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
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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- exchange relationship, insurance firm, niche market strategy