Evaluate alternatives Primerica must consider to realize growth. Identify the best value discipline, generic strategy, and grand strategy for your organization. Recommend a strategy or combination of strategies the organization should implement.
Alternative Primerica Growth Strategies:
For most companies growth is usually the engine of success and prosperity. Companies that are able to grow often flourish while those that are shrinking usually die. Turning a small business into a big flourishing one is of the greatest challenges that can be encountered in any business. Companies employ a number of strategies to ensure that they grow and continue growing. This paper analyses some of the alternative growth strategies that can be employed by Primerica Inc. to ensure it continue growth in the financial services sector, looking at its best value discipline generic strategies and grand strategy.
Primerica, Inc. is a financial services company based in Duluth, Georgia and founded in 1927 as a part of CitiGroup. Through its subsidiaries the company offers financial products on behalf of third parties to consumers in Canada and the U.S. through its three segments. The Investment and Savings Product segment distributes mutual funds, segregated funds, fixed annuities and annual annuities, the Term Life Insurance segment underwrites term life insurance products, and the Corporate and other Distributed products segment provides mortgage loans which includes unsecured loans, purchase money loans, debt refinance and consolidation, prepaid legal services, short term disability benefit insurance, mail order student life products, and homeowners and auto insurance products (Yahoo Finance: Primerica Inc., 2011).
Alternative Growth Strategies:
Best Value Discipline:
Primerica is a company that whose mission is to provide financial products to families according to their needs ensuring that they are debt free, properly protected and financially independent. Each consumer have their unique financial needs and goals and therefore the best Value Disciple according to Treacy and Wiersema model is creating customer intimacy by providing the best solution to the customers' needs (Value Discipline, 2011; Johnson, 2010). For this company to be able to maintain its continued growth that it has been experiencing for the past few years, it should be able to focus on delivering not what the entire market wants but want specific customers' value and want. In most companies growth often runs through companies, in the financial services companies, customers are often the core of any company's activities and are the basis of the growth of these companies. Primerica should therefore cultivate intimate customer relationships that will enable them to retain the customers they already have and motivate them to spend more ...
The response is given in an essay of 1556 words and 8 references that opens with a company profile of Primerica before looking at 3 alternative growth strategies and recommending what combination of those should be implemented.