Marketing Plan for Mcbride Financial Services Essay
McBride Financial Services is a start-up regional mortgage lender headquartered in Boise, Idaho (Apollo Group, Inc - Marketing Plan for Mcbride Financial Services Essay introduction. , 2004). McBride Financial Services will be the preeminent provider of low cost mortgage services using state -of- the- art technology in the five state areas of Idaho, Montana, Wyoming, North Dakota, and South Dakota (Apollo Group, Inc. , 2004). However, to be successful McBride will have to come up with an adequate marketing plan. The company has goals that they plan to achieve, which will acquire this marketing plan.
First, they plan on achieving financial break-even within six months of commencing their operations and becoming profitable within one year of operating. Last, they plan on leveraging technology to minimize costs and maximize efficiencies for their customers and the business by applying for and obtaining mortgages (Apollo Group, Inc. , 2004). Market Research is used to help businesses learn about their customers, what their needs are, and how the business is doing to meet those needs.
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To develop successful strategies and action programs, marketers need up-to-date information about the environment, the competition, and the market segments to serve (Armstrong & Kotler, p. MP1). McBride Financial Services should use descriptive research. The objective of descriptive research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product (Armstrong & Kitler, p. 107).
The company should use this research because it will help them to see who is in demand for their product, what the marketplace demand may be, where the demand is needed, when the demand takes place, why the demand is needed and how to deal with the demand. This will help McBride discover who may want their services. McBride Financial Services should take a look at mortgage companies that have been around for a long time and have been successful. This will give them an idea if what they are doing is going in the right direction or is not working.
To be a successful company or to keep a business running they will need to sell the products that they offer. By doing this a company needs to have an idea for a good marketing plan and who their target audiences are. McBride Financial Services has already developed a marketing plan in progress. They have chosen to promote their company through television ads, local newspaper ads, informational handouts at airports and major tourist attractions, local radio ads, and local realtors (Apollo Group, Inc. 2004). To start a marketing plan the company should decide on who they, want to target for their products. McBride Financial Services has already picked their target audience. First, target is professionals purchasing either a primary or secondary residence. Second, target is retirees purchasing a primary or secondary residence. Last, target is families or individuals purchasing recreational properties (Apollo Group, Inc. , 2004).
Starting off with a small target market will give the company an idea if needed to expand their target audience. At McBride Financial Services their product will be the most efficient and user friendly mortgage application process available obtained by leveraging technology, for instance, the World Wide Web (Apollo Group, Inc. , 2004). The services that will be provided on the website are: a credit report, mortgage, inspection, and appraisal. All these services are provided with a fixed price of $1,500 dollars.
The mortgage application can either be completed online or by visiting one of their regional brokers who is available in assisting them with the application process. Many benefits for McBride’s customers like one price includes all primary services, making arrangements for appraisals and inspections and minimal elapsed time from application to closing. In conclusion, the information that has been listed above will describe the marketing plan for the McBride Financial Services. If
McBride can come up with an adequate marketing plan than all of the hard work and dedication have paid off. If this does indeed work than there could be more opportunities available for more revenue in other states than the states that already are involved with this company like Idaho, Montana, Wyoming, North Dakota, and South Dakota. In the end, as it seems right now, the marketing plan for McBride financial services is off to a hot start. But who knows what the future will hold. It is hoped that, everything goes well!
Apollo Group, Inc, (2004). Administration. Retrieved from https://ecampus.phoenix.edu/secure/aapd/cist/vop/Business/McBride/Admin/McBrideAdmin001.htm Marketing: An Introduction, Tenth Edition, by G. Armstrong and P. Kotler. Published by Prentice Hall. Copyright © 2011 by Pearson Education, Inc.