McBride Marketing Paper

Published: 2021-09-15 11:55:09
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Category: Technology

Type of paper: Essay

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A company created by a group of entrepnours who had a vision to become a provider of low cost mortgages to those who longer for financial independence and financial rewards founded McBride Financial Services.
The company mission statement reflected the founders' intentions of providing specialized services, VA, and FHA loans in home financing as well as refinancing with intention of future expansion into Montana, North Dakota, Wyoming, and South Dakota (University of Phoenix, 2012).

Research and Planning
Financial Markets today contain a lot of competition and can make it difficult for the small business to penetrate and attract consumers. Consumer loyalty can be difficult to maintain with the vast amount of competition, as well as a market that continues to grow rapidly as well as the frequent fluctuations of the financial markets. For McBride Financial Services to penetrate into the financial markets it is important they first conduct research to test the markets, find out what consumer trends are when looking for home financing, determining trends involved in consumer behavior when looking for home financing, determine any forces in the markets and environment that could effect there company. By performing this research it will assist McBride in being prepared for what could come its way as it attempts to enter the market as well as maintaining its position as a small business on a large market.
Analyses of the market would be the first step in research, McBride need to take. These analyses would identify statistics and any issues that can be used to determine risks to the financial markets, revenue, and growth patters. Through analyzing market patterns provide McBride with information that will allow for better informed decision making through providing better understanding of products on the market, and how to market there own products in a more effective way that will allow there company to be recognized in a beneficial way on the financial market.
Conducting research will also provide a tool for McBride to identify there target market and audience. The research will provide McBride with information they can analyze further to determine which consumer group there product will be best suited to as well as which consumer group is most likely to purchase the product they have to offer.
Breaking there research down further McBride can analyze separate important factors such as market size for there target group, employment status, income levels, and education levels if it applies etc. By narrowing down the research and analyzes allows McBride to determine certain factors that will help in the future such as target marketing strategies related directly to there chosen target market/consumer group, identify income area of consumer they wish to target, as well as giving McBride analytical data on potential markets that may need services in the future allowing for growth of there business once established.
Research is also beneficial to McBride when looking at competitors within the financial market as it provides opportunity to analyze marketing plans and strategies of competitors, identifying areas McBride could use to gain advantages on the market. It can identify the or any strengths and weaknesses of other competitors, which market groups they target, the current status of competitors on the financial market along with products offered and consumer reviews.

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