Progressive should remember the following things when deciding the target market. In order to determine our firm’s target market we must first define our target customers by identifying certain characteristics of the customers that we believe will likely buy our products or service. This is called demographic profile and here are some examples: age, gender, geographic location just to name a few.
There are many ways for developing market segments. Once the company has identified the market-segment, we then must decide which ones to target and how many to target (Keller, 2012). To have an effective target marketing requires the following three: first select one or more market segments to target, identify and profile distinct groups of buyers who differ in their needs and wants, lastly establish and communicate for each target segment, the distinctive benefits of the company’s market offering (Keller, 2012)
Progressive's marketing campaign is known for offering quotes of its competitors along with their own quote. The company offers low premiums and rapid claims processing. Progressive was the first major insurer to offer auto policies through the phone and through its web site. Progressive also offers Pet Injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with Collision coverage (Progressive, 2015).
The Company offers a range of personal and commercial property-casualty insurance products primarily related to motor vehicles. Its products consist of insurance for personal autos and special lines products like motorcycles, all-terrain vehicles (ATVs), recreational vehicles (RVs), mobile homes, watercraft and snowmobiles (Progressive, 2015).
Progressive (2015) Retrieved from https://www.progressive.com/lp/auto-compare/?code=9003910000&cmp=BRD+GA&adgr=HTS++PGR+INS+P&kwd=progressive+insurance&mt=p&psd=c&adid=29263437515&srcfrc=true&kwid=290113072192&phone=90046