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Marketing Management Individual Project: Develop Value Offering
Product Experience
Savannah Schaefer
School of Business, Liberty University
Author Note
Savannah Schaefer
I have no known conflict of interest to disclose.
Correspondence concerning this article should be addressed to Savannah Schaefer
Email: sschaefer@liberty.edu
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Marketing Management Individual Project: Develop Value Offering Product Experience
Q1. Explain Your Product Planning Efforts
For a large corporation such as Liberty Mutual Insurance Groups, they have gone through
an extensive change in the number of products they have offered since opening their doors in
1912. Starting as a small insurance company providing workers compensation, Liberty Mutual
has grown to offer a variety of auto and vehicle, property, business, life, and an array of other
types of insurance policies to their customers. Within marketing, it is important to creating
groupings of products also known as a product line. When a customer first visits Liberty
Mutual’s website, they are easily able to find multiple product lines to better understand the
options of insurance policies that Liberty Mutual provides (Liberty Mutual). By grouping their
policies on their website under Auto & Vehicle, Property, and Other Insurance, a current or
prospective customer is able to better identify what type of insurance they may need and decide
if Liberty Mutual will be able to provide the type of coverage they will need.
Q2. Explain the Product’s/Service’s Current Life Cycle Stage
Within any company’s life cycle, there are four different phases: introduction, growth,
maturity, and decline (Marshall & Johnston, 2019). For Liberty Mutual Insurance Group, since
they are a well-known and well-established company, they have now moved into their maturity
phase as they have made a name for themselves and are no longer trying to differentiate
themselves from competitors. When in the maturing phase of the life cycle, it is important for a
corporation to know how to stay relevant and continue to have increased revenue. While the
revenue will not increase at the same rate as when they were in growth, Liberty Mutual continues
to see increases in revenue each year due to their quality products, effective marketing, and
equity in the market.
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Q3. Discuss Your Techniques of Building the Equity of Your Brand
One of the main branding items uses to set themselves apart from other corporations that
Liberty Mutual uses is that of flexibility and cost efficiency. Liberty Mutual has carved a space in
the market for itself as customizable. This is apparent in their slogan, “pay for what you need”
(Stein, 2019). Liberty Mutual has done research on their customers and found an overwhelming
number of their customers want coverage options but don’t want to have coverage if they do not
truly need it. This is where Liberty Mutual’s “pay for what you need” equity comes in. By
creating a marketing system and products that allow for flexibility and customization, Liberty
Mutual has built a specific brand for their customers that allows the customer to be in control of
what insurance they truly need.
Q4. Discuss Several Branding Decisions Recently Made or Appropriate to Make
When making branding decisions, one of the first things Marshall and Johnston (2019)
discuss is the difference between stand-alone and family branding. For Liberty Mutual, this
corporation would be categorized as family branding as they are their own parent company and
brand in one. This means that if the company’s reputation is good, then so is the brands. Due to
the nature of family branding, this has limitations and can negatively affect the corporation.
However, in the case of Liberty Mutual, their brand and company’s reputation is highly
respectable. Due to the corporation’s customizable branding style, Liberty Mutual has recently
started using their marketing campaigns to show this flexibility in their policies. In recent years,
Liberty Mutual released their new line of advertisements that feature a buddy cop team – Limu
Emu and Doug. The purpose of this campaign is to not only be memorable to viewers but also to
explain to viewers that “it’s a crime to pay for one-size fits all insurance” (Stein, 2019). By using
these characters in their advertisements, Liberty Mutual has been able to better express to current
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and potential customers that their insurance policies are not only affordable but also flexible for
what they need.
Q5. Describe the Support Services and Post-Sale Service Arrangements Provided by the
Firm and Required by Buyers
Within post-sales services, depending on the type of product or service being provided,
customers will have different expectations from the company. With a service such as insurance, it
is mostly intangible until needed. For most customers of Liberty Mutual, insurance is something
they will mostly forget about until they are in an accident, or something happens to their assets.
For customers with Liberty Mutual Insurance Group, there are many ways to utilize their policy
when needed. Liberty Mutual not only offers the ability to file a claim, make payments, and
review policies through their website but also gives customers access to all of these features
through an app as well (Customer Support). For customers who would prefer to speak with an
agent, Liberty Mutual also offers around the clock customer support and Roadside Assistance.
With these additional features that are provided to customers, they are no longer required to wait
until normal business hours to get peace of mind that their insurance will assist them in times of
need.
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References
Customer support: Liberty mutual. Customer Support | Liberty Mutual. (n.d.). Retrieved from
https://www.libertymutual.com/customer-support.
Liberty mutual: Customize your insurance coverage and get A quote: Liberty Mutual. Liberty
Mutual | Customize your insurance coverage and get a quote | Liberty Mutual. (n.d.).
Retrieved from https://www.libertymutual.com/.
Marshall, G. W., & Johnston, M. W. (2019). Marketing management (3rd ed.). McGraw-Hill
Education. ISBN: 9781259637155.
Stein, L. (2019). Why liberty Mutual chose funny mascots in new campaign. Campaign US.
Retrieved from https://www.campaignlive.com/article/why-liberty-mutual-chose-funny-
mascots-new-campaign/1579304.
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