MKT FPX 5416 Assessment 3 Market Segmentation MKT-FPX5416 Consumer Insights
Prof. Name:
Date
Executive Summary
Cigna HealthCare is a global service company led by CEO David Cordani, aiming to lead the healthcare insurance market by fostering the construction of a sustainable healthcare system. This goal is driven by a commitment to quality care, incentivizing excellence in healthcare execution. Cigna serves over 86 million customers across 30 countries through its 37,000 employees, providing healthcare services and products. The company’s leadership believes that improving customer health is the cornerstone of ensuring well-being and security. Since its inception in 1792, under various names, Cigna has been entrenched in the insurance industry. Through innovation and expansion, both domestically and globally, Cigna has grown, focusing particularly on customer centricity [Cig19].
Cigna aims to be the global leader in optimizing health for employers and organizations, helping employees achieve and sustain health. Sales partners inside and outside the organization work to ensure health, well-being, and security through a broad range of innovative products and services. Through these efforts, Cigna seeks to reduce medical costs while improving overall health. Cigna offers a network of physicians and hospitals worldwide and provides consistent customer service. The company’s current marketing slogan, “Together, All the Way,” reflects its extensive portfolio of services [Cig19].
MKT FPX 5416 Assessment 3 Market Segmentation
Domestically, Cigna’s presence is uneven across the 50 states. The New England states, where its main hub is located in Connecticut, are well-saturated, along with states like Colorado, Arizona, and parts of the Southeast. However, there remain areas for improvement. Internationally, Cigna has expanded through mergers, acquisitions, and joint ventures with local insurance firms in Turkey, Belgium, the United Kingdom, Brazil, Japan, Taiwan, Thailand, India, and Nigeria, securing a strong market position [Pat].
Cigna’s mission to its customers emphasizes health, well-being, and a sense of security [Cig19]. To achieve this, the company strives to create an easy, reliable, personal, and empathetic environment. By promoting community support, diversity, and innovation, Cigna works toward building a better future. Collaboration with partners provides sustainable solutions that add value to customers, stakeholders, and the company, contributing to its continued global growth and expansion.
Background of the Problem
Cigna Healthcare’s minority market segments include African Americans, Hispanics, Asian Americans, veterans, and LGBTQ communities. The company practices diversity and inclusion globally by maintaining a non-discriminatory approach. Like other healthcare organizations, Cigna is focusing on these minority segments, which are expected to grow significantly in the future, offering potential growth for organizations that recognize and seize this opportunity. U.S. war veterans, numbering 20.4 million and making up 7.3% of the total population, are another major focus group requiring extensive healthcare services, with many veterans suffering from disability-related health issues.
The rising percentages of ethnic groups, particularly Hispanics and African Americans, are highlighted in demographic profiles, showing these groups comprising 12% of the population aged 85+ and 39% of the population under age five. This trend indicates that future American generations will consist predominantly of ethnic minorities, making up more than 50% of the population. The LGBTQ community reports good health overall and may not present as significant a growth opportunity as other minority groups.
Literature Review
Cigna focuses on customer individualization by implementing specialized branding, supply chain, promotional, and pricing strategies in the domestic market. Rising healthcare costs have emphasized the need for educating consumers about their specific healthcare needs. The Affordable Care Act (ACA) introduced individual consumers to the market, making modern medicine more accessible. Cigna’s marketing focuses on providing the right care at the right time for the appropriate diagnosis. Previous marketing campaigns, such as
Executive Summary
Cigna Health Care, a global service company led by CEO David Cordani, aims to lead the healthcare insurance industry by promoting the construction of a sustainable healthcare system focused on quality of care driven by incentives, with the goal of achieving excellence in healthcare delivery. Serving over 86 million customers across 30 countries, with the support of its 37,000 employees, Cigna provides healthcare services and products. The company’s leadership emphasizes that improving customer health is the key to ensuring we