McBride Marketing Paper
McBride Financial Service is a mortgage lender based out of Boise, Idaho. The goal of the company is to develop into most brilliant cost mortgage contributor by utilizing modern technology while keeping interest rates low. McBride always wishes to increase its current growth by expanding into five additional states Montana, North Dakota, Idaho, South Dakota and Wyoming. McBride will also strive toward improving the standard of the company with the traditional loans for purchasing and refinancing homes such as FHA and VA.
The company has also plotted to actually make money with in its first year of business, they plan to achieve this by financially breaking even by the six month mark. Furthermore, McBride has also devised a plan that will reduce their cost as well as boost the work effectiveness to enhance practices at work and give excellent customer service. To assist in this matter, the company will depend upon the technology they will implement. Another plan the company has chosen to do is to provide helpful and useful assistance with mortgages from the commencement to termination to boost its good name in the market place.
Discussion about Market Research
Marketing research involves a course of action that calculates the methods and approaches that appeal to the consumers to use the goods and services of a company. It is an extremely helpful method to recognize what the customers expects and requires from a business. As like any other company it will more than likely be a test for McBride Financial Services to overcome to understand the traditions of the market, but with this understanding comes the ability to build a suitable customer database as well as clientele. It would be in McBride’s best interest to use a descriptive, research plan. By using this method of market research they can reduce the expense for operations as well as the time it takes to reach the portion of the market they are looking to target. One of the most important reasons for using the descriptive research plan is that you can assess the capability of the chosen market for the services rendered by the company and also examine the positions of the customers.
By using this method of research it will allow McBride Financial Services to review its present sales and services, which would permit them to determine forthcoming market plans and the opportunity for growth. The descriptive marketing research will also assist McBride Financial Services because in using this process it is critical to also calculate the strategical approaches as well as the performance of the competitors. This will grant McBride the opportunity to stay away from future errors and build an economical advantage over their competitors.
A survey analysis with existing customers could be performed by McBride to evaluate their interest with new offers and deals pertaining to mortgages, which would help them understand what there customers expect from them. This would require using the survey researcher method which would be beneficial because it will aid the company to become acquainted with customer’s preferences and the status of the company amongst the group that is being targeted. Thus, the market research would encourage McBride Financial Services to direct its focus on the customer’s who’s extent is great to gain the mortgage services offered and to calculate the opportunities in the market that are available to the company.
Media Types that can be used
Media sources are worthy outlets to generate consciousness among customers about the products and services that are offered. Following the market research, it is very important that McBride enhance the exposure of the company within the market. A mixture of media sources could help promote the services that the company is offering. By using the...