Headquartered in Boise, Idaho, McBride Financial Services is a start-up regional mortgage lender who provides low cost mortgage services using state-of-the-art technology in Idaho, Montana, Wyoming, North Dakota, and South Dakota. The firm specializes in conventional, FHA, and VA loans for home purchasing and refinancing. McBride’s business philosophy is to process customer’s mortgage applications efficiently and effectively from inception to closing. McBride has decided to redesign its current marketing plan. Market Research
Marketing research is a fundamental of the new McBride marketing plan. First, potential buyers must be identified. This will be done by researching up-to-date descriptive information about buyers, such as income and demographics of desired neighborhoods. Once the buyers are identified, their needs and wants must be identified, thus those needs may be satisfied by the company. The market research process will allow us to determine McBride’s target markets, where it can then be decided as to the best approach to reach those markets.
A well-defined target market is the key. McBride’s target market is people purchasing their first and second homes, and people who need a low cost mortgage. This market can be broken down into sub-markets such as: professionals purchasing a primary or secondary residence, newlyweds purchasing their first residence, retirees purchasing a primary or secondary residence, and families and/or individuals purchasing recreational properties. Different types of media will be used to target the different areas.
The new marketing plan will establish an integrated marketing plan to include various types of media to market to different target markets. Retirees are less likely to view internet marketing so television, radio, newspaper and magazine advertisements, in addition to direct mailers will be used to target this group. McBride’s new...