The company will concentrate to raise the standard of the firm in the conventional, FAA and VA loans for home affiancing and purchasing. In addition, this firm also plans to achieve financial break even within the six months of commencing as well as to become profitable in the first year of operations. Moreover, the company has also decided to minimize Its cost and maximize the work efficiency to Improve the working practices and provide high customer satisfaction. In this concern, the firm concentrates on the leveraging technology.
The firm also plans to provide effective and efficient services of mortgage from the beginning to end to increase its goodwill in the market. Now there is a deed to prepare a marketing plan, which will discuss about market research, types of media and target market for the McBride Company. The information will also explain that why these strategies and mediums would be In the marketing plan of McBride. Market Research would undertake Marketing research implies a procedure to evaluate the ways and strategies that attract the customers to use the services and products of the firm.
It is a very good method to understand the requirements and expectations of the customers. This is a challenge for the McBride financial services to understand the culture of the market UT this helps the firm to develop a customer portfolio and database of the clients research. This market research also decreases the operating expenses and time of the company to reach at the target market. The main reason of using descriptive research is to evaluate the potential of the selected market for the mortgage services of the company and analyze the attitude of the customers (Kettle, 2002).
With the help of this researcher method, the company can evaluate its services and existing sales, which would allow the firm to establish future market and possibility of the growth and profitability. This descriptive marketing researcher will help the McBride financial services. In the marketing research process, it is also essential to evaluate the performance and strategies of the competitors (Lovelace, 2008). This will assist McBride to avoid the future errors and create competitive advantage over the competitors.
The company can conduct a survey analysis with its current customers to analyze their interest in the new mortgage offers and deals and understand their new expectation level from the company (Hogue, 2002). This survey researcher methodology would be helpful because it will help the company to know he customers preference and popularity of the company among the current target group. In this way, the market research would support McBride financial services to target the customer’s segment, whose extent is high to get the mortgage services and to evaluate the opportunities available for the company in the market.
Types of Media Would be used Media are a good source to create awareness about the services and products of the company among customers. After researching the market, it is essential for McBride to increase the exposure of the firm in the market. Various types of media purport the business organization to promote the services of the company. Effective use of media and advertising strategies allows the firm to create a competitive advantage over the competitors (Lancaster & Reynolds, 2005). In this concern, the firm can use both online and offline media sources to place the information in the local as well as the international market.
The firm should use television, an electronic media source to promote the services and facilities of the firm for the consumers. In the offline line media source the firm can use newspaper, corporate magazines, uncial magazines, radio, pamphlets, etc. (Moore, 2005). Moreover, the firm can use advertising campaigns and firms stall in the corporate fairs and events. Some additional approaches and media sources are public seminars, home shows, trade shows, etc. One of the most important ideas to get recognition at the global level is the internet and World Wide Web.
Online marketing tools would help the firm to target the customers beyond the national boundaries (Lancaster & Reynolds, 2005). The company can also distribute pamphlets at the retail market, grocery stores, hopping malls, airports, tourist destinations, etc. (Lovelace, 2008). All these media tools would help the company in expose itself in a better way and leave a positive impact on the customers. McBride Target Market(s) McBride financial services should concentrate on the individuals as well as families, who are eligible and can pass the criteria to take a mortgage loan.
In addition, the firm can target retirees and other small class executive. Other interested sources for the company are builders, first-time homemakers, other realtors, etc. Who wants a mortgage on low interest rate (Kettle, 2002). The selected these people, and they can easily match the criteria and requirements of the loans. Consideration of McBride for the Web Marketing Use of web marketing and advertising will assist the company to create accountability in the eyes of the customers.
The customers will keep faith on the company and its services because they have clarity about the services and the charges taken by the company. The customer also compares the services and prices of the company with the other firms, which create a feeling of satisfaction that they are not going to cheat by the company (Lovelace, 2008). As McBride Financial services are a web based entity, it can display its services and products on the website to attract the customers. Company can also deal with the online search engine such as Yahoo, Google, MS, etc. O increase the popularity of the firm. The online marketing strategy is quite less expensive and very helpful to reach at the wide customer database (Moore, 2005). This advance technology will allow the McBride to influence the perception of the customers and attract them to invest their money in the firm. Conclusion As a result, based on discussion above, in order to leave a positive affect in the racket and attract the high number of customers, it is essential for the firm to research the present market.
The descriptive and survey research methods allow the firm to understand the perception of the future customers as well as satisfaction level of the current customers (Lancaster & Reynolds, 2005). To accomplish standardized effective business practices media tools along with web-based marketing will be in order. This is the best medium to advertise and promote the products and services of the firm at the local as well as the international market (Moore, 2005). This way the firm can easily target individuals, families, and other persons who can fulfill the criteria to take mortgage.