McBride Financial Service Market Strategy Plan
McBride Financial Service Marketing Plan Strategy
McBride, a low cost mortgage company, wants to expand their services in Idaho, Montana, Wyoming, North Dakota, and South Dakota, using advanced technology. Their services geared toward conventional, VA, and FHA loans for purchasing and refinancing homes. McBride’s targeted clientele are retirees, professionals, individuals, and families who want to purchase primary, secondary residents, and recreational properties (Apollo Group Inc., 2013). McBride recognizes using the Internet they can build customer relationships. Online marketing is the fastest-growing form of marketing (Armstrong & Kotler, 2011). A market plan with market analysis, research, and web-based advertisement will allow McBride to achieve their mission.
Market Research Strategy
McBride recognizes in-depth market research required to boost their return on advertising dollars. Also they realize the ultimate goal is to close on homes, but want to offer their services to specific market segments. McBride will conduct key market research in demographics and psychographics areas.
The demographics will give distinct characteristics of a group within the population. Discovering the basic characteristics about a group will help McBride stay relevant with their services. The characteristics include:
Gender
-Income Level
-Size of household
Education
-Ethnic background
Location
-Job classification/blue-collar or professional
Marital Status
-Preference of home ownership or renter
Understanding theses demographics allow McBride to define the scope of the market in the states of Idaho, Montana, Wyoming, North Dakota, and South Dakota. The market research not only includes the demographics but also the psychographics, the attitudes of the target market segment.
Psychographics are the personality, attitudes, and opinions of the current and prospective customers. The demographics outlined above describes the “who” the customers are, and psychographic explains the customer’s motives for buying or using the services. The psychographic research characteristics will reveal the following:
-Lifestyle
-Culture
-Ethnicity
-Values
-Beliefs
-Hobbies
-Political affiliation
By focusing on these attributes McBride will determine various social roles as education and culture that dictates or influences the customer’s purchasing patterns. These attributes will also permit them to concentrate on their product or service attributes: price, value, benefit,