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Employing Strategy in a Competitive Environment

Autor:   •  February 17, 2013  •  Essay  •  896 Words (4 Pages)  •  1,026 Views

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Employing Strategy in a Competitive Environment

My company is called Global Health Protection. Global Health Protection provides short term and long term health insurance products for individuals traveling or working outside the United States. The company was founded in July 2008. Our target customers are vacationers, individuals working outside the United States, world travelers, and people that hold numerous countries of residencies. The company’s headquarters is based in Richmond, Virginia with offices in Corpus Christi, Texas, San Diego, California, Nashville, Tennessee, and Albany, New York. The company operates in partnerships with travel agencies, commercial airlines, resorts, corporations, organizations and ecommerce.

Create an environmental scan for the company indicating the most significant environmental threats and discuss how the company should respond to each threat to ensure that the impact to the business is minimal.

After scanning the travel insurance industry environment the first significant treat to Global Health Protection is the financial market conditions in the United States. Our company operations and financial conditions will continually be adversely affected by the market conditions. A weak U.S. economy leads to increase unemployment rates. A weak American economy therefore increases the chances of a decline in the demand for our products from government, corporate, and individuals traveling abroad. If the market continues to decline this could be a treat on the demand for our travel health insurance products. One of our strategies to combat U.S. financial market fluctuation conditions is to continue with our positive pricing trends, especially in individual health insurance product lines. Also, we plan to generate sales by continuing to build, strengthen and streamlining our products, services and operations. In 2011, Global Health Protection reorganized and streamlined operations and structure and this is allowing us to have more flexibility in allocating capital efficiently across our departments and product lines. We have also strategized to continue to ensure that our products and service meet the highest standards in the industry. Our products and services therefore continue to provide intrinsic value to our customers. This will help us maintain our customer loyalty despite any volatility or changes in the U.S. market conditions. Finally, we will strive to grow and strengthen strategic partnerships with travel agencies, commercial airlines, resorts, corporations, organizations and ecommerce. A second environmental treat is our competitors. Our competitors are large multi-national insurance companies. The insurance industry in particular is highly competitive. Global Health Protection competes with approximately 2500 specialty insurance organizations. It also competes with overseas insurance operations. We plan to combat this treat by outperforming our

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