BSA310 Business Systems I
August 09, 2010
Marketing plan for McBride Financial Services
McBride Financial Services is a start-up regional mortgage lender headquartered in Boise, Idaho (Apollo Group, Inc., 2004). McBride Financial Services will be the preeminent provider of low cost mortgage services using state -of- the- art technology in the five state areas of Idaho, Montana, Wyoming, North Dakota, and South Dakota (Apollo Group, Inc., 2004). However, to be successful McBride will have to come up with an adequate marketing plan. The company has goals that they plan to achieve, which will acquire this marketing plan. First, they plan on achieving financial break-even within six months of commencing their operations and becoming profitable within one year of operating. Last, they plan on leveraging technology to minimize costs and maximize efficiencies for their customers and the business by applying for and obtaining mortgages (Apollo Group, Inc., 2004).
Market Research is used to help businesses learn about their customers, what their needs are, and how the business is doing to meet those needs. To develop successful strategies and action programs, marketers need up-to-date information about the environment, the competition, and the market segments to serve (Armstrong & Kotler, p. MP1). McBride Financial Services should use descriptive research. The objective of descriptive research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product (Armstrong & Kitler, p. 107). The company should use this research because it will help them to see who is in demand for their product, what the marketplace demand may be, where the demand is needed, when the demand takes place, why the demand is...