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McBride Marketing Paper

Essay by   •  March 10, 2012  •  Case Study  •  2,688 Words (11 Pages)  •  1,645 Views

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Introduction

A company created by a group of entrepnours who had a vision to become a provider of low cost mortgages to those who longer for financial independence and financial rewards founded McBride Financial Services.

The company mission statement reflected the founders' intentions of providing specialized services, VA, and FHA loans in home financing as well as refinancing with intention of future expansion into Montana, North Dakota, Wyoming, and South Dakota (University of Phoenix, 2012).

Research and Planning

Financial Markets today contain a lot of competition and can make it difficult for the small business to penetrate and attract consumers. Consumer loyalty can be difficult to maintain with the vast amount of competition, as well as a market that continues to grow rapidly as well as the frequent fluctuations of the financial markets. For McBride Financial Services to penetrate into the financial markets it is important they first conduct research to test the markets, find out what consumer trends are when looking for home financing, determining trends involved in consumer behavior when looking for home financing, determine any forces in the markets and environment that could effect there company. By performing this research it will assist McBride in being prepared for what could come its way as it attempts to enter the market as well as maintaining its position as a small business on a large market.

Analyses of the market would be the first step in research, McBride need to take. These analyses would identify statistics and any issues that can be used to determine risks to the financial markets, revenue, and growth patters. Through analyzing market patterns provide McBride with information that will allow for better informed decision making through providing better understanding of products on the market, and how to market there own products in a more effective way that will allow there company to be recognized in a beneficial way on the financial market.

Conducting research will also provide a tool for McBride to identify there target market and audience. The research will provide McBride with information they can analyze further to determine which consumer group there product will be best suited to as well as which consumer group is most likely to purchase the product they have to offer.

Breaking there research down further McBride can analyze separate important factors such as market size for there target group, employment status, income levels, and education levels if it applies etc. By narrowing down the research and analyzes allows McBride to determine certain factors that will help in the future such as target marketing strategies related directly to there chosen target market/consumer group, identify income area of consumer they wish to target, as well as giving McBride analytical data on potential markets that may need services in the future allowing for growth of there business once established.

Research is also beneficial to McBride when looking at competitors within the financial market as it provides opportunity to analyze marketing plans and strategies of competitors, identifying areas McBride could use to gain advantages on the market. It can identify the or any strengths and weaknesses of other competitors, which market groups they target, the current status of competitors on the financial market along with products offered and consumer reviews.

This research also provides McBride with data on industry expectations and regulations, which in the industry regulates such markets allowing McBride to recognize legal frameworks they need to operate within. Through understanding market competitors McBride can also identify which media outlets are effective for marketing and advertising there product, critiquing and making any changes needed within there own marketing strategies, as well as identifying what is effective to the consumer, drawing the attention of new consumers and maintaining consumer loyalty. Through better understanding the financial market and consumer trends/behavior McBride can generate advertising and marketing campaigns that will generate business, growth, and awareness of there own products by staying ahead of its competitors.

Through identifying competitor performance, marketing materials, understanding of financial market is all valuable information and data that can fully inform McBride Financial Services when analyzing methods on how to best take advantage of the financial market to expand business growth and profit through there products offered. Long term sustainability for any small business is obtained through strategic and well though through marketing plan. Marketing is a continuous process, learning from consumer and consumer trends/behavior as a way to implement any needed changes that allow a business to recognize the consumer and stay ahead on the market.

Marketing Media

The first aspect of marketing once all the necessary research and analyzes is completed is deciding on a budget for marketing and advertising. McBride Financial Services will need to utilize the most cost effective forms of marketing to begin with that will have the most effective impact on consumers and there target market.

A start up budget of $50,000 has been set by McBride for advertising and marketing, with a monthly budget of $5,000 being set after the initial start up. Because it is projected that the first six months will see McBride running at a loss each month it is important and vital to McBride that they stick within the boundaries of the budget, this can be increased as business grows. It is important McBride can identify and utilize the most effective promotional tools available to them in the beginning that will effectively get there product on the market.

McBride has chosen five forms of marketing that fall within there current budget, and will have maximum impact on consumers. The first method McBride has chosen is television advertising this allows for a wider target group of consumers and provides the most coverage as most people watch TV at some stage, weather it be at home, or in the office, or as they are standing in a store.

The second method chosen was radio coverage at local stations. This is also a beneficial method to McBride as it reaches a wider audience like television and can have maximum effect at a lower price. Many local stations will support local businesses and give them the benefits of frequent coverage through out the day and night. Radio is often cheaper to advertise with than television, and can also benefit from local advertising through running business advertisements.

Running advertising in

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