Marketing Plan - Part 14 - Marketing Essay Example
The market research included upon the conduct of this plan involves the examination of the market wherein the mortgage services of McBride Financial Services will be made available as well as the identification of the target clients - Marketing Plan introduction. As a virtual organization at the University of Phoenix, McBride Financial Services is a paramount in providing low-cost mortgage services in five state areas of Idaho, Wyoming, Montana, North Dakota and South Dakota. The market plan for McBride services seeks to concentrate only with South Dakota as the primary target market. Despite the fact that South Dakota has been experiencing recently a fall in population, “Rural Flight” which it is called, the Mcbride Financial Services views this crisis as an advantage not just for profit-gain but also, to further help the inhabitants of the said state to enliven economic tourism through the extension of financial services. A demographics of population of South Dakota is summarized in Table 1.
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2000 (Hispanic only)
2005 (total population)
2005 (Hispanic only)
Growth 2000-2005 (total population)
Growth 2000-2005 (non-Hispanic only)
Growth 2000-2005 (Hispanic only)
Table 1. Demographics of South Dakota
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Evidently, there is a decrease in population growth of AIAN, Asian and NHP. Comparatively, the increase in population growth of White and Black Americans are higher than the decrease in AIAN, Asian and NHP combined.
Since tourism is among South Dakota’s important sectors in its economy, not to mention the fact that the state holds several attractions/ events such as those of the Black hills region (included in which are Deadwood and Mt. Rushmore) and the Sturgis Motorcycle Rally, a three-day event that drew 450,000 entourage in year 2006, there is quite a high potential for opportunities in meeting clienteles. There are three primary customer groups identified by Mcbride Financial Services to serve; professionals, retirees and families and\or individuals who all wish to purchase properties to specify their needs. Upon recognition of the primary groups, the plan still must be au fait with the knowledge that customers head for products and/or services as similarly offered by Mcbride Services for three vital reasons:
To satisfy the need for shelter
To provide solutions to alleviate or better more, completely dissolve problems.
To render themselves good feelings for being able to acquire a property.
In meeting these needs, the customers have to first gain exact knowledge of the company they are willing to put their trust on. Certain media which will be helpful and effective for service advertisement and that which can be easily accessed by the clients include the magazines, internet, television, brochures, posters and the newspapers. Apparent with today’s media function, the magazines and brochures provide the most inspirational image and customers use them to reward themselves. So for our target customers, specially the professional clients, this is
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the form of medium Mcbride Financial Services intends to present. Internet, on the other hand, is another tool that efficiently would help in the marketing of mortgage services. Widely used at present, reliable and a freeway for customers to address mental stimulation and release, the internet considerably will uphold the missions and services of McBride. Television, in much as the same way, will contribute to service sponsor. In addition, since the McBride Financial Services value the mobility of each client, and that because tourists are a major player in South Dakota, posters along major highways publicizing the service may further increase the recognition of McBride.
This strategic marketing plan greatly relates with the 4Ps of marketing management; Personalization, Participation, Peer-to-Peer and Predictive modeling, to name. Personalization, which refers to product and/or services customization via the use of the internet, is equally an important aspect for the carrying on of McBride’s services. It is through the availability of the internet that McBride Financial Services could extend its systems operations and/or certain transactions. With the support of internet-related procedures, mortgage services information offered can all be obtained by the clients. Consequently, a website dedicated for McBride Services is also a potential mode of personalization. Participation, which basically is the second P and corresponds to the participation of the customer to what the service should stand for, is interlocked along with personalization techniques. The involvement of the internet, for example, allows an exclusive site for McBride in which customers are free to view. It could be included to the site, a space for customer feedbacks, comments, suggestions and the like. Such is participation achieved. The third P, Peer-to-Peer, indicates the widening of service support groups or even chain networking for McBride’s’ service advocacy. In this tactical marketing, the
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clients are rather involved, than impassive of the service. Lastly, the predictive modeling which simply refers to neural networks algorithm, will be McBride Financial Services’ foyer for regression and classification of marketing problems.
For a more formal and customer-focused approach, the SIVA ( Solution, Information, Value and Access) Model is also considered in this market plan. The SIVA is an alternative version of the 4Ps as indicated below :
Product -> Solution
Promotion -> Information
Price -> Value
Place -> Access
Among the four elements of the SIVA Model is the Solution which seeks to determine the appropriateness of the solution to the customer’s problem. Competitive and professional administrative staff is McBride’s foremost market analysts to provide the customers with the proper counters to their solutions. Information concerning the client’s dilemma is provided in the Solution part, wherein market analysts will guide them upon decision-makings and problem solutions. The Value, beforehand, will be likewise discussed and justified by the service group to avoid misconstrued transactions between the company and the purchaser. The Access, where the buyer can avail of the mortgage service is the target market via specific media mentioned previously.
http://www.websitemarketingplan.com/ ( July 2007 )
http://finishcollege.tripod.com/ ( July 2007 )