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Marketing plan for McBride Financial Services - Case Study Example

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Marketing plan for McBride Financial Services

In fact, 70% of all new products fail within a year because of poor marketing1. McBride Financial services should collect facts and figures from the primary as well as the secondary data. Primary data are information collected from original sources, while secondary data are facts and figures collected by some other person or organization. Examples of the primary data are: questionnaire data collection, which includes interviews, focus groups, surveys and questionnaires; observational data collection, either through a personal or mechanical observation and the experimental data collection by conducting laboratory and field tests2. Since the company offers financial services, hence it should obtain information through the questionnaire data collection. With this information, the business is able to identify the customer's wants as well as their opinions. Hence McBride financial services is better able to be more responsive to its target market and thus risk of market failure decreases while sales and profits will increase. Conducting this action will also establish a closer business-customer relationship and hence customers would feel more satisfied and valued. Satisfied customers may lead to repeating sales and may also lead to a word-of-mouth advertising, which is more effective and also cheaper. In fact, a research showed that 1 dissatisfied customer tells 11 others who then tell 5 others3. Secondary data are cheaper and faster to obtain but may not be as responsive to the marketing problem as the primary data collection. Examples include: Statistics, magazines, government and industry reports, sales figures, financial statements, etc2. After conducting the market research, the company should undertake a statistical comparative analysis, which includes organizing data into tabulation and hence allows the company to compare differences and similarities between individual categories. This action enables the company to design a more responsive and effective promotion.


Promotion

Since its start-up promotions have been budgeted at $50,000, McBride financial services should advertise in newspapers that cover the 5 states; since it is more cost-effective. In fact, advertising in business, real estate and family magazines would be more effective, since it would better reach its target market and has a longer life span. The internet is also an effective way to advertise, since it also provides online services. Additionally it has a global reach, which is more cost effective and also can reach more customers; hence higher sales and profits. The internet is becoming more and more popular, hence ensuring that more people may be viewing its advertisement. Moreover it could distribute flyers and brochures in real estate agencies, not only it's efficient but also effective; since people buying plantations mostly might consider taking a mortgage. Furthermore promoting in radios, especially business radios is a strategic way of advertising. It has specific programs for each selected audience (i.e. business programs, consultation programs, etc) and is also the most accessible medium. Since its goal is to achieve a financial break-even within 6 months, ...Show more

Summary

McBride financial services provides financial service, especially for credit reports, low-cost mortgages, inspection and appraisal. The company will operate in Idaho, Montana, Wyoming, North and South Dakota. Its goal is to achieve financial break-even within six months of commencing operations, become a profitable company within one year of operating, leverage technology to minimize costs and maximize efficiencies for customers and the business in applying for and obtaining mortgages…
Author : beerken
Marketing plan for McBride Financial Services essay example
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