Marketing Plan: Mc Bride Financial Services Essay

1020 words - 4 pages

A marketing plan is paramount to the success of any business. It is a means by which companies achieve their objectives and increase their profits or fail at those same objectives and fall to the wayside. A marketing plan is "a document describing a firm's potential customers and a comprehensive strategy to sell goods and services" (America.gov, 2009). Without an effective marketing plan, the future of a company can be uncertain. Through the standardization and review of the proposed marketing plan for McBride Financial Services, the company will benefit in both productivity and financially. This paper will discuss the current problems associated with McBride Financial Services' marketing plan, as well as possible solutions to those problems in the areas of research, media, target markets, and the internet.History of McBride Financial ServicesMcBride Financial Services was first established by Hugh McBride in 2003 as a supplier of low-cost mortgage services in the Midwest area. They specialize in conventional Federal Housing Administration (FHA) and Veteran's Administration (VA) home loans for the purpose of buying or refinancing. The current headquarters is located in Boise, Idaho, with plan for future expansion in Montana, North Dakota, South Dakota, and Wyoming (Apollo Group, Inc., 2003). McBride Financial Services' main focus is on the first-time home buyer, however, existing, retirees, and families who are purchasing a primary, secondary, or recreational residence are also a priority.McBride Financial Services' Current Marketing PlanMcBride Financial Services currently does not have an implemented marketing plan in place, however, they do have promotional methods laid out in terms of local television, radio, and newspaper advertisements, informational handouts, and existing realtors. A budget of $50,000 has been set aside for a start-up marketing plan with an additional $5,000 per month being given for continued results (Apollo Group, Inc., 2003). A goal has been set which will assist McBride Financial Services in achieving break-even status within a six-month period and profits within the year. Furthermore, the utilization on technology to minimize costs and increase customer efficiency has also been proposed.Market Analysis and ResearchMarket research is the first stage in developing a comprehensive marketing plan and McBride Financial Services should conduct market research to expand their portfolio and client database. This would allow the company to establish future clientele and promote the possibility for growth. McBride Financial Services must analyze existing sales and determine if those sales are currently being used for existing market services. They should then take a look at other similar companies in the area and figure out what has been done correctly and incorrectly so that future mistakes can be avoided and successes can be built upon. McBride Financial Services should get in contact with current customers and inquire as to...

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