Mcbride Financial Service
The purpose of this paper is to develop a marketing plan for McBride Financial Service. The paper will include what type of market research McBride should undertake. The various types of media Mcbride should use in the marketing plan. This paper will cover McBride’s target markets and explain why they are targets for McBride Financial Service. This paper will also cover what the considerations are for McBride to conduct a portion of their marketing on the Internet.
Market research is a technique used to determine the acceptance of a product or service within different demographics. In the book Marketing: An Introduction market research is defined as [a systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization](Armstrong, 2011). A company can use market research to develop a target audience to help them pinpoint a specific demographic to market in. There are several forms of market research that McBride can use to help develop their marketing plan.
The first would be online market research that will consist of Internet surveys and online focus groups. Online market research is easy for people in every demographic to participate in from home eliminating the need to travel to participate in focus groups. Internet surveys are taken online and the person filling out the surveys avoid the hassle of mailing the surveys back by simply clicking submit. Telephone interviewing is one of the fastest ways for a company to gather information for market research.
Telephone interviewing is more personable than mail or Internet surveys and would be recommended for McBride Financial Services. An effective marketing plan should include using various types of media to advertise the goods or services a company offers. Types of media include radio, television, outdoor media, Internet, magazines, and newspapers. McBride Financial Service has many options to choose from concerning marketing media to advertise their organization. Television ads are seen by the most people, but they are also cost the most money to obtain a prime spot.
Radio can target specific audiences at a lower cost but a company needs to buy time on several stations to obtain good reach. It is recommended that McBride incorporate a mixture of media in their marketing plan. These following types of media will be included television, radio, Internet and, magazines. Television as mentioned earlier in this paper is the best form of advertising so McBribe cannot hope to have a good marketing plan without it. Television ads will not be the main form of media because of the high cost.
Because one of McBride’s target markets is retirees they will be buying ad space in retirement magazines like AARP. This will allow McBride to focus in on retired people or are getting close to retirement. Newspapers are a dying form of media so McBride will avoid buying ad space in any of them. This section of the paper will focus in on why Mcbride should consider conducting a major portion of their marketing via the Internet. The Internet is a major influence in society today with millions of people surfing the web every hour.
This is an opportunity that McBride needs to take advantage of to capture the attention of an ever-growing population on the Internet. Buying ad space on a website is inexpensive compared to television and radio that is a major advantage for McBride. Ad space on major Internet sites is a “double edge sword” for McBride’s marketing plan. The first is that people will see the ads every time a person opens his or hers favorite website. The second would be a direct link to McBride’s website allowing even more exsposer for the company’s services.
This section of the paper will cover McBride’s target market. Entrepreneur. com defines a target market as a specific group of consumers at which a company aims its products and services (“Target Market”, 2011). The site continues to write that target customers are those most likely to buy from a company. McBride has a target market shown on the home page of their website and it consists of professionals purchasing primary or secondary properties, retirees purchasing primary or secondary properties and families or individuals purchasing recreational properties.
It seems like every adult in the world would fit into McBride’s target market that is not a bad target market, but it may be a wise move to narrow it down. Sticking with retired and professionals purchasing property would allow McBride to maintain a manageable target market. If the target market is too big McBride would have to cater their marketing media budget to too broad a campaign. McBride’s target market is anybody who is looking to buy property whether it be primary or secondary.
In conclusion this paper has described a marketing plan that can be implemented by McBride Financial Service. The marketing plan will include market research strategies such as Internet surveys and telephone interviews aimed at collecting information. The media will play a part in McBride’s market in the form of television, radio, and Internet ads. The considerations for McBride to conduct a portion of their marketing online were covered in this paper. Finally the target markets for McBride Financial Service were discussed at the end of this paper.