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Life events and unpredictable circumstances come with financial uncertainties. Today's financial industry offers products to help individuals prepare for both anticipated and unexpected financial needs. These products offer peace of mind and function as a safety net when events occur. For example, products can be purchased to help plan for:
-having a baby
-injury / accident / disability
-retirement
-education
-unexpected death
-job loss
-medical care
-elder care
Although helpful to those who purchase, these products are often not taken advantage of as they require the purchaser to have knowledge that they are available and take initiative to purchase them before the need arises.
Our goal with this challenge is to increase both the knowledge and adoption of these types of products, in order to alleviate financial burdens and provide peace of mind to customers in a time of need.
We want your ideas on how to market and provide education about these types of financial products to potential buyers, and how to offer the best customer experience during the purchasing process.
Specifically, start by identifying one financial need, the expected benefit(s), and the ideal customer (part 1 below) , and then follow the outline in parts 2 and 3 to explain how the product will be promoted and sold to customers.
-
Identify the Need, Benefit, and Potential Customer
a. What need or life event is the product for and why did you choose it? Please consider, but do not feel limited to, the list provided in the background.
b. In addition to peace of mind, what other benefits would the customer expect from the product?
c. Describe the ideal buyer (age range, gender, income levels, life event triggers, typical behaviors, etc.).
-
Outline an Education and Marketing Campaign
a. What information about the product needs to be available?
b. What methods, tactics, or platforms would you use to build awareness and educate customers on the value of the product?
-
Outline the Ideal Purchase Process
a. Think about your recent purchase experiences where you had a "wow" moment because the service exceeded your expectations. Describe these "wow" moments, including what you purchased, how you purchased it (e.g. online, store, tv, food truck, etc.), and why it wowed you.
b. Based on these exceptionally positive moments, develop a step-by-step process for the ideal buying experience for the financial product. The buying process should be the bulk of your response and requires a higher detail level.
Criteria: Please consider the elements outlined below as you develop your marketing campaign and buying process:
-
Submissions will be graded on the following criteria:
- Meets Deliverables
- Creativity
- Clarity
will share $1,000
will share $400
will share $200
$90.90 |
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RAHUL SASIDHARAN College of Engineering, Trivandrum | |
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Veronica Matsubuchi-Bremner | |
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Siranjeevi D Columbia University | |
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Ansh Tayal National Institute of Technology Trichy | |
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Sharicia Mason Jacobs University Bremen | |
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Francis Daniel Santia Harvard University | |
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Samantha Thompson Brock University | |
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Rachel Vaughan McGill University | |
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Victoria Ogden University of Ottawa | |
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Dr. Janelle Christine Simmons Liberty University | |
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Josh Lyman University of Oregon | |
$26.70 |
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Noah Hradek University of Texas at El Paso | |
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Jessica Giden University of Oregon | |
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Hayward Chan University of Toronto | |
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Malabika Mishra University of Illinois | |
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Archit Nandi University of Florida | |
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Tarun Jha University of Florida | |
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Joshua Cadavez University of Minnesota | |
$26.70 |
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Amanda Leblanc Nipissing University | |
$26.70 |
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Rebecca Wu University of Texas at Austin | |
$26.70 |
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Mackenzie Stogsdill Indiana University | |
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Samantha Machado University of King's College | |
$26.70 |
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Abhishek Ghangas Vellore institute of technology | |
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Mo Talukder Long Island University | |
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Irene Lai University of Waterloo | |
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Matthew Gaiser Queen's University | |
$7.70 |
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Hunter Boleman California State University, Dominguez Hills | |
$7.70 |
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Morghan Miller North Hennepin Community College | |
$7.70 |
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Timothy Lew University of Southern California | |
$7.70 |
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Martin Lee University of California, Berkeley | |
$7.70 |
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KOMAL BOOB | |
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jasmin chomini robertson college | |
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Chloe Leung Pennsylvania State University | |
$7.70 |
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Jason Bauder Embry-Riddle Aeronautical University | |
$7.70 |
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Jacob Schwing University of Central Florida | |
$7.70 |
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Olivia Lewis University of Virginia | |
$7.70 |
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Juliana Ramos University of Minnesota | |
$7.70 |
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Ajay Sharma JAMK University of Applied Science,Finland | |
$7.70 |
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Vartika Mishra University of Cincinnati | |
$7.70 |
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Matt Gray University of Birmingham - UK | |
$7.70 |
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Aleka Dey Clemson University | |
$7.70 |
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Praveen Venkatesan Anna University, India | |
$7.70 |
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Mohanraj P M P Anna university ,Chennai | |
$7.70 |
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Gaithre Kalainathan Dalhousie University | |
$7.70 |
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Rituraj Borah University of Antwerp | |
$7.70 |
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Sanjay Chotu University of Hyderabad | |
$7.70 |
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Thej Thanay | |
$7.70 |
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Mertcan Coşkun Marmara University | |
$7.70 |
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KUMAR SHASHWAT | |
$7.70 |
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Samantha Parker Penn Foster | |
$7.70 |
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Mumtaj Haghdadeh Poona,India | |
$7.70 |
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Zhaoping Wang University of Toronto |