MKT724 Global Marketing Sample
1.Introduction
This report is going to focus on the expansion process of Aviva Plc and how it can expand its business structure within the selected countries. Aviva Plc is a UK-based life insurance company that provides insurance to provide safety and security to the people. This report is going to provide that what issues Aviva Plc can to expand its business in the USA, Canada and Australia and strategies it needs to be followed for better accommodation in the selected country.
2.Background of Aviva Plc
2.1 Company Overview
Aviva Plc is a British company which sells their products around the globe in sixteen different countries related to insurance and they have around 33 million individual and corporate customer in a different part of the world (aviva.com, 2021). It is also the second-biggest insurance in Canada, they also have branches in growing markets of China and Southeast Asia. It is registered on the London stock exchange and also registered in FTSE 100 index.
It was created in 1871 after the merger of the two biggest insurance firm in Britain of that time and was named hand in hand fire and life insurance society. Aviva name was adopted in 2002 July in a general meeting of the company and it has been carrying operations under this name ever since.
Initially, the company Aviva Plc used to handle small local operations but from the year 2006, it increased its budget and operations greatly and expanded to the international market (Majumdar, 2019). The main products of the company Aviva Plc are the provision of general and life insurance, long term savings products and fund management services. It is one of the oldest and premium companies to provide services in the international insurance market has.
2.2. Competitive Strategy
The most important thing for a company to survive in the service industry is a good strategy and Aviva Plc is no exception. Aviva Plc is a big player in the insurance business in the UK, Canada and Ireland so they have more focus on this rich and already established market where they have a great return compared to other third world markets.
Aviva Plc has a very strong franchise structure for customer relations improvement, they generally invest more money and resources in customer satisfaction and customer relations to increase the loyalty of their customers. Aviva Plc has a very stable capital and funding strategy which is the most important factor in any insurance market.
They have increased there in hand capital more than last year now more than 300 million Euro and also have clear plans to decrease the amount of sovereign debt by 2021 (Oduro et al. 2019). They also have taken the target of the net-zero emitter of greenhouse gas insurance company by 2040.
Aviva Plc is also expanding its market in south-east Asia especially focusing more on the Chinese market. Aviva Plc has a very clear, stable and competitive strategy for market capturing that will help them in expanding their business.
2.3 SWOT
| Strengths
● Consistency in the performance by introducing new policies and facilities for the customers. ● High brand value in the industry. ● A huge number of consumers structure. ● Effective financial structure. ● Trained and skilled workforce. ● Developed marketing strategies along with a strong distribution market. |
Weakness
● Issues related to the unstable economic and political structure of the EU. ● Crisis during the Brexit incident. ● Lack of ability to tackle the challenges. ● The asset ratio provides that planning for financial departure is not that effective. ● The expansion opportunity for the company is very much restricted. |
| Opportunities
● The potential growth of the Asian market is the opportunity for Aviva Plc. ● Increasing structure of pension saving gap in the UK. ● A lower flow of inflation can be beneficial as it stabilizes the market. ● Green driven governmental policies. ● Introduction of technology and market development strategy. |
Threats
● New entrants give threats by capturing the market. ● Growth of the local investors. ● Low products or policy structure. ● Threats during the global financial crisis. |
Table 1: SWOT analysis
(Source: Self-created)
Analysis
Aviva Plc has the strength to deals with its business structure and some weakness also that can be replaced by strengths (Relan, 2020). SWOT analysis of the company provides the information that Aviva has a good strategy to penetrate the market strategy along with proper business tool and plans.
3. Macro Environment Analysis
PESTLE of USA
Political Factor
Us is the second-largest democracy in the world and it has a stable democracy for that it has been a major hub for investment. The USA promotes and protects democracy all over the world and also have a very strong infrastructure and labor laws so it is a very mature and stable market to invest in.
The USA has a stable form of policies for investment, a business which helps their exporters in business and the elections and other political processes of the country are considered very fair and transparent so the company Aviva Plc has no risk in expanding in the USA politically.
Economic Factors
The USA is the largest economy in the world which had around 22 trillion dollars in GDP and the amount of FDI gathered in the 2020 financial year. The USA has shown around a 1.4% GDP growth rate in the last year which is very good for a large economy after the covid 19 pandemics has melted the stock market (statista.com, 2021).
The USA is the most powerful nation in the world when it comes to the economy, its dollar is the standard bill for any trade deal which help their exporter in business. The USA is a very risk-free and profitable market for Aviva Plc as it has a large market for the insurance industry.
Social Factors
The USA is a multicultural society that has immigrants from all around the world so its social factors are sensitive the companies of the USA have to look for their image in the general public as politically correct and no discrimination policies. The USA has people of many religions and age group so it has a very broad market for every company to sell their products.
The companies have to maintain their mechanism for targeting different demographics but this is sustainable as the market has a very huge number of customers with a huge amount of capital. Aviva Plc should expand in the USA as the social diversity can help them discover their different products.
Figure 1: PESTLE Analysis
(Source: created by the learner)
Technological Factors
The USA is the most technically advanced society in the world which have a large amount of educated population with the right kind of tools to operate for the market. The USA has one best university in the world with a world-class education so the companies can take their workforce from the same country (Perera, 2017).
Aviva Plc is an insurance company as a service company they need skilled people for their projects which they can easily get from the country and also the necessary technological tools to run their company.
Environmental Factors
The USA has a strict law for environmental regulation and greenhouse gas emission and it has set its goal to be a net-zero greenhouse emission country by next decade. Aviva Plc has also set to be a carbon zero company by 2040 so is the right country for them to be in to achieve their environmental goals effectively.
Legal Factors
The USA has a strong, fair and transparent system of the judiciary and the rights of the foreign company are protected by USA law created for business. Aviva Plc is in the insurance business so it needs legal protection the USA is the best option for the company.
PESTLE Analysis of Australia
Political Factor
Australia is the liberal capital democracy. This country is one of the safest potential countries for expanding the business. The political Ambien of this country is progressive as well as stable. This country provides a high amount of certainty to the investors for business expansion.
The government of Australia tries to maintain a cordial relationship with the world trade organization, Commonwealth of Nations and G20. In Australia, the corruption level is comparatively low from the other countries because of stringent enforcement of laws, judiciary and strong process of balances and checks (Simões, 2020).
The political environment is also peaceful. Both two parties, such as liberal party and the labor party, try to maintain a healthy relationship (Islam and Mamun, 2017). Hence, the employees can work freely and investors can invest without any political pressure.
Cordial connections with international agencies have also enriched the business environment of Australia. This political factor will be very beneficial for Aviva PLC to expand their insurance business in an effective way.
Economic factor
The GDP of Australia is 1.375 in 2020. Australia is the ideal place for business investors. The currency exchange rate makes it favourable for investors to expand their business in this country. Euros dollars and sterling are very much available in Australia (Eigner et al. 2019).
Hence, this will be very much fruitful for Aviva PLC Company to execute their business and deal with the clients. The low rate of unemployment and inflation also make a healthy economic environment for the companies to execute their business. In fact, in the case of tax policies, the companies have to pay around 19% over per dollar if the income goes beyond $18000.
This is comparatively cheaper than the USA and Canada. In fact, places like Melbourne, Brisbane and Perth have a comparatively low cost of living. Hence, this will be a great opportunity for Aviva PLC as the business expansion and relocation will be cheaper here. The company can access the same services in a budget-friendly way.
Social factor
Australia is a multicultural country where immigrants from different places come here for different purposes. In that case, the country has to maintain indiscrimination to make a clean image in the world. People with different cultures and upbringings show different approaches and innovative strategies for enriching the performance of business (Islam and Mamun, 2017).
Even, the life expectancy of the people in Australia is comparatively high because of high employment and healthy lifestyle. The education system is also very progressive and people are hardworking and dedicated towards their work. These factors will give competitive advantages to Aviva PLC to expand their insurance-based companies.
Technological factor
The company is spending around 65 million US dollars in order to enrich the technology. This country has a sheer interest in using cognitive technologies for having more innovations. Apart from that, it has been identified that the government of Australia has sanctioned the law of cutting off the encryption system from the personal messages. The government has taken the decision in order to give high security to data (Simões, 2020).
Even the Government has passed some laws for maintaining safety and security in the business. This will be an extra advantage for the Aviva PLC Company in order to do their business with security and safety without issues of hacking.
Environmental factor
Australia has passed several environment protection laws to maintain the ecosystem as well as the climate. Sudden changes in climate has been considered as the national risk for the country.
After the massive hit of Covid 19, this is very important for the companies to do their business without any adverse situation. Hence, the environmental factor can be a drawback for the country. In that case, Aviva PLC also considered these issues.
Legal factor
Australia has United Nations Security Council and Bilateral Sanctions for maintaining legal terms and conditions (Simões, 2020). The Sanctions consist of the prohibition regarding technical assistance, import export limitations, financial and travel sanctions (Islam and Mamun, 2017). These factors are very much needed for a company to take further decisions of expansion in Australia. In fact, enforcement of law and regulations are very strict that can help the company to do their business in a righteous way.
PESTLE Analysis for Canada
Political Factor
Canada is also a democratic country with a stable parliamentary process. This country maintains a healthy relationship with powerful countries such as the UK, France, and the USA. Canada also has a constitutional monarchy who has carried out royal duties, but the prime minister beholds the supreme power in the country. The political environment is very calm and stable.
The rules and regulations are also very stringent In Canada (Kangwa and Mutambo, 2020) The Government is very progressive and takes initiative to approach the investors.In Fact, the focus of the Government to maintain ‘international peacekeeping’ has created a good image of this country on a global platform. Hence, this is beneficial for Aviva PLC Company to expand their insurance business in this progressive business environment.
Economic factor
According to the report, the GDP of Canada in 2020 was around 1600 billion US dollars. Canada has some amazing business advantages such as entrepreneurial mindset of people, effective banking system , supreme infrastructure, strong economy that draw the attention of any investors to expand their business in Canada (Winseck, 2019). In fact, this country has made healthy relations with the World Trade Organization, the G20, the OECD and the Commonwealth of Nations. These factors have made Canada a business friendly country for expanding the business effectively.
The Aviva PLC Company gets the best environment to enrich their business performance.
Social factor
Canada is a multicultural diverse country .The diversity has been an advantage for the country. People with different culture comes from different region for the purpose of job or higher study purpose. The diversity and multiculturalism generates progressive thought and innovations. People with different culture exchange their thoughts believes and ideas, which enriches the business performance of a company. In fact, the Canadian Government executes a flexible immigration system without any discrimination.
The loving standards of people in Canada are very high. The low unemployment rate and low inflation rate are the reason for their wellbeing. In fact, Canada has a huge insurance market where the people own around CAD 4.5 trillion in life insurance coverage (Chamberland et al. 2020). The total premium of Canada was CAD116 billion in the year 2018. This is the greatest advantage for Aviva PLC to run their business in Canada effectively.
Technological factor
Canada is very developed in terms of incorporating cognitive technology and science in every sector. The country spends a massive amount of money, which is around 35 million in order to excel the technology and science. Around 30 million people are internet users and tech -savvy in Canada.
The progressive thought to use technologies in data base management, client handling or arranging interactive sessions has given them advantages to run their business smoothly. The Amalgamation of tech friendly ambience and progressive thoughts of the workers can be beneficial for Aviva PLC Company.
Environmental factor
Canadian Government has passed some stringent environmental rules and regulations in order to deal with carbon footprints in reducing greenhouse gases (Chamberland et al. 2020).The initiative has been taken in order to cope with sudden climate changes Aviva PLC has decided to become a ‘carbon neutral’ company and bring down their operational emission of wastage. Hence, these rules will.be apt for the company to maintain sustainability.
Legal Factor
Stringent, stern and transparent laws and judiciary have created a stable atmosphere in Canada (Kangwa and Mutambo, 2020). The companies maintain some strict trade related policies in business. In this scenario, Aviva PLC can access legal protections and execute their business operation efficiently.
4. Rationale
Aviva Plc, depending on the socio-economic status of the three countries, is going to expand its business within the USA as the socioeconomic and other situation of the US is going to be highly beneficial for the organisation. Different factors within the US and their impact within Aviva plc are going to be looked at and discussed so that it can be understood how the macro environment of the USA is going to impact the organisation.
Macro environment analysis
Macro environment refers to the external environment factors that are going to impact different aspects of an organisation regarding the organisation’s position in a certain market. Aviva plc is an insurance company that has a great potential for expanding within the US. The population of the USA plays a huge role in the case of expansion of the organisation within the country (López-Cózar-Navarro et al. 2017, p. 772). A high amount of population is going to allow the organisation to expand within the country in an effective manner. A PESTLE analysis is going to be conducted to understand the impact of different external factors within the market.
Political
Insurance companies generally pay a high amount of tax to the government and this is the main reason it can be expected that the government is going to allow and help Aviva plc to grow within the USA along with the growth of the company the revenue generation of the government is going to increases as well and this is going to be helpful for the economy of the government (Aithal, 2017, p. 4125). Therefore political support is going to help Aviva plc to grow within the USA.
Figure 2: PESTLE analysis
(Source: Self-Created)
Economic
It has been noticed that the average income of an individual US citizen is approximately $35977 which is a good financial figure for any individual being (Kim, 2021, p. 990). The Presence of high financial ability within individual people is going to allow Aviva plc to generate a high amount of revenue through the customer base.
The People within the USA are required to be provided information about the importance of making insurance for different valuable things that they possess (aviva.com, 2021). This is going to motivate even a higher number of people who are going to avail insurance policies allowing Aviva to generate a higher amount of profit.
Social
The social scenario of the USA has been analysed to understand whether people of the USA are going to accept the Aviva plc within their country and it has been noticed that the overall educated percentage of the people are high.
Therefore it can be expected that people are going to understand the importance of insurance (Ab Yajid et al. 2020, p. 765). Social acceptance is going to provide the company with a good platform so that they can expand within the country in a proper manner and their business gets expanded as well.
Technological
The presence of technical aspects within an organization is highly important to connect with the tech-savvy youth as well as teenage people (Fornes et al. 2021, p. 121). It has been noticed that Aviva plc has an application that can be downloaded on every OS platform within mobile devices and through mobile devices people can submit their KYC to verify their account and create an account within Aviva plc.
Not only this is going to allow Aviva plc to save a huge amount of time but also it is going to allow the company to capture the teenage market mostly (Xu et al. 2021, p. 547). Hence it can be looked at that the presence of improved technological aspects is going to allow Aviva plc to grow within the USA in a proper manner.
Legal
One of the core strengths of Aviva is no legal backlog. The organisation has been known for its legal practices and performing every little aspect through maintaining all of the legal procedures. It is expected that Aviva plc is going to come up with the rules, regulations and laws within the US is going to allow the organisation to operate within their country (Mukherjee et al. 2018, p. 100). The law has no issues with business organisations that are abiding by the laws, rules and regulations of the country.
Figure 3: PESTLE analytical aspects
(Source: Grensing and Hook, 2017, p. 364)
Environmental
Environmental support is going to play a high role in increasing the business of Aviva plc within the USA. The crowd density is not evenly distributed within the country and Aviva plc is required to target the places with higher crowd density so that it can be ensured that a high amount of people are being targeted by the organization to avail insurance services being provided by Aviva (Grensing and Hook, 2017, p. 364).
Along with establishing the business within the areas with higher crowd density Aviva is required to be focusing on places with less population density. The overall population of the USA can gradually be targeted by Aviva plc to avail their policies.
From the above-discussed pestle analysis, it can be noticed that the macro-environmental factors are going to be highly helpful for Aviva to expand their business within the USA (aviva.com, 2021). Except for these macro-environmental factors, different socioeconomic factors are also responsible which are going to determine the success of Aviva within the country.
Different factors that impact the most regarding successful business expansion have been selected and are going to be elaborated in a detailed manner (Tangus and Omar, 2017, p. 50). These aspects impact directly the financial profit generation as well as the market hold of the organisation.
Competition
Competition of contemporary companies is going to be a main clashing factor that Aviva plc is going to face while expanding their business within the USA. It can be seen that different insurance organisations already have a grip over the US market and the companies are not going to allow Aviva plc to take their organization in an efficient manner (Lupton et al. 2020, p. 1645).
Looking at the present situation of the marketplace of the USA it can be noticed that the market is highly in grip of the contemporary companies and to grow their business within the US market in a proper manner, strategic implementation is required to be done to ensure that Aviva plc can expand their business within the USA in an efficient manner (aviva.com, 2021).
Market segmentation
Aviva plc is required to implement a proper strategy initially to target their primary audiences. It has been observed that the presence of technical aspects within the contemporary companies of Aviva plc is less and Aviva provides their customers with a facility to start insurance from mobile devices.
Implementation of technological aspects within their business is going to allow Aviva to get a high amount of attention from the younger generation as well as teenagers who are going to be the initial target customers of the organisation. The number of young teenagers, as well as tech-savvy people within the USA, is high and therefore it can be expected that implementation of technical aspects is going to allow the organisation to easily capture a high amount of market within the USA (Parks, 2020, p. 697).
Product adaptation
The services that are going to be provided by the organisation are required to be advertised in a manner so that people can understand why and how they provided services by Aviva plc is going to improve the standards of their lives (Barcella and Melazzo, 2020, p. 112).
Proper advertisements of services are going to increase the sale of the services being provided by Aviva towards its customer in a high and impactful manner allowing the customer base to avail services of the company. This is going to help Aviva plc to expand their business in a more efficient manner and to generate a higher amount of revenue from the market at the same time as well.
Pricing strategy
The number of people in the USA availing of the services of Aviva plc is going to be dependent on the pricing strategy that has been implemented by Aviva within their products. The insurance plans are required to be cheaper than the contemporary organisations so that people are going to be inclined to avail the plans being provided by the organisation (Gupta, 2018, p. 87).
The plans of insurances being provided by different organisations are required to be looked into so that it can be understood what the ongoing rates of insurances within the country are. Based on that pricing is required to be done so that the pricing of the insurance policies are lower than that of the contemporary organisations.
Marketing communication plan
Communication plans with the potential customers are required to be done by the organisation in an efficient manner. In order to do that implementation of a marketing strategy is going to be required. Marketing strategy is going to attract a high number of customers to the company.
Proper implementation of marketing strategy allows an organisation to communicate with their customers through social media platforms or different other platforms (Ricz and Szunomár, 2019, p. 14). Communication with the customers allows the customers to understand the organisation as well as providing facilities of the organisation in a more efficient manner.
A good communication plan is required to be implemented so that it can be ensured that people of the USA are going to communicate with Aviva, increasing the chances of the organisation to grow in a proper manner (aviva.com, 2021).
Market entry strategy
In order to get into the USA market, Aviva plc is required to implement a proper market entry strategy. There are different marketing entry strategies that can be availed by different organisations but joint ventures are the most effective strategy that is being implemented by many organisations while increasing their business in other countries (Maldonado Hernández et al. 2020, p. 14).
Here Aviva plc can use joint venture techniques where they can partner up with another organisation and through that organisation initially, the customer base of the USA is going to be captured by Aviva plc.
Figure 4: Different market entry strategies
(Source: Gupta, 2018, p. 87)
5. Recommendations
Except for joint ventures there are different market entry strategies available as well. It is required by an organisation to implement market entry strategies so that it can be ensured that the organisation gains the platform of another reputed organisation to generate its initial profit. A good percentage of that profit gets shared with the company that is going to help Aviva to spread theory business within the USA.
Legal documents are required to be signed and contracts papers are required to be made and taken care of so that it can be ensured that the venture takes place absolutely in a legal manner. Exporting, franchising, partnering are three other market entry strategies that can be availed by any organisation to access the market of any other country (Gupta, 2018, p. 87).
Exporting refers to exporting products of one country to another so that individuals of another country can access the products to understand the value of the products within their lives. This creates demand for that particular product which helps a company to expand their business within another company. The franchise of one organisation can be opened up within another country as well.
This allows the residents of another country to avail the products of the franchise to understand the importance and values that are being provided by different organisational products. Partnering can be looked into as another way of expanding one organisation within another country.
This refers to being partnered up with another organisation so that buyers can be availed from other countries as well. These joint venture strategies allow an organization to effectively expand their business within other countries ensuring theory business grows and a higher generation of capital can be gained from the market. Aviva plc is expected to expand its business in a proper manner in the market of the USA so that they can earn a good amount of revenue from the market of the USA.
6. Conclusion
It can be concluded that different factors impact the expansion of the market from one country to another one. Here it can be noticed that in the case of Aviva plc a higher amount of market factors of the USA are going in favour of the organization that is going to help the organisation to expound their business in an easy manner.
The organisation is required to apply proper and required market expansion strategy to expand their business within the USA so that the company can sell their services within the USA, and can be able to generate a higher amount of profit.
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