Was marketing approach for price. Gecko Insurance has several approaches for pricing its product. First, Gecko Insurance sells directly to the consumer to cut out commissions paid to agents. Gecko uses these savings to pass on discounts to the customer and promote its product. Next, Gecko uses tiers of one tier of underwriting to government employees who were less risky and more financially stable. Now, Gecko uses 7 tiers of underwriting to give potential customers the best rate for them.
By using these approaches, Gecko can price the product for the customer and not have one price for everyone. Conclusion In conclusion, the marketing mix is made up of four main elements; price, place, promotion and product. The customer is in the center of all four of the marketing elements. There is not one element of the marketing mix that is more important than the others. Geol. Insurance has developed a unique marketing mix. While Gecko Insurance started with one goal in mind of offering auto insurance to government employees, it has expanded its products to include a multitude of products and services to the public.
Gecko also expanded where it was offering its product from only Washington, D. C. To all states. Gecko uses a mixture of promotions to make the public aware of their product by using personal, mass selling and sales promotions. Gecko has implemented a tiered approach to pricing its product where the price is according to the customer and not Just priced on product alone. Geol. implemented these products with a direct sells approach which is unique to their company only. Gecko Insurance has developed this marketing strategy to stand out from the competition.
