Marketing strategy of the insurance company Zavarovalnica for entering the new market of agricultural insurances
2004
Grzelj, J. (Zavarovalnica Triglav, Postojna (Slovenia)) | Vadnal, K. (Ljubljana Univ. (Slovenia). Biotechnical Fac., Agronomy Dept.)
Under the circumstance of a small market of agricultural insurances the insurance company may its' business growth build either on the supply of the new insurance products or on the geographic extension of the agricultural insurances' market. The insurance company, that was studied, is going to extent its' business operation to the market of Bosnia and Herzegovina. The aim of the research is to find out, whether Zavarovalnica may use standardized strategy of marketing the agricultural insurance that is practicing in Slovenia on the new market or the marketing strategy should be differentiated and adjusted to the circumstances of the new market. The comparative market analyses of the marketing environment, the target market segments and their market potentials were performed to built up the SWOT matrix for each of the segments, from which the marketing strategy was derived. Results point out, that in spite of big differences in the market environment of agricultural insurances, size and structure of their market, as well as in the potential buyers Zavarovalnica may practice standardized marketing model on the market of Bosnia and Herzegovina but with the time lag. On this market Zavarovalnica may market the product ¯agricultural insurance® successfully in the way as marketed it on the Slovene market before the year 1990. So it may revitalize the product, that became obsolete in Slovenia, gaining better cost effectiveness and higher profitability of the agricultural insurances marketing.
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