Background Information
Future Services International Limited (FSIL) was incorporated under the Companies Act of Jamaica as a limited liability company on February 12, 2008.
Future Services International Limited is Jamaica's first and only legal funding company that aims to provide funding for civil matters for individuals who has suffered loss or damage by means of legal funding, litigant support services and risk management solutions. Yaneek Page is the Managing Director of the company. The company which now operates in Kingston finances a wide array of cases and helped hundreds of Jamaicans to get justice.
Mission Statement
Being faithful to the principles of social entrepreneurship by:
Enabling individuals to afford and realize justice, and
Supporting and educating institutions in the development of robust business resilience systems while promoting justice in business practice and operations.
Services Offered
Apart from offering legal funding they also assist their clients in compiling their files, offer cash advances to persons who has suffered loss or damage, they aid in financing vendors of property for attorney in respect impeding legal fees and short term financing for the probate of wills.
Legal Funding - Future Services provide financing for medical cost any other documents arising from a lawsuit.
Litigant Support -Legal file compilation services, Service of legal documents, attorney referrals and investigation services.
Business Continuity Planning Services -Facilities Risk Assessment , Business Impact Analysis Business Continuity Strategy Planning and Plan Document Preparation, Business Continuity Plan Testing, Business Continuity Training.
Risk Management Services - Risk Solution Services and assessment for new products and services.
Online Database of legal professional - Similar to that of a directory an online database of attorneys with detailed information along with practice areas and legal fees and cost .
The organizations current overall positioning Strategy
Future Services International over the years has effectively continue to provide funding for legal matters but never the less continues to market the company through means of local advertising through the media and newsletters in order to capture a wide range of persons to inform and educate individuals about the services offered. In addition the company has implemented new strategies through risk management solutions and assessment in order to increase growth and maximize profits.
B. Discuss THREE macro environmental factors currently impacting the organizations marketing efforts
Economic: As a result of the global economic climate the recession has force large ,small and medium enterprise to cut back on their expenditure as a result this has created a ripple effect on how the company provide funding through high risk assessment before funding is approved as a result funding is limited to those persons who are really in need and qualified due to cash flow not being readily available and high interest rates through the banks that usually provide financial assistance to the company. Which also affect the rate at which the company advertise and market its services due to cash flow.
Demography: Due to the fact that the company small business with only one branch situated in the cooperate area this limits the number of persons that are able to come into the company because the are not able at times physically or mentally as well as to find transportation fees and other cost related as these persons who the company really cater to are usually low income earners, unemployed and are usually from the rural areas of the company.
Technological: Technology today has become the main source of marketing tool within the industry today this is used to communicate with local and international markets or agencies as well as customers. This has caused some difficulties due to the fact that the larger numbers of the customers are low income earners, uneducated or disabled. In spite of the fact that the company put technological measures in place such as the online application and electronic mediums so that person in the rural areas can access the service they are not able to have access to these facilities or know how to operate these devices.
In light of the factors discussed how would you suggest the firm reposition itself? Give reasons.
Future Services assess cases strategically before taking them on for free legal assessment. Include processing fees to accesses services for cases that are approved by attorneys. and provide indirect services to facilitate funding and additional income for the company possibly a restaurant in the tourism industry to provide foreign currency.
They erect temporary facilities in the rural parishes to facilitate the less fortunate and disabled persons. Provide mobile offices to visit communities in rural and urban areas in order to facilitate the completion of application forms as well as to access the services easily.
C. Identify the pricing approaches /being used by the organization. Justify your answer
Future Services International is a high risk service oriented company that facilitates funding for the core services offered. The services and funding is utilized at no cost at the initial stage of the service. 'Use them now pay them later' .A referral fee is paid by attorneys if and when a case is successful and any other cost that may have been incurred for medical reports and or other relate fees and at an additional cost as a result there are no set fees for legal funding as each case is treated differently by the extent to which the service was utilized. Other service offered by the company such as the risk management solutions persons who utilized these services is required to pay upfront for these risk assessment. The service are used as a marketing tool for the company on a wide scale to a diverse group of individuals as well as to provide additional income to maximize profits.
D. Determine the effectiveness of the promotion mix currently being used by the organization. Make recommendations for improvements.
Promotional mix is the combination of personal selling, public relations, advertising, sales promotion, sponsorships, direct mail, and trade shows that are utilized in promoting a good or service. The appropriate mix is the combination that produces the best results for a given budget. There are several different types of promotional mix, these are ;
Advertising- Future Services International advertises their services through radio and television ads locally and internationally. They also use brochures, signs, banners, web page 'which includes Facebook and Twitter', posters and emails.
Personal selling- Future Services International host its annual seminar in association with JIC Insurance Company were their services are advertised. They also host a security and self defense seminar.
Sales Promotion- they give away baskets, credits among other items to members of their fan page on facebook and twitter on a daily basis. Existing clients who refer other clients for cases that have been approve are given an incentive or gift vouchers. Such as vacation packages.
Public Relation- From time to time Future Service publish news letters to local news paper like the Observer and the Star which highlights services being offered at a given time and current happenings. We offer charity to The Missionaries of the Poor, by visiting the persons living there, taking gifts for them and helping out in any way possible.
Corporate Image- the company as a good relation with our customers and we also have a good reputation. We constantly receive feedbacks from our customers as we try our best to maintain a good relationship.
Direct Marketing- they give out fliars and send out persons on the street to interact with the public and to advertise the services.
In doing all of this promotion Future Service is set for good things in the future. Their promotion is very effective as most of their clienteles came through this method. So the work they have put in so far as paid off.
Recommendation
The only recommendation that is at present is that they should visit the rural areas more often so that they can receive more clienteles. They can go out and interact with persons more often as well to let them understand the services that the company offers and the benefits they receive when they do business with them. Television and radio ads can be spread to more stations eg. RJR and TBC radio stations has this would reach a variety of persons.
