When assessing needs vs wants an insurance firms marketers should note life

When assessing needs vs wants an insurance firms

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benefits they believe the products offer .  When assessing needs vs. wants an insurance firm's  marketers should note life insurance in not a basic physical need.  Mullins (2010) defined basic  physical needs as, "critical to our survival, such as food, drink, warmth, shelter, and sleep" (p. 7).  However, insurance firm marketers could essentially make people want what they do not  necessarily need.  Notably, it is possible to exploit psychological emotional and/or social needs  such as security, belonging, love, esteem, and self-fulfillment.   Therefore, marketers could  bridge the gap between needs vs. wants, and stimulate customers to buy benefits--satisfying  psychological needs.  Thus, creating customer value and a strong exchange relationship. Customer value and a strong exchange relationship (within the niche market) are curial  for success.  However, to truly maintain the exchange relationship an insurance firm needs to  consider long-term retention of customers.  Therefore, it might be in the firm's best interest to  contemplate future wellbeing of policyholders.  The future success would be jeopardized if 
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THE EXCHANGE              4 customers ever the ability of their insurance firm.  Additionally, an insurance firm must take  precautionary measures to avoid adverse future impacts.  Following three steps can help preserve 
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  • Winter '11
  • LarryFlegle
  • exchange relationship, insurance firm, niche market strategy

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