McBride Financial is one of the exceptional vendors of the mortgage with low interest rate by the state of art technology. They are focusing on their current business by entering in the five states Idaho, Montana, Wyoming, North Dakota and South Dakota. McBride is trying to sustain their standard in the FHA, VA and conservative loans for refinancing and buying homes. Moreover, in the first year of operations the firm needs to be rewarding and also plans to accomplish financial break even within the six months of commencing. McBride decided to make available high customers’ satisfaction, reduce the cost and expand the work performance. Now to achieve these goals, firm needs to concentrate to provide entire, effective and efficient mortgage services to increase their goodwill in the market. In this paper we explain the marketing plan that company needed, will identify the market research, types of media and target market for the McBride Company.
Market Research would undertake
McBride will consider different ways and techniques to attract customers which are the good way to know the needs and expectations of the customers. “This is a challenge for the McBride financial services to recognize the culture of the market but this helps the firm to expand a customer portfolio and database of the clients” (Sagor, 2005). The best marketing research is the descriptive research for the firm due to the decline of operating expenses and time to reach at the target market.
“The major motive of using descriptive research is to evaluate the possible of the selected market for the mortgage services of the company and examine the attitude of the customers” (DJS research Ltd., n.d.). As the name implies, descriptive research seeks to explain something. Descriptive research is highly structured and rigid in its approach to data compilation compared to exploratory research’s unstructured and flexible approach. This research method will help McBride to establish future market and possibility of the growth and profitability. It can also enable the firm to avoid making errors and build competitive advantage over the competitors.
To analyze customers’ interest in mortgage deals and offers, McBride conducts a survey analysis. This research will help the company to be attentive of the customers’ preferences and its recognition among the target group. With the help of market research McBride financial services can aim their customer’s segment that has great level to get the mortgage services.
Types of Media would be used
Media is the successful option for the firm to raise recognition of their products and services among consumers. Media is the best way of marketing of services and products to get publicity. “Media will help firm to create a competitive advantage over the competitors” (DJS research Ltd., n.d.). International market can be responsive of their products and services by using both online and offline media sources, for instance, use of television that can be used to promote McBride services and products to their consumers. While on the other hand the offline media source like newspaper, magazines, radio and pamphlets can be helpful in promoting their products or services. In addition, the firm can also build up advertising campaign, trade shows and public seminars. McBride can get acknowledgment through online marketing tools through internet access and World Wide Web that can aid their customers beyond the national boundaries. They can expose their products all over the world and raise their profitability.