Marketing strategy of Aegon vs AXA

Posted by Zander Henry on Aug-22-2018

1. The vision of Aegon vs AXA

The vision of Aegon vs AXA is to be the leading quality service and product provider for customers. Being the best and the leading player means that Aegon vs AXA marketing strategy and operations focus on:

• Providing high quality of products and services
• Providing value to customers
• Concentrate on building customer experience

2. The mission of Aegon vs AXA

Aegon vs AXA marketing strategy is grounded in its mission. The mission for Aegon vs AXA is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Aegon vs AXA as it focuses on all operations and marketing activities in the direction of:

• Consumer centrism
• Using research to understand and influence consumers

3. Brand Equity of Aegon vs AXA

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Aegon vs AXA. The knowledge of brand equity will help in shaping Aegon vs AXA marketing strategy effectively – thereby facilitating the growth of business for Aegon vs AXA.

3.1. Brand awareness

• Aegon vs AXA has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Aegon vs AXA has modified marketing and strategic directives and plans

3.2. Brand association

• Aegon vs AXA is directly associated with the brand name and product category
• Aegon vs AXA has a broad product portfolio
• Aegon vs AXA is associated with promising and delivering quality and innovative products
• Aegon vs AXA is also associated with excellent customer service

3.3. Brand loyalty

• Aegon vs AXA has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Aegon vs AXA has a global customer base
• Aegon vs AXA keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Aegon vs AXA has a substantial brand value
• Aegon vs AXA also enjoys the high financial worth
• Aegon vs AXA focuses on building a reliable and robust employee base

3.5. Brand element

• Aegon vs AXA uses the brand element as a means of competitive advantage
• Uses adaptability in product, services, and marketing to meet different cultural demands

4. Situational Analysis of Aegon vs AXA

The situational analysis will help in developing the marketing strategy of Aegon vs AXA by conducting a thorough market analysis. This market analysis will aid in understanding the compatibility between external opportunities and other factors, and internal strengths – to be used to maximize the marketing influence of Aegon vs AXA.

4.1. SWOT

4.1.1. Strengths

Aegon vs AXA marketing strategy can benefit from the following internal advantages:

• Strong brand image
• Global distribution network
• Investment in market research
• Innovation

4.1.2. Weakness

Aegon vs AXA faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Aegon vs AXA has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Aegon vs AXA faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Aegon vs AXA operates I markets with political stability
• Aegon vs AXA has funding support from the government for small businesses

4.2.2. Economic

• Aegon vs AXA enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Aegon vs AXA
• Low inflation strengthens the financial position of Aegon vs AXA

4.2.3. Social

• Higher education and awareness increases sales of Aegon vs AXA predict
• Aegon vs AXA focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Aegon vs AXA has an active CSR program
• Aegon vs AXA ensures environmental safety in all its operations

4.2.5. Legal

• Aegon vs AXA is aware of local and global laws of business and human resource management
• Aegon vs AXA abides by all statutes – especially labour law, discrimination law, and employee safety laws

4.3. Porter’s Five Forces

4.3.1. Threat of substitutes

• High risk of replacements
• Substitutes offer similar products at low prices

4.3.2. The threat of new entrants

• New entrants need high financial investment
• New entrants need updated technology for keeping par with industry progress

4.3.3. Bargaining power of buyers

• Sales made to end consumer directly
• Stocking of products at retailers, as well as own-controlled retail outlets

4.3.4. Bargaining power of suppliers

• Multiple suppliers of raw materials
• Suppliers are chosen after careful inspection, and through contracts

4.3.5. Industry rivalry

• High industry rivalry
• Players offer similar products
• Players compete through marketing to influence consumers

5. Marketing Objectives for Aegon vs AXA: The Marketing Strategy of Aegon vs AXA

Aegon vs AXA marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Aegon vs AXA brand and products by 30%
• Increase sales for Aegon vs AXA by 40% by the third quarter of the financial year
• Achieve a trial rate for new products of 10% during the first quarter of the launch
• Increase consumption rate of existing products by 45% during the current financial year

5.2. Enhanced brand recognition

• Increase top of mind recall by 65% during the current fiscal year
• Increase brand recognition by 80% during the first two quarters of the current financial year

5.3. Increased use of digital marketing

• Acquire 25,000 new online customers during the financial year
• Increase website traffic through using blogging and email tactics effectively by 505 during the first two quarters of the year
• Acquire 65,000 likes on the official Facebook page of Aegon vs AXA during the first quarter of the financial year

5.4. Retail Growth

• Contract with five more leading supermarkets in the first quarter of the year to stock product at eye level shelving
• Contract with two leading online retail sites – eBay and Amazon – to stock our products, and increase accessibility for consumers globally by the second quarter of the financial year

6. Segmentation of Aegon vs AXA

Aegon vs AXA marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Aegon vs AXA has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Aegon vs AXA has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Aegon vs AXA, according to the marketing strategy, are in the following various life cycle stages:

• Single students
• Single graduates
• Single people living at home/not living at home
• Young couples without children
• Married couples with one to four children – all at home
• Married couples with one or two children in college
• Old married couples with an empty nest

6.1.4. Occupation

The marketing strategy devises the following occupations for Aegon vs AXA consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Aegon vs AXA focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Aegon vs AXA consumer segments have the following lifestyle characteristics:

• They aspire towards a better and higher living standard
• They want to be successful – professionally and socially
• They are not hesitant to try new things, products and services in life
• They are confident in their behaviour and attitude
• They are mainstreamers in their fields

6.3. Geographic segmentation

6.3.1. Region

• Aegon vs AXA has operations spread across the western developed countries such as America, the united kingdom, and the Netherlands
• It also has operations in emerging markets such as Brazil, India, and China

6.3.2. Density

• The focus of Aegon vs AXA remains on the urban part of the population

6.4. Behavioural segmentation

6.4.1. Personality

The marketing strategy defines personality characteristics for the consumers of the brand of Aegon vs AXA, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Aegon vs AXA are regular and frequent users of the product

6.4.3. Benefits sought

• Consumers seek functional benefits
• The focus, however, is more on the emotional benefits reaped from the consumption of the brand

6.4.4. Degree of loyalty

• Consumers are very loyal
• Have an emotional attachment with the brand

7. Targeting of Aegon vs AXA Positioning of Aegon vs AXA

The marketing strategy of Aegon vs AXA targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Aegon vs AXA is from middle to upper class
• The target market is ambitious and desires to purchase high-end consumer products
• This target market also seeks affordability
• To meet target market expectations, the Aegon vs AXA focuses on quality control

7.2. Mass marketing

• The marketing strategy of Aegon vs AXA focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Aegon vs AXA makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Aegon vs AXA does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Aegon vs AXA also created the marketing mix under the marketing strategy as a singular one for the whole market – regardless of the segmentation divides.

7.4. Focus on quality

• Aegon vs AXA has created, developed, and maintained a brand that satisfies all consumers under the undifferentiated marketing strategy and mass marketing
• No compromise on quality has been made in the broad product portfolio
• To ensure the influence of a single marketing strategy, the Aegon vs AXA has also adopted a consumer-centric approach in its overall marketing strategy and operations as well
• This was used for targeting strategy as well as for maintaining growth

8. Company Competitive Advantage in the marketing strategy of Aegon vs AXA

The marketing strategy of Aegon vs AXA stands out from the clutter and competition. Aegon vs AXA has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Aegon vs AXA has utilized:

8.1. Cost-effectiveness

• Aegon vs AXA focuses on reaching consumers effectively rather than grandeur
• Aegon vs AXA focuses on developing an integrated marketing approach
• The use of digital marketing efficiently and expertly has helped the company reach a wider audience at a lower cost
• Aegon vs AXA has in-house copywriters for marketing campaigns which also helps in controlling costs
• Aegon vs AXA also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

• Aegon vs AXA has stayed updated with latest developments in marketing research and marketing knowledge
• Aegon vs AXA makes use of new and innovative tactics to reach its target consumers
• Aegon vs AXA also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
• Each marketing campaign launched by Aegon vs AXA is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

• Aegon vs AXA marketing strategy is strongly grounded in consumer and market research
• Aegon vs AXA makes informed marketing campaigns and goals based on consumers’ behavioural feedback
• Aegon vs AXA also incorporates consumer feedback in its marketing strategy
• Aegon vs AXA marketing strategy is based on market trends, and consumer needs and wants

8.4. Making effective use of emotional appeals

• Consumers’ emotional needs strongly influence all marketing objectives and marketing goals set by Aegon vs AXA
• In addition to fulfilling functional needs, Aegon vs AXA also tries to fulfil the emotional and psychological needs of the consumer
• Aegon vs AXA tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Aegon vs AXA

Aegon vs AXA marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Aegon vs AXA makes use of intensive distribution strategy because it is mass marketing
• Aegon vs AXA’s marketing strategy is based on undifferentiated segments, and thus an intensive distribution strategy allows high penetration and reaches in the overall market
• With the use of the intensive distribution, Aegon vs AXA tries to maximise its coverage of the markets where it's present
• For achieving the intensive strategy, the company uses hardcore 360-degree integrated marketing strategy and campaign to reach all consumers, across all segments in the market.

9.2. Direct distribution strategy

• Aegon vs AXA uses direct distribution country of origin as well as in locations where it has subsidiary operations
• The Aegon vs AXA also makes use of modern retailing channels
• Also, Aegon vs AXA makes use of e-commerce and makes a sale through online retailers, as well as through the company website
• Direct distributions have allowed Aegon vs AXA to increase market penetration and accessibility for consumers

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Aegon vs AXA does not have a subsidiary
• In these offshore locations, Aegon vs AXA largely works through the export model
• This makes use of several intermediaries in between, before the product by Aegon vs AXA reaches the target consumers
• Intermediaries for Aegon vs AXA include not only the end retail outlets, but also sales agents, retail agents, and distribution agents in offshore locations

9.4. Selective distribution strategy

• For some products of its portfolio which are premium in nature, Aegon vs AXA makes use of selective distribution channel
• Aegon vs AXA has maintained a few outlets in the country of origin, and in selected offshore markets for these products
• These placements and locations are chosen based on the niche market that Aegon vs AXA has for its premium products
• These locations, placements, and marketing strategy helps make the company’s product selectively, but readily accessible for its niche target audience

10. Competition Analysis in the marketing strategy of Aegon vs AXA

The industry in which Aegon vs AXA operates is very responsive to market and consumer trends. Aegon vs AXA, therefore, needs to be vigilant in its market strategy towards competition – to make sure that it maintains its competitive advantage.

10.1. Strategic Group Analysis

• Aegon vs AXA competes with direct and close competition based on quality and price
• Consumers choose between different companies from the industry based on their functional offering
• Consumers have progressively evolved to strengthen loyalty and form an emotional bond with products that they consume
• Aegon vs AXA also competes, thereby, with close competition for building stronger brand image, increasing consume loyalty, and for forming strong emotional ties with the consumer

10.2. Industry rivalry

• Aegon vs AXA experiences high industry rivalry
• The barriers to entry for the industry are low, and new entrants gain easy access in the industry
• The number of local as well as global players is increasing

11. Marketing mix of Aegon vs AXA

The marketing mix for Aegon vs AXA as per the marketing strategy is the following:

11.1. Product

• Aegon vs AXA has a broad product portfolio
• Aegon vs AXA provides mass marketed products for all segments across the market undifferentiated
• Aegon vs AXA also provides some selected, premium products to niche customer groups
• All products in the portfolio consistently maintain high quality
• All products are tailored to meet consumer specifications, demands and needs across different regional markets
• The Aegon vs AXA maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Aegon vs AXA wants to have a close, emotional and personal relationship with its consumers
• The company maintains high control in its distribution strategies – especially through direct distribution strategy
• The company has a presence in leading supermarkets
• The Aegon vs AXA also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Aegon vs AXA also makes use of e-commerce to increase penetration and sales

11.3. Price

• The Aegon vs AXA prices its products so that its target consumers can afford it easily
• Aegon vs AXA uses relative pricing strategy for its products
• The price of Aegon vs AXA’s products include not only the high quality raw materials and value additions but also the enhanced customer experience they deliver
• The company’s pricing strategy allows it to enjoy stable revenue and profit growth

11.4. Promotion

• The Aegon vs AXA has a high budget allocated towards marketing activities
• The Aegon vs AXA invests substantially in digital marketing activities to reap high and effective results
• Use of digital marketing has also allowed Aegon vs AXA marketing strategy to cap costs and expenses
• Aegon vs AXA also takes part in direct consumer engagement through on-ground activities where the company initiates trials
• Aegon vs AXA also invests in traditional media channels to reach maximum consumers in the market

11.5. People

• Aegon vs AXA has a large workforce across different companies
• This workforce is continually trained to become experts in their respective fields of operations
• Aegon vs AXA hires without discrimination
• Aegon vs AXA ensures that its employees remain motivated through building an inspirational and creative organizational culture
• Aegon vs AXA focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

• All activities at Aegon vs AXA - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Aegon vs AXA are well defined, and well communicated to all employees
• All employees are trained to follow the processes internally to ensure consistently high quality as well as timely production and deliveries
• The systematic processes also ensure a smooth running of operations at the Aegon vs AXA

11.7. Physical evidence

• The physical evidence for Aegon vs AXA includes the company logo, company store designs, and the product packaging
• Satisfied and excited customers in the retail spaces of Aegon vs AXA, as well as during product consumption create a bubbling and an inviting atmosphere
• The e-commerce website for retail by Aegon vs AXA is also designed with a friendly customer interface to allow maximum interaction with the brand
• The store designs created by Aegon vs AXA for its retail space allow consumers maximum interaction with the products directly.

12. Promotional tactics for the marketing strategy of Aegon vs AXA

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Aegon vs AXA interacts with the consumers directly, and engages with them, answers their queries and takes their feedback
• The company also shares information and build relationships with consumers through digital marketing
• Aegon vs AXA also makes use of blogging, emails, and content creations as a means of digital marketing

12.2. Conventional marketing

• The company uses a 360-degree approach in its marketing strategy
• This means that the company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out of house placements

12.3. Influencers

• For direct, on-ground engagement, the company uses influencers
• Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Aegon vs AXA brand

13. Monitoring and evaluation of the marketing strategy of Aegon vs AXA

13.1. Changes in sales

• Aegon vs AXA regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Aegon vs AXA
• Sometimes, Aegon vs AXA experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Aegon vs AXA frequently conducts focus groups and surveys to identify its brand worth
• These methods also help the company identify brand value, brand recall, and brand recognition
• Focus groups allow Aegon vs AXA to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Aegon vs AXA can also be seen through the revenue and profit growth
• Return on investment allows Aegon vs AXA to effective gauge the effect and influence of the marketing strategy, and measure its success

13.4. Attainment of marketing objectives

• All marketing objectives set by Aegon vs AXA are SMART
• The quantitative set against each of the marketing objective can facilitate attainment evaluation for the overall marketing strategy
• Successful and timely attainment of these marketing objectives highlight the success of the marketing strategy of Aegon vs AXA