Strategic Plan At Sun Life Harvard Case Solution & Analysis

Strategic Plan At Sun Life Case Study Solution

Electronic Marketplace:

Pros:

  • There is no need of larger principal investment with no physical principal to be concerned about as entirely things are done online.
  • It allows with the access to expand the routes of the business worldwide and attract handsome ratio of customers throughout the world instead of being limited to a particular geographical locality.
  • It provides the organization to easily reach to its target market globally, and is in easy approach to all the customers by a single search.
  • This enables the way to easily receive payments from its customers not only in the region where the organization resides but also globally.
  • The advertisement of your company will be available 24/7 a day, weekly, monthly and throughout the year.
  • It is a great source of income in combination with the affiliated and online marketing.

Cons:

  • It is the most common way of advertising and requires a long period of time to gain the trust over customers for their services.
  • Online marketing is fully loaded with competitors, it is not so easy to stand and holds its position in the market.
  • To be a part of online marketing competition, skilled and innovative strategies are required to move one. For this purpose, many of the companies investment much of their amount to the advertising companies.

Virtual Retailer:

Pros:

  • It is easy then setting up a store. Online markets like eBay, Amazon are one of the top retailers are requires nothing but only an expert opinion and a well-developed website.
  • It is less costly to develop than developing a store. It has less financial loss if anything goes wrong or the business does not work out.
  • It provides with 24/7 sales of the products without the need of the seller to be present. It allows to you trading all day long.
  • The best way to attract a wide customer range not only nationwide but also internationally.
  • This is not merely not affected by the environmental conditions as each customer can feel free to shop anytime they want without being worried about the delivery of the product.

Cons:

  • The sale of the products with the assistance of a third party shares a part of your earned profit with them.
  • Although shops on your streets are limited, but while talking about the online sale indicates a threat of a huge number of strong competitors.
  • Listing of products with complete description might more time taking than to just display the products at the shop.
  • The online marketing retailers are not well trusted about the product quality and the services they provide.
  • It may be costly to deliver the products to the customers place and it requires time and money from packaging of the product to its delivery.

Auction sites:

Pros:

  • It provides a noiseless environment for the auction of the products.
  • It allows you to freely bid for the item you want to bid on anytime you like.
  • It permits you to bid on the products that are readily not available in your locality.

Cons:

  • There is a risk of being fraud by any of the site as they payment criteria is not set.
  • It shows the products on the site with poor quality of the photos and may be demonstrating fake description about the product.
  • It lacks the interaction of human being as in real life auction which is itself a source of joy.

Recommendation:

As per the analysis on the situation of the company, the company had the three model for internet marketing namely web portal, electronic marketplace, virtual retailer and action sites. Among all the models, the company should drive the idea of web portal as compared to other three. As the results estimated by the team made by the company also demonstrated best outcomes on the use of web portal. It will considerably be beneficial for the economic growth of the company. As the web keeps itself updated and it would be easier for the costumers have access an updated website each time. The concern about the cons of the model, the internet connection is in easy approach not only for the organization management but also for the customer.

Conclusion:

In conclusion, the Sun Life insurance Company is the top leading insurance company in Canada. It is giving its best to satisfy each employee and customer. By switching the company from the mutual funds to the publicly trade one, the company has gained much reputation in the industry of insurance as it has also expanded its products in a wide range. It has also shown significant increase in its revenues. In spite of this successful period, the company was more concern about the future outcomes as it had the vision of bad impact of internet banking on the company if does not take measures to keep it up to date with the leading era. Thus, Sun life with the expert opinion had four options for improves internet banking. But the company was not sure that what model they should work on. Based on the situational and proposal analysis, it has been evaluated that web portal would result as a best option for Sun life.

 

Exhibits

Appendix 1:

SWOT Analysis

Strength

Weakness

·         Variation in product line

·         Direct contact between the customer and HR management.

·         Concern over customer’s needs and requirements.

·         Take measure to resolve the customer problems.

·         Diversification of the company

·         Increased administrative cost

·         Weak cost structure

OpportunitiesThreat
·         Constructive business idea

·         Acquire companies that are need.

·         Innovative technological products

·         New entrants

·         Decline in financial growth

·         Time consumption in the implementation of any strategic plan.

Exhibit 2:

PESTLE Analysis

P

Political

E

Economic

S

Social

T

Technology

L

Legal

E

Environment

Not affected by the increase in populism.

 

Habitual of working under stressed conditions.

Easy access to the U.S finance market

 

Liquidity access in the equity market

 

High education rate in the US in the areas hold by Sun life

 

Production of innovative technological products.

 

Need of E-commerce use.

Self-made rules and regulation leading to legal gratitudeParis Climate Agreement in the U.S has greatly affected Sun Life as measures need to be taken for the concern.

Exhibit 3:

E-commerce Models

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