent this strong brand along with incredible products and services to our customers. Company History State Farm was founded in 1922 by George Jacob Mecherle on the foundation that “honesty” isn’t the best policy – it is the only policy.” G. J. Mecherle was a retired farmer and insurance salesman. State Farm’s initial vision consisted of doing right by the customer. This vision has since evolved to being the customer’s first and best choice in the types of products and services the company offers. The company that once offered a single auto insurance line now has nearly 100 products and services to offer in
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Community State Farm Agency 3 five business areas. This provides our customers a comprehensive way to manage today and prepare for tomorrow (State Farm Company Profile, 2010). State Farm is ranked 34 th on the Fortune 500 list of largest companies. Today State Farm insures more cars and homes than any other insurance provider in the Unites States and is one of the leading insurers in Canada. State Farm has more than 17,000 agent offices, 67,000 employees, and more than 17,000 agents. Currently, State Farm is responsible for 81 million policies and
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Community State Farm Agency Team C GM 600 1.10 - Community...

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