Swott Analysis

SWOTTSWOTT Analysis - Pet Insurance from Geico

Evaluating the internal and external environments is an integral part in creating a marketing plan. The SWOTT analysis helps to provide information to the market researchers that is needed to elaborate on internal and external environments such as; weaknesses, strengths, opportunities, threats, and trends (Kotler & Keller, 2009).

When Geico evaluates the internal environment of the pet insurance policy, the company will have a better understanding of the strengths and weaknesses that are within the company. The strengths of Geico includes the company's consumer satisfaction, service quality, and the customer retention. Despite the strengths, Geico needs should correct some of the weaknesses to be able to take advantage of the opportunities that come with the new Pet Insurance. People care for the pets of the just like the children that may be running around. Being able to pick the care and the veterinarian for the pet. Geico specializes in vehicle and homeowners insurance, therefore, the capital needs to be produced to help the pet insurance increase the profitability.

The opportunity exists for Geico to profit from the Pet Insurance. The list of companies offering pet insurance includes company's such as Purina Care, Pet Best, 1-800-Pet-Insurance, and Progressive. The companies that are listed require time spent on forms, premiums and fees to activate the coverage. Geico Pet insurance requires little paper work and little money to get the ball rolling. (Pet Insurance, 2010)

An insurance company like Progressive could be the biggest threat to Geico. Progressive has the benefit of preexisting clients and the well known commercials that have been out offering the same coverage. The economic status in the country discourages the consumers from venturing out into unknown territory and spending the money on the new service.

Trends in the insurance industry mirror the trends of other...