Question

Should your pet insurance company decide to penetrate international markets, what are the uncontrollable environment factors that might affect the smooth penetration of these markets?

Answer 1

PET Insurance companies commonly has the below listed coverage’s.

Illnesses & Accidents

Hereditary & Congenital Conditions

Cancer Coverage

Chronic Conditions

Emergency & Specialty Hospitals

Alternative Care

Cost of Pet Health Care   

General classification of Environment includes:

Internal Environment:

Value System

Mission, Vision and objectives

Management structure and Nature

External Micro Environment:

Suppliers of Inputs/suppliers

Customers

Marketing Intermediaries/resellers

Competitors

Publics

External Macro Environment:

Economic,

Social,

Techno­logical,

Political and legal, and

Demographic.

Under domestic Environment, uncontrollable factors include:

Political / Legal forces

Competitive structure

Economic Climate

Under Foreign Environment, uncontrollable factors include:

Economic Forces

Competitive Forces

Level of Technology

Structure of Distribution

Geography and Infrastructure

Cultural Forces

Political/Legal forces

Pet insurance company when deciding to penetrate international markets it would be impacted by the below listed uncontrollable internal and external environment factors.

Pet insurance is big business, the level of competition, and the number of products available on price comparison websites proves the point.

Competition: competition refers to the numbers of similar competitive product brands’ marketers in your industry, their size and market capitalizations. You as a marketer might not have direct influence on them, but it’s important that you monitor their activities, and then design effective strategies using your controllable variables.

Governmental policies: the government policies refers to the laws and legality that guilds the land, they go a long way to affect your business operations as a marketer. For instance, government restriction on the importation of a particular product might hinder the marketers playing in that particular field.

Social and cultural forces: the social and cultural forces refers to the structure and dynamics of individuals and groups and their behaviors, believes, thought patterns and lifestyles, friendship etc. many of this trends goes a long way to affect your marketing operations.

Demographic factors: demography refers to study of people, such as their age, sex, marital status, occupation, family size etc. Though, demography is uncontrollable because you cannot control the sex, age, marital status in your external environment, but accurate forecast of it goes a long way to enabling you as a marketer forecast future trend and consumptions of your product.

Technological changes: technology post much challenges to marketers, it affects the kind of product that you as a marketer can offer, For instance, technology have changed products like typewriting machines into a more proficient computer systems. You cannot stop the advancement of technology, but you can learn to adapt to it changes.