Describe in detail how the business implemented the four P’s to add value and/or promote the product or service.
Price: “15 minutes could save you 15% or more”. GEICO has always advertised themselves as being an affordable insurance option and that remains the same through this commercial
Product: Although GEICO insurance is more of a service than a product, they were able to promote it through this commercial all the same. In using an office as the main location they were able to catch the eyes of the middleclass and get their attention on their service.
Promotion: GEICO’s promotion has always been the same, 15 minutes could save you big. That’s no different for their Hump Day commercial. In promoting their service through an eye-catching animal, such as an obnoxious camel, they are gaining the attention of many people.
Place: In choosing to air their commercial on television initially, they reached a large number of people. In using an office as the main location in the commercial they were able to catch the eyes of a large scale of people as that is a common workplace of many middleclass people today.
Describe the target market (ie. what segments are being targeted)? How do you know this is the target market? Did the company make good decisions to reach the target market?
The target market of GEICO insurance is middle-class and middle aged families. We know this is the target market based on their promotion and price. They are promoting their service through a commercial airing on television and it takes place in an office building which is generally a location of middle class income families. They also advertise their service as being a cheap and affordable option for families.
Does it work? Why or why not? Any general observations?
I think that GEICO’s strategies and commercials do work. Insurance is typically not a subject that people enjoy discussing and get excited about. However, with GEICO in incorporating humor into their commercials, they catch the eyes of almost everyone and bring laughter to a subject that tends to be more gloomy. In this day and age people just want to feel joy and in GEICO showcasing they can have a sense of humor and bring their customers joy and good insurance, they are doing a great job at appealing to their target market.
Alex Friesen 