Financial Services is a start-up regional mortgage lender. They are headquartered in Boise, Idaho and plan to expand into a five state operation. The firm specializes in FHA, VA, and conventional home loans and refinancing. Upon approved credit, McBride Financial Services will provide a credit report, a home inspection, an appraisal, and mortgages at the lowest rate available at the time, for a very low price.
The market research that needs to be used is finding the need for the product through surveying at places that promotion is planned to take place. This consists of scoping places that may be good for the company to find consumers. Realtor offices are a great place to survey not only their potential customers, but office staff that conducts customer relations. Another great place to survey people is at major tourist attractions and air ports.
Need essay sample on Marketing Plan for Mcbride Financial Services ?We will write a custom essay sample specifically for you for only $12.90/pageorder now
Sometimes offering a little incentive goes a long way with peoples’ time, so it wouldn’t be a bad idea to network with a business in these places and see if they will partner with you to give out coupons for their product. Web surveys should also be considered. A local news site would be a great place to poll people; this will also provide information on what type of consumers read that specific local online news source. To research the process of marketing for McBride Financial Services, a research plan is needed. While making a marketing plan the 4Ps have to be answered with SIVA.
The 4Ps are Product, Promotion, Price, and Place. The 4Ps are considered to be on the supply side of the equation. On the demand side of the equation SIVA is found. SIVA stands for Solution, Information, Value, and Access. When the two are put together in the equation side by side you have a form where each part of the 4Ps demands an answer from SIVA. The first P is product, what is the product? The product for McBride is mortgage lending and refinancing. The solution to this is to market their product to their target consumer.
The target market for this product is families or individuals who would like to purchase recreational properties, professionals who would like to purchase primary or secondary properties and retirees who are interested in purchasing primary or secondary properties. The second P is promotion, how is the product going to be promoted. The product is promoted with information. Informing your target customers of what you do and how it’s done gives the customer an insight on your company and in turn they consider using your company.
The information that will be given to the target consumers of McBride includes the mission statement, the McBride business philosophy, and what type of service is offered. The services must include the phrase “upon approved credit”; this makes sure that no consumers feel that they are being swindled if their credit is not approved. The service information must include all services the consumer may receive, a credit report, home inspection, an appraisal, and a mortgage at the lowest rate available.
This should also include customer benefits such as one price for all primary services, the set up and organization of appraisals and inspections using licensed professionals, and minimal time between application approval and closing on mortgages and refinances. Promotion could also mean how the product will be spread. Local television ads, local newspapers, local radio, local realtors, local major tourist attractions, and local air ports are great places for McBride Financial Services to begin their advertisement. This is where the specific target demographic of McBride’s product will be found.
How the product is promoted is exactly how it’s going to be perceived by the consumer. The third P is price, how much is it going to cost for your service or product? What is the value of your product? This is where any costs to the consumer should be explained. If any discounts are given to any consumers they should appear in this section as well. According to the Internet site the services of McBride Financial Services cost a flat rate of $1,500. This needs to be announced to the consumer so they know what they should expect to pay for the services.
The price also stands for the price and value of the marketing itself. The marketing staff has to know that their start-up budget is $50,000, after that the marketing budget is $5,000 a month for upkeep. The budget will be adjusted for operational purposes. How valuable the marketing is will show in time, if it is great, McBride will have a return on investment (ROI) before their first six months. The last P is place, where are consumers going to access the product? To begin with, where specifically can the consumer find this product?
The product will be available at all eight offices in five states. These offices include the home office in Boise, Idaho, and the seven other offices in Fargo, North Dakota, Bismarck, North Dakota, Sioux Falls, South Dakota, Rapid City, South Dakota, Billings, Montana, Jackson, Wyoming, and Cheyenne, Wyoming. Applications may also be filled out and submitted online. This will allow the customer to choose whether or not they feel like going to an actual office, or if they’d just like to stay at home and submit the application. With this plan mapped out, all that has to be done is actual advertising.
To begin with, the designing and printing of information pamphlets that will be placed throughout major tourist attractions and air ports in local areas of the offices; this will attract travelers and tourists to the services of McBride. These pamphlets should also be left in all local realtors’ offices so that the customers that the realtors sell to can use McBride Financial Services to purchase their homes. It is also important for McBride to network with these realtors to see what type of customers have been looking for property in the area.
Local television stations need to be contacted and air space needs to be bought for the local TV ads that will run, it is important to have these commercials run during times target consumers will be home. A representative should contact local radio stations in all office areas to set up some air time for a live commercial, and then a recorded radio commercial should be played from that point on, after the initial commercial. The initial radio commercial should be played during a lunch hour or after regular business hours so that the target audience hears it.
A newspaper ad should be designed to post in all local newspapers, it should include all important information such as services provided, ways to access the services, and the address of the local office in that area. After advertisement, customer relations will have to take over and prove that the product they are marketing is worth every bit the advertisements have said they are. The offices are equipped with license professionals and trained receptionists that have proven they can uphold the promises made by the advertisements.