State Farm Swot Analysis
State Farm; know by their slogan as being a “good neighbor, and always "being there" was founded in 1922 by a retired insurance salesperson George Jacob. The mission of the company is to be the first and best choice in products and service. Started as a single line auto insurance company, State Farms now offers nearly 100 goods and services, in five different lines of business, to help their customers in their lives. The company handles approximately 35,000 claims per day, which show they are "there" for their consumers. The company has grown to the tune of 65,000 employees, with more than 18,000 agents that service around 82 million accounts. State Farm offers automobile, home, and life and health policies. Just like most companies State
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Some of the force that the company has are great brand recognition the company has a high attention on the public one reason is their slogan; also, their commercials are a big success for the company. Celebrity sponsors are also a significant advantage for the company. State Farm has used well-known athletes to endorse their company; some include LeBron James, Aaron Rodgers, Kerry Wood, and Andre Dawson. Another strength for the company is the success they have had with campaigns with their target young adult market. The company remarketed and redesigned themselves to reach the young adult market, which has been a great …show more content…
This age group is considered to pay around 50%-70% of all their living expenses, which make them more prices, and product conscious in their decision-making process, in the past State Farm delivered an "old fashion" message as perceived to this target group. With this in mind, the company began to change the concept that the young adult market would have of the company. This group of customers collects information differently compared to older adults. Young adult like to obtain information in many different ways to include online, call centers, e-mail, and apps. Compare to their older counterparts who enjoy phone access, and face to face. State Farm target market is considered to be just out of college and beginning their new life, and all about making their mark in
Some of the force that the company has are great brand recognition the company has a high attention on the public one reason is their slogan; also, their commercials are a big success for the company. Celebrity sponsors are also a significant advantage for the company. State Farm has used well-known athletes to endorse their company; some include LeBron James, Aaron Rodgers, Kerry Wood, and Andre Dawson. Another strength for the company is the success they have had with campaigns with their target young adult market. The company remarketed and redesigned themselves to reach the young adult market, which has been a great …show more content…
This age group is considered to pay around 50%-70% of all their living expenses, which make them more prices, and product conscious in their decision-making process, in the past State Farm delivered an "old fashion" message as perceived to this target group. With this in mind, the company began to change the concept that the young adult market would have of the company. This group of customers collects information differently compared to older adults. Young adult like to obtain information in many different ways to include online, call centers, e-mail, and apps. Compare to their older counterparts who enjoy phone access, and face to face. State Farm target market is considered to be just out of college and beginning their new life, and all about making their mark in