![]() ![]() The current competitive position of Primerica should be improved while evaluating its performance in the context of competing with other insurance companies as its score is the lowest. Furthermore, it is also necessary to continue promoting the positive image of Primerica as a trustworthy financial company despite applying the MLM strategy. Much attention should be paid to addressing the increased demand for insurance and financial services among customers to improve profitability. Primerica’s final score is higher than the average in 2.5, indicating that the company can successfully use available opportunities for its progress and address potential threats. Specific strategies that are based on these goals will be used for completing the company’s vision and mission.Īnalysis of the Competitive Position, Opportunities, and Threats From this perspective, Primerica’s mission can be revised and re-written in order to guarantee that all the elements of good mission statements are included in it to provide an effective background for formulating appropriate strategic goals to achieve. The provided statement is broad in scope it is focused on customers and philosophy. This mission statement does not allow for distinguishing the company among its competitors because it does not reveal Primerica as environmentally responsible, and it does not include such components as the product, market, technology, profits, public image, and employees (David & David, 2017). #Primerica online freeThe company’s mission is to assist different families in becoming carefully protected, financially independent, and free of any debt (“Primerica, Inc.,” 2019). Managers need to clearly formulate what Primerica wants to become in the future to guide the strategy. Primerica is focused on becoming a leader in the US, guaranteeing protected future for all social classes. The company’s key competitors in the sphere of insurance are Metlife, Allstate, Haven Life, Transamerica, and others. Williams, CEO of Primerica (“Primerica, Inc.,” 2019). ![]() Richard Williams, Chairman of the Board, and Glenn J. Currently, the company’s management and leadership are represented by D. ![]() In 2009, Primerica was separated from Citigroup according to the principles of the initial public offering, and in 2011, Citigroup sold all its remaining shares. During the period of the 1970s-1990s, Primerica merged with different financial corporations, including Citigroup. Williams in 1977 to provide clients with opportunities to receive financial protection and insurance, and initially, the company mainly offered insurance plans. Products and services of the company consist of life and long-term care insurance plans, auto and home insurance types, managed accounts, financial management plans, and different types of funds monitoring. Currently, Primerica promotes its diverse financial products according to the principles of multi-level marketing in the United States and Canada, having more than 2,000 full-time employees, not including independent representatives (“Primerica, Inc.,” 2019). Primerica specializes in offering insurance and financial services, operates in financial and healthcare sectors, and it is headquartered in Duluth, Georgia. Introduction to the Company Description of the Firm As a result, Primerica’s sales will be steadily growing during the next five years according to the financial projections for the company. The implemented strategy associated with the diversification of products will lead Primerica to the better position in the market because of offering both quality and diverse products that are interesting to customers. As the development of an expansion strategy is rather prolonged and challenging, the implementation of the diversification strategy is recommended as a cost- and time-efficient decision leading to the company’s financial progress.Īccording to the proposed strategy oriented toward expanding the range of offered products, the following steps should be completed: the analysis of customers’ needs, expectations, and market demands the determination of the required resources the development of new products and promotion. On the other hand, Primerica should develop an effective expansion strategy in order to cover oversea markets. On the one hand, Primerica should focus on diversifying its products and services to expand the range of proposed life and health insurance plans and financial assistance. ![]()
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