Strategic Choice
A strategic solution that could be provided would be to understand and most importantly identify with the customer; by doing so it would help give a better understanding of Nationwide’s financial, operational and personal objectives. In order to exceed the customer’s expectations, the company must first anticipate the customer’s needs. Nationwide continues to provide excellent customer service and customer solutions for whatever the customer needs, whether it’s insuring property, acquiring assets or securing their future finances.
Strategic Implementation
The Value Chain Analysis is important in Nationwide being able to successfully put into action its strategy. By identifying the best (and worst) qualities in its competitors, Nationwide is able to offer and provide better service and products that please its customers. For example, in the company’s auto insurance sector Nationwide was the first insurance to introduce a free iPhone application (Nationwide Mobile) that is designed to help its insured with the steps that should be taken after an accident. It helps them start the claims process, finds a local Nationwide repair shop and aids in the exchange of accident and insurance information. By implementing this application, and Cartopia which allows auto buyers compare and view criteria such as safety ratings, gas mileage and cost of ownership. Developing such applications is what exactly how Nationwide provides its customers with exceptional customer service.
The fact that Nationwide successfully transfers its core competencies between all of it separate departments is what helped our team determine the company uses the Corporate Relatedness and Related Linked Multiproduct Strategy. By diversifying the products and services offered, communicating its marketing knowledge and sharing its well-known brand name the company successfully implements this strategy.