Business Communication Of Tower Insurance †MyAssignmenthelp.com

Question: Discuss about the Business Communication Of Tower Insurance. Answer: Introduction Communication has been taken the form of interactive dialogue between the company and its consumers that it covers the all stages such as pre-selling, selling, consuming and post-consuming. The impact of technology has a huge impact on the means of communication. People have become aware about technology and communicate by using computer and internet (Grmanov, 2016). The report is described the various methods of business communication for attracting more customers towards the products and services. Advertisement can be attractive concept of business communication to influence more and more customers to buy the products. The name of the company is Tower Insurance and it is located in New Zealand. The company was founded in 1869 and the Government of New Zealand had given the capital for building the New Zealand Government Life Insurance Department. After three years, ownership of Tower insurance was transferred to the holder of policy. Michael Stiassny is the current chairman of Tower Insurance Company. Graham Stuart, David Hancock, Warren Lee and Steve Smith are the directors of the company. The organizational structure of Tower Insurance is a top down approach. Figure 1: Organizational structure Tower Insurance Company is publically listed in New Zealand. Earlier it dealt only in medical insurance but due to growth in the organization, it presently deals in two divisions such as medical insurance and investment divisions. The company provides different services to the customers such as car insurance, house insurance, rural insurance, boat insurance and travel insurance. The good aspect of this organizational structure is that entiremanagement and leadership is conducted by topmanagement only. Board of members of the company communicate with management team to provide the guidance regarding strategies and supervision to be incorporated for company. The vision of Tower Insurance is to be the guiding light for the population of New Zealand. The company is putting lots of efforts to accomplish and collaborate teams to work together in functions which contribute to provide valuable customer experience and long standing relationship with them. The mission statement of the company is to provide the best quality insurance services to its customers in professional as well as personal manner. Moreover, the mission statement is focused on keeping the well efficient technical expertise and knowledge. Issues of the company However, Tower Insurance Company is the leading insurance company in New Zealand but there are number of issues in the company which influence the efficiency of the employees. The vision statement of the company is less attractive which is unable to influence the customers and the workers. There are various people in New Zealand who are unaware about the schemes and profitable policies. It is necessary for the company to implement the strategies and effective communication method for reducing the gap between the clients and the company. Method for addressing the issues There are number of communication methods which would be helpful for the company to improve the efficiency of the employees. Advertising method is effective method for the company because it is able to promote the business by fulfilling the expectations of the clients from the organization (Baker Logue, 2017). Advertising is one of the most common methods of business communication which includes a paid message company build and place in a specific media. For instance, running advertisements on television or radio, in newspapers and magazines, utilizing outdoor media such as vehicle, billboards, banners or pay per click displays on websites. Advertising has the ability to create awareness. Retail advertisement try to develop sales on the other hand image advertising highlight the message of the company (Avant, Kim Hayes, 2017). Goal of the business communication method The goal of the advertising method used by Tower Insurance Company is to get the proper attention of the customers towards the company by providing them efficient knowledge about the products and services of the company. The customers of the company will be benefited from this business communication method and get aware about the schemes of the company regarding insurance (Kim, Hayes Avant, 2015). Tower insurance company is dealing with number of insurance and provide the schemes and offers in their policies, the advertising method will be effective for the company to accomplish the vision and mission of the company. The major goal of the advertising method in Tower Insurance Company is to inform, convince and remind customers about the insurances of the company. The efficiency of the organization and the focus of the business towards long term relationship with customers and employees will be increased due to this business communication method (Cummins Weiss, 2013). Usage of advertisement method The advertisement method is being used in the Tower Insurance Company to spread awareness about the companys services. The techniques of advertisement are social media marketing, television or radio advertising and bandwagon. However, the vision and mission statement of the company is clear and the team of the company are teams are collaborated for working together in functions. Torrent insurance company can use this method in the time of implementing new schemes and proposals for insurance. It would be helpful for the company to attract new customers. It can be used for target customers by providing valued ideas to attain the competitive advantages. The customers of the company are happy with the services of the company but it is vital for it to make ensure that the bonding with customers should be long lasting (Greene, Tanner Wright, 2015). That is why this technique should approach to those customers who are unaware about the offered schemes and insurance by the company. Implementation of the advertisement method The advertisement method of business communication is implemented by Tower Insurance Company in order to make public aware about the different services of insurance. Advertisement method in the company can be implemented by applying repetition, promotions and bandwagon. Repetition is the effective technique of the advertising which is used to build identity awareness and customer memory. Tower Insurance Company can use other successful approaches mention the name of the company more than once. It will include the advertisement on televising because T.V. has the combination of sight and audio which permits the advertiser to costume the repetition by changing its delivery (Harris, Musgrove, Ernstberger, Cox Choi, 2017). On the other hand, bandwagon technique is also effective for it which will facilitate company in convincing the target customers in competitive environment. The approach of promotion can be used by the company to sell its service to the customers. Coupons, offers, priz es and involvement will be enthusiasm clients to create the relationship with the sponsoring the services of the company. Merits of the advertisement techniques Advertisement technique is helpful in bringing new services to the consumers along with offering adequate advertising facilitates in marketing of the different services given by the respective company. It will be helpful for Tower Insurance Company to increase the number of customers because advertisement is the approach of targeting the customers. The unnecessary cost of the company can be reduced with the help of advertisement technique by eliminating the middleman (Khang, Han, Shin, Jung Kim, 2016). The advertising method will facilitate in enhancing the morale of the employees as challenge will come at the workplace with new opportunities to utilize and develop their skills (Terkan, 2014). Demerits of the advertisement techniques However, advertisement is the effective technique to promote services and products of the company. It has some negative impacts as well which may influence the Tower Insurance Company. It is an expensive function because it is considered as an indirect cost which is added into distribution expenses of the company. Advertising is an economic waste because unbalanced advertising is the reason of specific goods to cost more than they should. Advertisement of high policies of luxury things influences the buying power of customers (Marotta, Zhang Acquisti, 2015). Thus unnecessary advertising in Tower Insurance Company builds societal corruption. It has been analyzed that there are many similar products in the market which are advertised. For instance, there are many companies of policy that provide the same service, but are advertised as dramatically different products. Evaluation of strategys success Tower Insurance Company has implemented the new strategies of advertisement technique to improve the issues within an organization and keep focus on the accomplishment of vision and mission of the company. The implementation of the effective advertisement technique facilitates organization to focus on efficiency and productivity. The above image shows that the management expenses reduced in 2017 in comparison of 2016. It has been found that online sales enhanced from 9% of new business transactions from March to September due to advertisement technique. The above diagram shows the online conversion rate optimisation and improvement. Conclusion Concise summary In the limelight of above discussion, it has been concluded that advertising is the most efficient tool of business communication. The report has been made on the Tower Insurance Company and in this company proper advertising technique has been applied. The major goal of the advertising method in Tower Insurance Company is to inform, convince and remind customers about the insurances of the company. Every coin has two aspects which show one face in positive way and another is negative way. The advantages and disadvantages of the advertising techniques have been elaborated. 3 highlighted points Organizational structure: The organizational chart of the company is effective but there should be some changes in the organization structure. New organizational structure of the company will be effective than previous chart. The chart should be made by keeping all in the mind and CEO of the company should conduct the meeting before taking any important decision regarding employees and changes in the insurance policies and schemes (Lei Moon, 2015). Issues in the company The company should focus on the attractiveness of the vision statement. The implemented policies and schemes of different insurance should be reached to targeted customers. Along with that marketing segmentation should be developed in the company which involve specific market by considering the different characteristics of the customers. Usage of advertisement technique Advertising technique is effective business communication to get the proper attention of the customers towards the company by providing them efficient knowledge about the products and services of the company. References Avant, J. A., Kim, K., Hayes, J. L. (2017). Thirty Years of Advertising Research in Leading Communication and Marketing Journals: Learning From the Parent Disciplines.Journal of Current Issues Research in Advertising,38(1), 44-64. Baker, T., Logue, K. D. (2017).Insurance law and policy: cases and materials. Wolters Kluwer Law Business. Cummins, J. D., Weiss, M. A. (2013).Analyzing firm performance in the insurance industry using frontier efficiency and productivity methods.InHandbook of insurance(pp. 795-861).Springer New York. Greene, S. G., Tanner, J. R., Wright, P. (2015). An Analysis of the Impact of the Motor Carrier Act of 1980 on the Use of Advertising by General Motor Freight Carriers. 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American Academy of Advertising. Lei, N., Moon, S. K. (2015). A Decision Support System for market-driven product positioning and design.Decision Support Systems,69, 82-91. Marotta, V., Zhang, K., Acquisti, A. (2015). Who Benefits from Targeted Advertising?. Terkan, R. (2014). Importance of creative advertising and marketing according to university students' perspective.International Review of Management and Marketing,4(3), 239. Tower Insurance. (2017). 2017 full year results and announcement of entitlement offer. Retrieved on 21 February, 2017 from: file:///C:/Users/Geetika_ABSAS/Downloads/171114%20-%20Tower%20Limited%20FY%2017%20Results%20Announcement%20Presentation.pdf.