The paper "The Strategic Significance of Standardization for Phoenix Insurance Company" is a wonderful example of an assignment on marketing. The company to be analyzed here is Phoenix Insurance Company. This first section looks into the way in which this company can standardize its service or product offering. The professional staff in the company always works towards determining the needs mainly in order to offer sufficient insurance solutions at possible and affordable costs. When working with this company, it deals with highly knowledgeable business agents. It has over 200 years of intense collected experience and the staff is well trained with high professional accreditation. This company has 24 hours claims reporting services and for this reason, the in house claims coordinate as well as facilitate a prompt settlement of all the insurance claims.
The main primary goal, however, is to be fair as well as honest in all the dealings. During times when people are being told to constantly value the different and the new, then the surprising thing is when these people learn of the standard. This also includes the shared as well as the common factors that can act as strong transformation drivers.
Several innovations that have over time changed the world include agriculture, modern manufacturing, railroads, containerized shipping, internet, language as well as money. All of these have succeeded mainly due to standardization and nothing else (Nagle 2010). Organizations like Phoenix Insurance Company always look towards transforming their customer experience, their operations as well as their industries. All these help in benefitting incorporations in many ways. All these forms of motivation include benefitting businesses, strategic significance to standardization, and several other factors.
Companies have in the past been generally unaware of standardization’ s strategic significance. This is the reason why it is important for businesses to implement standardization. Corporate decision-makers seem hardly aware of the strategic benefits of standards. This lack of knowledge on the part of decision-makers in companies means that the strategic potential of standards is not fully appreciated. The strategic significance of standardization is all understood well by individuals who are involved in standards. This means technical experts that participate often in standards development. The survey done showed that insurance companies who involve standardized factors of business often reap so much profit as well as long term cost savings.
Such companies also benefit from the issue of competition whereby such companies rise above the competition. There are potential competitive advantages that arise mainly through standards. Having an intense influence on the content of the standard is a great factor that aims at gaining a competitive advantage. A company like Phoenix Company needs to always be motivated in order to participate in standardization.