According to McDonald (2007), a market plan is defined as a company-wide, market specific, or product specific plan that gives a description of the activities that are involved in accomplishing particular marketing objectives in a given timeframe. The starting point of a marketing plan is to identify the specific needs of clients by conducting a market research, and to identify how the company intends to satisfy them while getting a satisfactory return. Marketing planning usually constitutes analysis of the present day market situation as well as action programs, sales forecasts, budgets, projected financial statements, and detailed strategies (McDonald, 2007). According to Apollo Group (2005), McBride Financial services can be defined as a low cost mortgage provider that has its headquarters’ plans in Boise. The vision for McBride is to be the leading low cost mortgage services provider. The company has specialized in conventional, VA, and FHA home loans. The future plans for McBride is to expand the company into North Dakota, South Dakota, Montana, and Wyoming. McBride’s start up attempt and monthly ongoing expenses are allocated $50,000 and $5,000 respectively. The discussion will be based on McBride marketing plan in an attempt to assist the company attain its goals for expansion (Apollo Group, 2005).
Business goals for McBride
- To attain financial break-even in the period of six months after starting on its operations.
- To be a profitable company by the end of the first operational year.
- To leverage technology in order to minimize the operational costs as well as maximize both business and customers’ efficiencies in applying for and getting mortgages.
The market research should be based on the following research questions:
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- Why do clients prefer the mortgage provider they are using currently?
- Are the clients satisfid with the company’s mortgage services?
- To what extent is the company’s brand name known, and what loyalties has it earned with its clients?
The research approach would include surveying those clients who have purchased homes recently. This survey would be conducted through mail questionnaire. The acquired information will be highly beneficial in ensuring that each plan begun will have the necessary information that is needed for its success. McBride should consider the weaknesses of the other competitor companies, for instance if they don’t have brand names and customer loyalties, then there will be need for the company to concentrate heavily in such areas. The company should focus on its pricing strategies and try to show that services with the same value can cost cheaply. McBride has been using traditional marketing such as local newspaper, radio, and television advertisements (Apollo Group, 2005). The company should also use realtors to reach the target customers with ease. Banner advertising and E-mail blasting can also be useful in marketing the company. These provide additional ways of reaching out to possible clients. An e-mail list is purchased from other real estate companies which is extremely cost efficient. Because the number of companies within the mortgage lending market is ever increasing, McBride is facing a stiff competition and therefore there is need to use a website as a media over which to advertise its services (Apollo Group, 2005).
The website must be designed and maintained in a professional manner so that the company can do better in the mortgage lending market. Most clients prefer to use worldwide web to look for the companies that offer the services they want to buy. The website should be informative and professional so that it can introduce the company perfectly as well as create a good first impression to potential new clients. So as to secure the portion of its market, McBride must be aware of what the other major companies in the mortgage lending maarket are doing. For instance, McBride has to know how other companies’ websites service their clients. This is to ensure that clients are getting same or better standards of services from the website. So that clients can attain positive experience regarding the company, it is recommended that McBride’s website should be improved in a way that it will contain significant information that is informative.
Cooper & P. (2008) define target marketing as the identification of a target market through detailed research, and development of marketing campaigns regarding the target market. The target market for McBride includes individuals or families, professionals, and retirees buying either secondary, primary, or recreational facilities. It is evident that the target market is comprised of all individuals anticipating to buy a home. In spite of the benefits the company is getting from this large market, it is facing a lot of competition. The company can use direct mailing campaign as well as television and radio advertisements to arrive at the refinancing market. Value is given more consideration in marketing campaigns.
McBride is cable of becoming a major player within the mortgage financing market but it is very important to establish the brand. This is because brand recognition allows a company to be distinguished from other companies in the same market. Xerox Corporation is an instance of brand recognition in the copy industry. It very true that brand recognition can direct many clients toward McBride without reconsideration. The next significant step is brand loyalty, where clients come back time and again to purchase similar products. The brand can be created by ensuring better customer service (Healey, 2008). Efficiency and ease of use a given commodity becomes the cornerstones for attracting customers and ensuring brand loyalty. In today’s market, purchasing a home can be a daunting job for home owners but McBride is attempting to remove this obstacle.