Fundamentals of Marketing

Fundamentals of Marketing Kirsty Hayes, Bianca Jones, Chris Duffy, Tim Stone EXECUTIVE SUMMARY The purpose of this report is to gain further insight into AAMIs current position in the personal car insurance market and to identify suitable marketing strategies to meet the needs of current and future customers. Despite being the largest insurer in the motor vehicle market there are many new competitors undercutting insurance premiums, mostly through online sales and service. Current competition includes IAG, on policy, and Budget Direct, on a price point. Since the GFC consumers have shown to be more cautious but with higher expectations. Current measures of internet and social media use shows the incredible scope of data facebook is able to collect from target segments. Loyalty and time wasted choosing a company are the most important characteristics of insurance seekers. They are most likely to use trusted brands when not engaged in the process. Surveys also found Australia wide retention of insurance customers more than 50%, however 75% of customers are not likely to seek out a company but want to make the best purchase decision. A further 10% want convenience purchasing insurance. AAMI must maintain its focus on consistent, excellent customer service, and utilising facebook to identify and communicate with customers. The process of purchasing a policy and making claims must be refined further strengthening the AAMI brand. INTRODUCTIONLACE INFLUENCING This report aims to provide a summary of where AAMI is situated against its market competitors and help develop a marketing strategy to promote sustained long term business opportunities. The ABS (2016) estimated 17.7 million vehicles registered in Australia at the 31st October 2014 whilst Tiwari (2014) claims the Domestic Motor Insurance segment is worth 6 Billion dollars in premiums per year and is the largest is the Australian general insurance market. AAMI face a multitude of competition in the Australian Motor Insurance segment and this paper will identify two competitors, IAG group and Budget Direct. This report is broken into two major sections, the first will evaluate and analyse competition along with demographic and technological trends and understanding how these factors may affect business in both the short and long term. The second part identifies possible segmentation which is involved with purchasing motor insurance. Providing historic trend information from the market will help create a new marketing strategy. INSURANCE INDUSTRY OVERVIEW The insurance industry has had some significant hurdles in recent years, these have changed the way insurers need to market themselves and maintain profits. Buyers have become more cautious; expectations of products and services have increased since the global financial crisis (How Australian insurers can achieve profitable growth in a challenging market 2017). Pay-outs for natural disasters have increased in frequency and value due to climate change, effecting insurers bottom lines (Insurance industry and climate change 2017). With the large number of insurers in the market creating intense competition, each company needs to ensure they have the right mix of products and customers to maintain their overall profit. AAMI WITHIN THE INSURANCE INDUSTRY AAMI positions itself as the customer focused and fun insurance company, to differentiate from other insurers and say they are the not very insurancy insurer using comical advertisements which attract younger consumers (AAMI 2017). It seems to be working for them, AAMI sits at number 5 of the top ten list of best insurance companies within Australia (Top Tens 2016). Below is a chart which shows AAMIs position within the market. RECENT TRENDS THAT IMPACT THE INSURANCE INDUSTRY       Usage based insurance (UBI) While UBI is not a new concept in places like the US, it is only recently becoming common place within the Australian insurance industry (Dipak 2015). Things like pay-as-you-drive insurance, where customers only pay insurance for the kilometres they actually drive and pay-how-you-drive insurance, where customers get discounts for being safer drivers (Lukens 2014). This means customers can decrease their premiums to a rate previously impossible with other methods and feel like they have more control over what they pay. It also enables better identification of customer segments for future planning of products. The Internet of Things Still an upcoming trend within the insurance industry, as explained by Forbes (Morgan 2014) this is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). Wearable technology for tracking heart rates, exercise, sleep patterns and more are being used in collaboration with health insurers. Sensors in cars are being used to calculate the risk of particular drivers by tracking speed, acceleration, and braking distance (Liew 2016). This information helps to speed up the claim process with more detailed information of accidents (Kumaresan 2016). For the insurance industry, this means more information available to calculate premiums and reduce risk for insuring specific customers. KEY COMPETITORS As Tiwari (2015) explains the Motor Insurance marketplace could be divided up into 4 segment areas. There are 2 major firms which own multiple companies and these are the Suncorp Group and the IAG Group with the rest of the industry made up from smaller competitors (image 1 gives a detailed example). Appendix A is an online comparison of comprehensive policies between NMRA, Budget Direct and AAMI. As Lamb (2016) highlights international firms need to take into account local domestic firms which are also fighting for a share of the market. Image 1 (image sourced from http://www.slideshare.net/ullyully/australian-car-insurance-market-analysis/6) IAG Group The IAG group is our biggest competitor and will continue to be into the future as they share a similar infrastructure to AAMI. IAG also have national leverage through their independent brands RACV, NMRA, SGIO and SGIC. IAG have a major focus on making the world a safer place (IAG Group, 2017). IAG products tend to balance between price, volume, and service. They have no major advantage over our brand. Budget Direct Budget Direct are a small player being very aggressive to gain major market share. They specialise in insuring low risk clients to keep premiums down (Budget Direct, 2017) thus sitting in the price sensitive area. They have some advantages for customers compared to AAMI on their standard comprehensive product such as offering a no claim bonus on windscreen damage. Appendix A provides a detailed summary. A KEY PLAYER OF IMPORTANCE Australias population is currently 23.3 million people with more than 15 million owning smartphones. According to Neilsen, we spend on average of over one hour per day using smart phones, of which 35% of the time is spent on social media. According to Forbes (2016), in the social media landscape, Facebook is the most popular site with more than 15 million users and in a survey by Sensis in 2016, for more than 12 hours per week so it makes sense that our advertising can reach more customers in an increasingly competitive market. By developing a partnership with Facebook, AAMI can target market segments differently using each groups interests based on data received from the company. Nadia Cameron from IDG (2016) identified raising of brand awareness and conversions as the major reasons for AAMI using Facebook marketing. Failure in this partnership would be fatalistic with over 1.7 billion users worldwide connected to Facebook. OTHER FACTORS INFLUENCING THE INDUSTRY Technological Trends Online Applications AAMI has launched the AAMI Access ® Application which they have marketed as Insurance in your Pocket (AAMI 2016). It allows you to monitor and update your policies, make an instant claim and upload claim photos from your device, and allows claim and live repair tracking. As at 30 June 2016, there were approximately 22 million mobile handset subscribers in Australia (ABS, 2016) making the creation of an online application a great innovation as it allows an easier service for the consumer and the insurance agency and leverages off the fact that consumers are becoming more advanced in online technology. This is not the only application available from insurance companies but it will continue to grow in trend. Self-Driving Cars volvocars.com/au (2016) says that there are already self-driving Volvos on the road in Sweden and in 2017, there will be over 100 on public roads, and this will continue to grow. This trend will be crucial to car insurance companies as it will alter the way insurance is provided, calculated and it could make it more difficult to prove which vehicle is in the wrong. Demographic Trends Cars in Victoria The Australian Bureau of Statistics (2011) states there were a total of 1,944,688 motor vehicles in Victoria. Car insurers need to keep abreast of current trends and ensure ease and simplicity when dealing with consumers and insurance. SECTION 2: SEGMENTATION FRAMEWORK CONSUMER CHARACTERISTICS In this section, we recommend a way that AAMI could segment their market so they can have more targeted marketing. There are many things a consumer will look at when deciding on a car insurance company. Global Reviews regularly conducts research into how a consumer purchases car insurance, and posted in May 2015, that 71% of consumers had a brand in mind before beginning their research, only 34% of these consumers still preferred that brand at the end of their research. However, AAMI was the clear leader in an unprompted recall at 73%. The research found that 74% are current customers when they choose a car insurance policy. Lamb (2013) says that goods and services that are purchased regularly are associated with routine response behaviour, showing that those who already have a policy with AAMI are more likely to continue to renew their policies with AAMI. A trusted brand is also a high priority when deciding on car insurance. The research shows that 53% trust the brand they chose (globalreviews.com 2015) and Lamb (2013) says that when consumers dont want to have to think too much about a purchase decision, they often revert to known and trusted brand names. Based on the secondary research, two different consumer characteristics have been identified that are important in the car insurance category. Characteristic Type of segmentation Description Why is this characteristic important to AAMI? Lifestyle How much time spent searching for car insurance Psychographic This relates to how much time consumers are willing to research different car insurance deals. This impacts how likely a new customer is to find Aami appealing and how likely an existing customer is to find a better deal elsewhere. Personality How loyal they are to a certain company Psychographic This relates to how often a customer is willing to change insurance companies. This impacts how likely a customer is to switch insurance companies if a better deal is found. Table 3. Consumer Characteristics of importance to car insurance purchase decisions SEGMENTATION FRAMEWORK Based on these two key characteristics one way that AAMI could segment their market into the following four segments: How much time is spent researching Little to no time researching Extensive researching How loyal they are to a certain company Very loyal Customers for life This segment contains customers which either do not have time to research or are not interested in researching different insurers due to loyalty to their current company. Great if you are their current company but difficult to get across from somewhere else. Knowledge is power This segment contains customers who have the time and drive to research different companies but who prefer to stay with their existing company. They are more likely to try to get a better deal with their current insurer than switch. Not very loyal Only if they have to This segment contains the customers who know they need insurance but dont waste time thinking about the details. They may perform a basic search and go with the insurer they notice first. Flashy adds will draw their attention. Simply the bestà ¢Ã¢â€š ¬Ã‚ ¦. for less This segment contains the customers who will spend as much time as needed to search for the very best deal no matter who it is from. Having the details which set you apart from competitors on your website is key for these customers. Table 4. Proposed segmentation framework for AAMI. SEGMENT PROFILES The following information has been used to roughly estimate the size of each of these segments. In order to more accurately determine the segment size and segment profile, AAMI would be required to conduct further research with consumers. Generation Y is the most under-insured generation, with a World Insurance Report showing only 36 per cent, compared to 52 per cent of others (Han 2016) Studies indicate, 86 per cent of Australian consumers would only consider between one to three insurers when selecting their next policy (Martin 2016) A survey showed only 15 per cent of respondents believed it was essential to find the cheapest product (Myth vs Reality The Expectation Gap in the ANZ Insurance Industry 2016, p 4) A survey also showed that Australian insurers have retention rates of more than 50 per cent across the board (Myth vs Reality The Expectation Gap in the ANZ Insurance Industry 2016, p 7) DESCRIPTION Customers for Life Knowledge is power Only if they have to Simply the bestà ¢Ã¢â€š ¬Ã‚ ¦for less Estimated % of consumers 50% 25% 10% 15% Expectation of segment to grow/shrink Shrink With more information on competing products being in social media this segment is expected to shrink. Grow With more ways now available for consumers to customise their insurance or barter with companies this segment is expected to grow. Constant Some behaviours will never change, time poor or uninterested consumers will always be a constant overall in any industry. Grow With more ways for consumers to easily find information on different companies it is expected that this segment will grow. Purchase behaviour They are not likely to seek out new insurers but would have no choice but to hear about new products through social media They want to make the best purchase decision but also believe that staying with one company is beneficial. They will make quick decisions on insurance if they feel they need to have it even though they dont really want it They will conduct thorough research to find the best deals available. Price and product is their drive, not brand loyalty. Brand Preference This group prefers well- known brands as they are more trusted and seen as a good choice for the long term, once they find an insurer they stick with them. This group also prefers well-known brands for the same reasons but are likely to switch between the big 4 or 5 insurers when necessary. This group has no specific brand preference. They may choose based on the insurers used by people they know or by which insurer comes up first in their low level of research. This group has no brand preference. It is not guided by friends and family insurers either. They go with whomever has the best deals in their eyes. Potential Profit Moderate At the moment the profit made from this segment would be high due to retention rates. However, with the segment set to shrink, potential future profit will decrease. High If Aami can get the correct product mix to appeal to price conscious buyers Profit will increase from these consumers, they prefer a big brand name like Aami. Moderate Once insured they are less likely to switch, the battle is getting them in the beginning, once with Aami they should be life-long customers. Flashy advertising is needed. Low This segment is always looking for better deals, if Aami arent the cheapest in the industry these customers will switch. This doesnt work with AAMIs customer service image. CONCLUSION The Motor Insurance Industry has never been the most exciting in terms of innovation or technology (Sahoo, 2015). Insurance companies have been slow to adopt technology and innovation into their programs. This is beginning to change because of the digital age that we live. With the population in Australia constantly growing the demand for motor vehicle insurance will always be high. With good branding and positive company exposure AAMI can maintain their presence as a major player in the market place. IAG group is a competitor we will need to constantly monitor as they pose the biggest threat to our overall market share. It is recommended that AAMI continue to invest in technological and social branding, making it easier for people to connect with the brand. Continual research needs to be done on consumer insights involving brand perception along with potential customers. This would benefit our industry segmentation profile and strengthen our framework criteria. APPENDIX REFERENCE LIST AAMI 2017, Did you know, AAMI, viewed 7 January 2017, https://www.aami.com.au/about-aami.html> AAMI Car Insurance 2016, AAMI Access ® App, AAMI, viewed 6 January 2017, https://www.aami.com.au/claims-policy/aami-access-app.html?cmpid=AMI:GI:PI:NPS:SEM:20111024:501matchtype=e keyword=aamief_id=WE5c3QAAAJReYgzb:20170113020025:s ABS 2014, Survey of Motor Vehicle Use, Australia, 12 months ended 31 October 2014, viewed 11 January 2017, http://www.abs.gov.au/ausstats/[emailprotected]/mf/9208.0/ Accenture, How Australian insurers can achieve profitable growth in a challenging market, Accenture, viewed 8 January 2017, https://www.accenture.com/au-en/insight-australian-insurers-profitable-growth-challenging-market> Armstrong, G, Adam, S, Denize, S Kotler, P, 2011, Principles of Marketing, 5th edn, Pearson Australia, French Forest NSW Australian Bureau of Statistics 2016, Internet Activity Australia June 2016, ABS, viewed 6 January 2016, http://www.abs.gov.au/ausstats/[emailprotected]/Latestproducts/8153.0Main%20Features5June%202016?opendocumenttabname=Summaryprodno=8153.0issue=June%202016num=view= Australian Bureau of Statistics 2017, Population Clock 2 January 2017, ABS, viewed 2 January 2017, http://www.abs.gov.au/ausstats/abs%40.nsf/94713ad445ff1425ca25682000192af2/1647509ef7e25faaca2568a900154b63?OpenDocument> Budget Direct 2017, About Us, Budget Direct, viewed 2 January 2017, https://www.budgetdirect.com.au/about-us.html Cameron, N 2016, Why AAMI turned to Facebook mobile and segmentation to drive brand favourability, 2 May, CMO from IDG, viewed 3 January 2016, http://www.cmo.com.au/article/598954/why-aami-turned-facebook-mobile-segmentation-drive-brand-favourability/ Cowling, D 2016, Social Media Statistics, Social Media News, 1 February, viewed 2 January 2017, https://www.socialmedianews.com.au/social-media-statistics-australia-january-2016/> DeMers, J 20 August 2015, The Definitive Guided to Marketing Your business on Facebook, Forbes, 20 August, viewed 11 January 2017, http://www.forbes.com/sites/jaysondemers/2015/08/20/the-definitive-guide-to-marketing-your-business-on-facebook/#522f55fb2acf> Dipak, Sahoo 2015, Innovation in Australias insurance industry, The Australian, 10 September, viewed 3 January 2017, http://www.theaustralian.com.au/business/business-spectator/innovation-in-australias-insurance-industry-/news-story/e445f70d04dac6cdf29b077b1a6bc3a6> GlobalReviews 2017, How AU consumers research select a car insurance provider online, GlobalReviews, viewed 12 January 2017, http://www.globalreviews.com/blog/how-au-consumers-research-select-a-car-insurance-provider-online/ GlobalReviews 2014, How do consumers research motor insurance providers and whos winning them, GlobalReviews, September 2014, viewed 3 January 2017, http://www.globalreviews.com/reports/online-research-journey-how-do-consumers-research-motor-insurance-providers-and-whos-winning GlobalReviews 2016, Motor Insurance: Digital Effectiveness Report, GlobalReviews, viewed 4 January 2017, http://www.globalreviews.com/reports/motor-insurance-digital-effectiveness-report> Han, Ester, 2016, On-demand insurance Trov launches in Australia targeting Generation Y, The Herald, 30 May, viewed 14 January 2017, http://www.smh.com.au/business/consumer-affairs/ondemand-insurance-trov-launches-in-australia-targeting-generation-y-20160527-gp5u0g.html> IAG Group 2017, IAG About Us, IAG Group, viewed 2 January 2017, http://www.iag.com.au/about-us/who-we-are/purpose-and-strategy Kumaresan, A 2016, Top 10 Trends in Insurance in 2016, Capgemini, viewed 9 January 2017, https://www.nl.capgemini.com/resource-file-access/resource/pdf/insurance_trends_2016_0_0.pdf Lamb, C. W., 2016, MKTG3, 3rd Asia Pacific ed. s.l.:s.n. Liew, R 2016, Insurers set to track driver behaviour, The Age, 14 January, viewed 14 January 2016, http://www.theage.com.au/business/insurers-set-to-track-driver-behaviour-20160113-gm4x51.html?deviceType=text> Lukens, D 2014, 2014 Usage-based Insurance (UBI) Research Results for Consumer and Small Fleet Markets, Lexis Nexis, viewed 9 January 2016, http://www.lexisnexis.com/risk/downloads/whitepaper/2014-ubi-research.pdf> Market Forces 2017, Insurance industry and climate change, Market Forces , viewed 8 January 2017, https://www.marketforces.org.au/campaigns/insurance/> Martin, M 2016, Brand loyalty, a double-edged sword to the Australian insurance industry, Insurance Business, 24 October, viewed 14 January 2017, http://www.insurancebusinessonline.com.au/au/news/breaking-news/brand-loyalty-a-doubleedged-sword-to-the-australian-insurance-industry-225421.aspx> Mattro 2017, Top Ten Best Insurance Companies in Australia, The Top Tens, viewed 7 January 2017, http://www.thetoptens.com/best-insurance-companies-australia/> Morgan, J 2014, A Simple Explanation Of The Internet Of Things, Forbes, 13 May,viewed 9 January 2017, http://www.forbes.com/sites/jacobmorgan/2014/05/13/simple-explanation-internet-things-that-anyone-can-understand/#5e84bdb06828> Myth vs Reality The Expectation Gap in the ANZ Insurance Industry 2016, Target, p 4, viewed 14 January 2017, https://3-afa.cdn.aspedia.net/sites/default/files/uploaded-content/field_f_content_file/myths_vs_reality_whitepaper_anz.pdf> Sahoo, D 10 September 2015, Innovation in Australias Insurance Industry, The Weekend Australian, viewed 07 January 2017, http://www.theaustralian.com.au/business/business-spectator/innovation-in-australias-insurance-industry-/news-story/e445f70d04dac6cdf29b077b1a6bc3a6 Sensis, 2016, How Australian People and Businesses are using social media, Sensis, 1 June, viewed 1 January 2017, https://www.sensis.com.au/asset/PDFdirectory/Sensis_Social_Media_Report_2016.PDF> Smith, A, 31 October 2015, Mobile Mania! Australia spends on average more than hour a day on their smartphones, viewed 11 January 2017, http://www.nielsen.com/au/en/insights/news/2015/mobile-mania-australians-spend-on-average-more-than-an-hour-a-day-on-their-smartphones.html> Tiwari, U, 2014, Australian Car Insurance Market ANALYSIS, Slide Share, viewed 2 January 2017, http://www.slideshare.net/ullyully/australian-car-insurance-market-analysis/6> Volvo Car Corporation, Autopilot Travel calmer, safer, cleaner, Vo

Rewarding System Coca Cola

Rewarding system For the Coca Cola Company it is important to pay well the employees. Furthermore rewarding is also important because it contributes on the employees performances. Coca Cola uses two rewarding system based on: * function * performance Coca Cola rewards its employees through the function reward system. For the blue-collar workers the reward is based according to the length of service. For the white-collar workers, the higher you rise in the hierarchy the more the percentage rises. There is a degree structure created by functions. An external agency makes the job description and weighs it.Then points are given for each function. For example: Function/Category| Points| A| 250| B| 200190180| C| 165152| D| 140| Employees are also reward based on their performance. The two rewarding systems are the Financial and the Relational. On the financial aspects you have the pay and the benefits. On the relational aspect you have learning & development and the work environment. Emplo yees care about financial rewards but nowadays they also want relational rewards. They want to be developed (training & development), recognition and work in a good working environment.The picture below shows an overview of the rewarding system. Financial rewards Coca cola offers fringe benefits such as: * Company car * Pension plan * Disability (when someone is sick & has to stay at home) * Medical insurance (for employees and family) * Share purchase plan * Wellbeing initiatives (discounts on season tickets, cinema tickets,†¦) * Flexible working time * Meal vouchers Benchmarking Coca cola gets its wages to match those of competing companies. The company does Benchmarking. It buys studies of companies. The company makes surveys for wage request to have an idea.It compares with those of large multinationals. Because Coca cola wants to be number 1 the top performance. Some of those multinationals are: Procter & Gamble, Unilver, Danone†¦ Pay rise Employees can get pay rise a fter a feedback discussion about their performances. The pay rise is based on 2 aspects: * Performances (Matrix) * Points (by category) On the table you can see how an employee starts and evolves. At the end if he is performing well he can get pay rise. | | | | Fase| ontwikkelen| vakvolwassene| groeien| | v| v| v| de werknemer begint| martktconform betalen| wn doet meer dan wat er van hem verwacht wordt. -> tijd voor promotie + boven betalen| For the payments Coca Cola uses the Merit Matrix Exempts. The more you go to the right the better the employee is paid. The highest is the Exceeds. The more you go below the lower you get paid. | Developing range| At Market range| High to Market range| Exceeds| Min-Max| Min-Max| Min-Max| Meets & Exceeds| Min-Max| Min-Max| Min-Max| Meets| Min-Max| Min-Max| Min-Max| Meets Some / Developing| Min-Max| Min-Max| Min-Max| Does Not Meet| 0%| 0%| 0%|As I mentioned before each function/category has its points. When you grow in a category you rise with %. The maximum rise (from D) = a little bit more than the minimum above (C). F/C| Points| Benefits| A| 250| Bonus, company car| B| 200190180| Bonus, company car| C| ————————————————- ABOVE ————————————————- MARKT BELOW 165152| Company car| D| 140| commission| The wages differences are mostly based on the employees function. But differences are also based according to the length of service.

Secret Techniques for Help Writing Papers for College That Only the Pros Know

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The Bank - Free Essay Example

Sample details Pages: 2 Words: 533 Downloads: 9 Date added: 2017/09/11 Category Advertising Essay Did you like this example? First State Bank of Sinai vs Hyland FACT: In this case both sides of the party have very good statements and facts that either hold them responsible or not hold them responsible. When it comes to the defendant Mervin Hyland, he says that during the whole time the two promissory notes were being conducted he was incapacitated through the use of liquor when he signed the note. When it comes to the plaintiff First state bank of Sinai, they stated that he signed a promissory note and sent a check for $900 to pay for interest on the note. History: This case first stated in 1981 on March 10, when Randy Hyland son of Mervin Hyland went into the bank and sat down with William Buck and executed two promissory notes. One for $6,800 and one for $3,000, both notes became dued on September 19, 1981. Randy extended the note once and was asked to have his father cosign in order for the extension to take place and his father signed. The new note due date was April 20, 1982 and it was still unpaid. On May 5, 1982 Randy came into the bank, and with him he brought a blank check with his father’s signature. Don’t waste time! Our writers will create an original "The Bank" essay for you Create order Randy then paid $900, which was the interest owed and then requested another extension, Buck agreed but also requested Mervin’s signature for another extension. Then the new due date was scheduled for the July 2, 1982, on June 22, 1982 Randy filed for bankruptcy and then both notes was the responsibility of Mervin Hyland. Issue: The question that still remains is if Mervin Hyland is responsible for paying back the $9,800 to the first state bank of Sinai. Mervin believes that since he has no knowledge of anything that was going on because he was drinking heavily from the late summer to the early winter, that he should be hold responsible for anything that is going on. William Buck and the first state bank of Sinai believe that Mervin Hyland should be hold responsible for the money owed considering that he signed for the extension and the wrote a check to pay for the interest of the notes. Holding: Mervin Hyland was said to lack personal care and nonparticipation in family life and farming business as support for finding the contractual relationship between the parties void at its inception. And it was further held that the first state bank of Sinai had failed to show Mervin’s subsequent ratification of the contract. After that being said the first state bank of Sinai, then appeals the judgment for Mervin Hyland. Reasoning: What was use to come to the conclusion of the decisions for the ruling of the Mervin Hyland, was that he was not in the right state of mind to make such decisions regarding the two notes. By Mervin Hyland being drunk all the time and his son getting his to sign the promissory notes he had no real knowledge of what was going on at the time. Result: The final decision that that Mervin Hyland was responsible for the repayment to the first state bank of Sinai. The evident that made this possible was that Mervin did sign for the notes and that he did pay the interest for the notes.