Question

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Answer 1

A hypothetical insurance company, SecureLife Insurance Co., competes with a major insurer like HealthFirst by leveraging its marketing function to devise competitive pricing strategies for similar health insurance products. Improvement in marketing's role could be achieved by utilizing data analytics, personalization, and competitive intelligence.

Step-by-step explanation:

To provide a brief context for an insurance organization, you might consider a hypothetical or existing company specializing in various insurance products such as life, health, or auto insurance. For example, 'SecureLife Insurance Co.' is a medium-sized insurer noted for its comprehensive health insurance plans tailored to families and individuals. SecureLife competes with larger insurers like 'HealthFirst' and must ensure competitive pricing strategies through its marketing functions.

When identifying a significant existing product or service offered by a major competitor, one might look at HealthFirst's 'Family Health Plus' plan—a popular health insurance product. As SecureLife aims to improve its market share, its marketing function may contribute significantly to the pricing strategy for a similar product by conducting market research, analyzing competitor pricing, and customer segmentation.

To improve the marketing function's contribution to pricing strategy, SecureLife could employ data analytics to identify customer trends more effectively, update marketing campaigns with personalized offers to target segments, and deploy competitive intelligence tools to stay ahead of pricing trends in the industry.