Marketing Environment
Microenvironment
This environment consists of smaller and more immediate factors that affect Asia Life's business operations. The environments that influence Asia Life directly will be marketing intermediaries and competitors.
Marketing intermediaries
Asia Life's servicing agents stand a great role in the company. They are the one who help the company to promote, sell and distribute products to the client. As a matter of fact, Asia Life will conduct a seminar training for all their agents every year in order to improve their quality, creativity and services and to keep track on the things their agents are doing. In the quest to optimize the performance of Asia Life, the company has creates a vision for their agencies group.
To be a premier insurance company reputed for service excellence and trust.
Besides, they also generate 3 missions for the agents to accomplish:
(a) To provide excellent service to customers
(b) To maximize benefits to stakeholders
(c) To care for and develop our people
Competitors
There are 16 insurance companies exist in Malaysia. In line to be successful, Asia Life stands out by using their brand name which was recognized internationally. Asia Life had received 3 international awards, which are Million Dollar Round Table, International Quality Award, and IMM's Dragon award.
Other than that, their slogan "We'll Be There For You", denotes continuous commitment to deliver assurance services that meet the different needs of their customers.
Besides, Asia Life also stands out by using the main product they offers to the public which is Flex-ed plus. It is the one and only education and endowment policy provided in Malaysia, which consists of only 4 years payment but the gain of 20 years policy. No substitutes are available yet in the insurance industry in Malaysia.
Macro environment
This environment includes all factors that can influence Asia Life, but that are out of their direct control.
Demographic factors
With the increasing growing rate of children in Malaysia, educational policies nowadays play an important role in the society.
With the reason that every parents want their child to have a university education; thus the availability of seats at local, cost-subsidized universities are so limited that most qualified students have to further their education at costly private institutions, as a result educational policies had becomes the most popular invested policies in Malaysia.
In order to lay their hand in this major business, Asia Life had designed a unique education and endowment policy named FlexEd plus to response to this great factor.
Strengths: low price, strong brand name, excellent merchandise, exceptional employees, huge membership base, economies of scale, efficient distribution and operation.
The mission statement of the company was “As we grow as a company, it has become more and more important to explicitly define the core values from which we develop our culture, our bran...
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