“McBride Financial Services is a start-up regional mortgage lender headquartered in Boise, Idaho. The firm will specialize in conventional, FHA, and VA loans for home purchasing and refinancing. The company intends to expand its operations into Wyoming, Montana, North Dakota and South Dakota.” (McBride Financial Services website, 2003)
According to their intranet site, McBride’s target market is: 1.Professionals purchasing either a primary or secondary residence. 2.Retirees purchasing a primary or secondary residence.
3.Families and/or individuals purchasing recreational properties.
This document will review McBride Financial Services’ existing marketing approach and offer suggestions for focusing market research and what types of media to use. Additionally a review will be made of McBride’s target market and how the existing strategy relates to the marketing principles of the 4Ps and SIVA. Target Market
McBride’s target market is professionals and retirees purchasing a primary of secondary residence as well as individuals or families looking to purchase recreational properties. They service the following states: Idaho, Wyoming, Montana and North and South Dakota. In addition, McBride is focusing on using state of the art technology in order to be able to offer their low cost mortgage services which means that the target market must also be willing and able to conduct are large portion of the mortgage application transaction using electronic means, i.e. Internet and email. Media types
McBride’s current marketing plan, as listed on their intranet site, includes the use of the following media types: localized TV ads, newspapers, radio and realtors in addition to informational handouts available at airports and major tourist attractions. McBride’s annual advertising budget is $80,000. Given that McBride utilizes technology to reduce the cost of the mortgage application process, it is surprising that the...