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Abstract
Marketing strategies and expenses are crucial for businesses' success and growth in today's dynamic marketplace. This paper explores the importance of targeted marketing efforts aimed at specific audiences and delivering high-quality products at competitive prices. However, challenges persist in the medical scheme sector, where transparency and specificity in marketing expenses are lacking, hindering the assessment of their value to customers. Despite acknowledging various reasons for stagnant membership, including affordability and entry barriers, notable increases in marketing expenses within medical schemes have complicated the situation. Poor marketing strategies have been associated with organizational underperformance, particularly within medical schemes with disproportionately high marketing expenses, often leading to failure due to governance shortcomings. Moving forward, prioritizing the development of strong brand identities, clear messaging, and effective customer engagement strategies is essential for insurance companies to thrive in a competitive market. Additionally, future research should explore innovative approaches to optimize marketing investments, enhance consumer value, and increase membership in medical schemes.
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References
- Camilleri, M. A., & Camilleri, M. A. (2018). Integrated marketing communications. Springer.
- CMS. (2023). Industry Report 2022. Council for Medical Schemes. Available at: https://www.medicalschemes.co.za/the-industry-report-2022-is-here/.
- de Ruyter, K., Keeling, D. I., Plangger, K., Montecchi, M., Scott, M. L., & Dahl, D. W. (2022). Reimagining marketing strategy: driving the debate on grand challenges. Journal of the Academy of Marketing Science, 50(1), 13–21.
- GbolagadeAdewale, A., & Oyewale, I. O. (2013). Impact of marketing strategy on business performance a study of selected small and medium enterprises (Smes) In Oluyole Local Government, Ibadan, Nigeria. Ibadan, Nigeria, 11(4), 59–66.
- Lockett, A. (2018). Online marketing strategies for increasing sales revenues of small retail businesses. Walden University.
- Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4–29.
- Stewart, D. W. (2008). How marketing contributes to the bottom line. Journal of Advertising Research, 48(1), 94–105.
- Willie, M. M., Mzobe, Z., Manyisi, M., & Kabane, S. (2023). Annual General Meetings of Medical Schemes: Importance and Challenges Associated with Limited Member Participation. Available at SSRN 4665919.
References
Camilleri, M. A., & Camilleri, M. A. (2018). Integrated marketing communications. Springer.
CMS. (2023). Industry Report 2022. Council for Medical Schemes. Available at: https://www.medicalschemes.co.za/the-industry-report-2022-is-here/.
de Ruyter, K., Keeling, D. I., Plangger, K., Montecchi, M., Scott, M. L., & Dahl, D. W. (2022). Reimagining marketing strategy: driving the debate on grand challenges. Journal of the Academy of Marketing Science, 50(1), 13–21.
GbolagadeAdewale, A., & Oyewale, I. O. (2013). Impact of marketing strategy on business performance a study of selected small and medium enterprises (Smes) In Oluyole Local Government, Ibadan, Nigeria. Ibadan, Nigeria, 11(4), 59–66.
Lockett, A. (2018). Online marketing strategies for increasing sales revenues of small retail businesses. Walden University.
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4–29.
Stewart, D. W. (2008). How marketing contributes to the bottom line. Journal of Advertising Research, 48(1), 94–105.
Willie, M. M., Mzobe, Z., Manyisi, M., & Kabane, S. (2023). Annual General Meetings of Medical Schemes: Importance and Challenges Associated with Limited Member Participation. Available at SSRN 4665919.