McBride Marketing Paper
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McBride Marketing Paper
This paper has been written to inform the audience of a marketing plan for the McBride Financial Services. There are several different areas that are covered through out this paper concerning this topic. It includes the following, the type of market research that would be used and the media that will be used in this search. There are also sections concerning the following: McBrides target markets, and the considerations for McBride to conduct a portion of their marketing on the internet. A marketing plan is a necessity to any organization so they can have some type of foundation to stand on.
McBride Financial Services is a start-up regional mortgage lender headquartered in Boise, Idaho. The firm will specialize in conventional, FHA, and VA loans for home purchasing and refinancing. The company intends to expand its openings into Wyoming, North Dakota, and South Dakota.
“According to their intranet site, McBrides target market is:
Professionals purchasing either a primary or secondary residence
Retirees purchasing a primary or secondary residence
Families and/or individuals purchasing recreational properties (McBride Financial Service).”
This document will review McBride Financial Services existing marketing approach and offer suggestions for focusing market research and what type of media needs to be used. Additionally a review will be made of McBrides target market and how the existing strategy related to the marketing principles of the 4P and SIVA.
McBrides target market is professional and retirees purchasing a primary or secondary residence as well as individuals or families looking to purchase recreational properties (McBride Financial Service). They service the following states: Idaho, Wyoming, Montana, North Dakota, and South Dakota (McBride Financial Service). In addition, McBride is focusing on using state of the art technology in order to be able to offer their low cost mortgage services which mean that the target market must also be willing and able to conduct a large portion of the mortgage application transaction using electronic media, i.e. Internet and e-mail.
McBrides current marketing plan, as listed on their intranet site, includes use of the following media types: localized TV ads, newspapers, radio and realtors in addition to informational handouts available at airports and major tourist attractions (McBride Financial Service). According to McBrides annual expense report advertising budget is $80,000. Given that McBride utilizes technology to reduce the cost of the mortgage application process, it is surprising that the existing marketing plan does not include online advertising strategy such as social networking.
The 4Ps are product,