1.Practical: Demonstrate high and low focus thinking methods

Use the below scenario to apply the low and high focus thinking methods

Focus on two principles. Remember this is not about what is right or wrong but to determine the thinking needed to answer the questions.

The scenario is purposefully bland and relies on your creativity to flesh it out.

Mathews and Charles insurance company would like to introduce a new product to their life assurance range. Pet life insurance is becoming a growing business and the firm would like to investigate the concept. Once they understand the requirements they will prepare a newspaper and magazine advertising campaign to inform potential customers of their new product.

1.Remembering

What existing insurance tools can be used to facilitate this new concept?

Is there a list of contact details that could be used to market this new product to?

Which other external sources of information could be used to assist the new product concept?

Which industries can be questioned when defining the needs for the new product?

Which magazines or newspapers would best suite this products marketing approach?

Who was used in the past to market for the company?

2.Understanding

How similar is the functionality of the current system used for human life assurance versus the proposed animal life assurance system?

Can the same system be used?

Do you think the product is feasible and why?

Describe the marketing needs for this project.

3.Applying

List the changes needed to the existing life assurance system to accommodate animals.

List the needed magazines and newspapers that will be used and justify the choice?

How would you explain pet life insurance to a consumer in a brochure?

3.Analysing

How successful are competitors at selling pet lie assurance?

What could the benefits be to the business if they implement pet life assurance?

Propose a method of testing the market in their need for this product?

4.Evaluating

Give feedback on the system needs for adding this product.

Give a motivation as to why the business would befit from this product.

Give a meaningful timeline on the implementation of the product and the marketing campaign.

5.Creating

Describe the market research method to be used, explain the resources needed as well as the location and approach of the research.

Describe the benefits of the product and the impact on the business.

Quality your Notes about using high and low focus thinking methods?