FNSPRM603 Assessment: Marketing Plan for a Finance Mortgage Broking Business

This assessment requires the development of a marketing plan for a finance mortgage broking business to add new clients and increase sales. It includes a target market analysis, competitor analysis, key marketing objectives, financial services/products, promotion, adding new clients, increasing sales, growth implementation, staff requirements, monitoring/measuring objectives, and contingency plans.

FNSPRM603 Assessment
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Student details
Course name
Assessment name FNSPRM603 Assessment
Surname Given name
Address Postcod
e
Email
Phone Phone
(other)
Current occupation
Industry Years in
industry
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Checklist of attachments:
☐ Task 1 – Short Answer Activity
☐ Task 2 – Marketing Plan Project
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FNSPRM603 ASSESSMENT TASKS
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completed with AAMC Training or another RTO. If you have been awarded a record of result
or statement of attainment for any of the units detailed below then please go to the Credit
Transfer tab in your Learning Centre and follow the prompts.
This assessment relates to the following units of competency:
 FNSPRM603 Grow the practice
Please refer to AAMC Training’s full Recognition Policy for further details.
IMPORTANT INSTRUCTIONS
 Your answers to each of the tasks are to be typed into this document or supplied
electronically and uploaded.
 No assessment word count has been specified although you are expected to provide good
quality answers to each of the questions.
 Although some general discussion between students covering the assessment is allowed
your responses to each of the questions must be an individual effort.
 PLEASE NOTE: AAMC Training only wants to see your own work. Please do not upload parts
of the learning guide or instructions on how to complete. When this extra information is
uploaded it presents unnecessary work for the assessors and in turn delays our assessment
responses.
Task 1 – Short answer activity
1. What benefit to your business will a well compiled marketing strategy be?
A good and appropriate marketing strategy will boost up the business of an entity. Moreover, a proper marketing
strategy will contribute in the value creation of the customer and owners.
2. List five areas you must include in your marketing research.
1. Targeted market identification.
2. Developing the idea of strength and weaknesses of the competition.
3. Pricing strategy should be formed on market research analysis, i.e. at what price the competitors are selling
the products in the market.
4. Identification of the existing similar product in the market.
5. Place is one of the most significant factor for the market research. Research should be convey on
appropriate place.
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3. What are three questions may you also ask yourself as part of evaluating your strategies
performance?
1. Are the employees are aware of my expectation?
2. Do I encourage for innovations?
3. Is my communicating procedure conveyed by the company culture in a clear way?
1. What are five areas that you should cover in your evaluation of strategies when marketing
finance?
1. revenues
2. profits
3. operational efficiency
4. capital efficiency and solvency
5. liquidity
2. Market segmentation can best be described as?
Market segmentation means the categorization of a customer or a group of customers on
the basis of behaviour, character, nature, financial position, common interest, way of living
and others. This help the marketing team to create a proper strategy to attract a particular
group of customers.
3. Describe at least five strategies that you would employ from your EXISTING clients that
would help you grow your practice.
1. Taking care of your regular customers.
2. Provide special offers to attract the customers.
3. Enterprise should praise reward to the profit making customers
4. Personalizing your follow up
5. Making proper schedule timing for your customers.
a. Rank these strategies in order of effectiveness. Justify these rankings and state the
criteria by which you have developed the rankings.
 Business is all about the care that a business convey to its customers. If the company or enterprise is
taking care of the existing customers then they will enjoy better customer retention policy.
 Special offers means seasonal or any kind of sales advantage that a business provides to its customer
for more sales.
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 All enterprises has its own loyal and dependable customer base, by which a portion of profit is
generated. The enterprise must reward them by discounts, or additional benefits so that the customer
remains loyal to the business.
 For a good enterprise customers are not only a numbers, rather they are more important as persons
too. Therefore, the company must create a personal relationship with its loyal customers by
completing the necessary fields when registering a contact, using personal notes and other bits of
information.
 The scheduling features clearly enable to follow-up calls or emails of customers. This will help in the
maintenance of the words that have been committed to the customers who have been worthy.
b. How would you implement these strategies in the form of a plan? Make sure you mention
the role of other stakeholders who you may consult and collaborate with in developing the
plan.
In order to convert into a fully functional plan, it has to be understood that the plan will completely depend
upon determined goals, assessment of institutional rules, roles and other available tools. An action tool should
also have to be formed which will be implemented, and post the implementation, measurement and evaluation
will be carried out in order to determine the success of the plan.
In action planning some circumstantial issues might appear where even the experts are unable to conclude
something to solve the issue. However, a proper planning will help the management of the corporate entity to
carry out the success of the plan. Furthermore, the stakeholders should always be considered prior to starting a
plan because they are the primary key to the success of a business and are the people who takes forward the
organization.
c. List all indicators that you would use as a benchmark to evaluate the success of the
plan.
Benchmarking is the fixed standards that will evaluate the prosperity of any plan or activity. Benchmarking
that will be used for the determination of the success of the planning are as follows
 Retention rate of customers
 Satisfaction level of customers
 Increase in percentage of sales
 Overall performance of the employees and the mangers in accordance with the plan.
d. Describe some of the problems you may encounter once you start implementing the
plan.
In the course of implementation, the following problems might be encountered:
 Lack of knowledge of the planning process or the required activity to implement plan.
 Sometime in the implementation process, trying to take too much at a single time will disrupts the process.
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 The incapability to lead the group is another problem to implement the plan.
e. Would you stick with the plan or would you change it as circumstances change?
The major aspect of planning is that it is flexible in nature. Planning is a formal or theoretical structure, which
may not be applicable in the practical fields. Therefore, the plan should change if it is needed in order to make
it a success. Furthermore, if the enterprise thinks that plan has the capability to succeed without any changes it
might go forward with the planned procedure.
4. Who would you need to consult to develop a marketing plan?
In regards to consultation, the organisation should consult with that group of experts who hold the utmost knowledge of
the nature and the activities of the business that are usually performed. Furthermore, the most important thing is that the
organisation must have the capability to understand the need of the enterprise.
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Using the template provided, complete the tasks below to create a Marketing Plan
for a finance mortgage broking business. You will be required to provide detailed
information within the template.
Task 2 Marketing Plan Project
Choose a finance mortgage broking business you are interested in. It can be an already
established business or it can be one you would like to create. You are going to produce a
marketing plan based on the objectives to add new clients and increase sales. Research using
any resources available to you such as: internet, learner material or people that are involved in
business. You need to encompass the following:
1. Develop a vision and mission statement clearly listing your objectives.
2. Explain who your target market is and why, and what your customer profile would be as
well as how you researched this information.
3. Perform a competitor analysis.
4. Explain what your key marketing objectives are for your business.
5. Describe what financial services or products you are promoting.
6. Indicate how you are going to promote these items to include any branding that you have
to assist you with promoting your business.
7. Indicate how you plan to add new clients.
8. Indicate how you plan to increase sales.
9. Indicate how you plan to implement this growth.
10. Indicate timeframes for when would be appropriate for this growth to take place.
11. Indicate staff requirements and staff procedures need to be implemented to encompass
this growth.
12. Indicate how you will monitor/measure when you have reached your marketing objectives
and your growth objectives.
13. Advise what your contingency plans which may assist if things don’t go as planned.
14. When you have completed all other points above, return to complete the Executive
Summary and detail your findings of objectives, target markets and competitor analysis.
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Executive summary:
In the given case, real estate mortgage loans are chosen, as finance mortgage broking business, which will
provide loans to real estate professionals, builders and individual homebuyer. The business house is capable to provide
the appropriate loans against the mortgaged property with best rates, terms, and cost to fulfil the criteria of the clients.
In the given case, the mortgaged broking business that has been considered, is of the name
Claremont Funding. Joan Billings and Maureen Shoe, who are the two principal investors of the business, run this
particular organization. They are also licensed brokers.
Objective:
The prime objective of the Claremont Funding is to provide the comprehensive mortgaged brokering services
to the clients. Further, the enterprise is committed to provide the personal and specialised services to the clients in
accordance with their personal needs. Following are the primary objective of the firm:
 The company has the primary aim to become a profitable institution in the real estate sector. The company
majorly focuses on the old town section of the city, which is growing rapidly.
 The company aims to be recognised as a solid corporate entity in a specifically targeted zone.
 The company want to become the most committed and top brokerage firm within three years of its
incorporation in a targeted area.
 Further, the company want to earn positive return on investment in its initial years.
 The Claremont Funding is in a business that provides high quality mortgaged brokerage services to the
residents and business entities in a targeted area. The main mission of the concern is to provide reasonable
mortgage loans at a fair rate of interest. In addition to this, along with the view to provide quality services to
the customer the company aims to be friendly and work as a mentor to the clients of the concern. The current
business position of Claremont Funding is such that it is full of opportunities, they have excellent place to
work in a professional environment, which will complement the company by challenges, rewards, creativity,
and enhance the individual ideas.
MARKET analysis summary:
The main reason to start the business is that, in current situation the people tend to purchase their own
residential house by the use of mortgaged loan facility. Further, the economy demands for the low interest rates which
will attract the people and business organisation to purchase residential properties which will also contribute to the
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national income of the economy. The old town sections are to be reconstructed. Therefore, the residents of that
particular area seeks to obtain loans for the new construction purpose. The Claremont Funding aims to provide such
facility in these old township. The cheap and friendly loans will encourage the customers as well as the company will
become a reputed brand in the real-estate market.. Furthermore, the company’s office is located in the prime area of the
old Township, which will be easily accessible for the residents. In addition to this, the company has tied up with various
renowned real estate firms of that area to gain more customer support.
Market segmentation:
The Claremont Funding has divided their customer in to different groups, which are as follows:
The home owners- the homeowners in the old township are coming for the loan for first time reconstructing the house.
Residential refinancing - In this group, the Claremont Funding aims to provide loans to the good and bad credit holders
in terms of construction, purchase, debt consolidation, investment in properties or refinancing of the existing loans.
Competitor analysis:
The company is new in the market. Large customers are availed by the financing brokerage house. However,
from time of its incorporation, the company had serve 6000 customers in the time span. In a very short term the
company is able earn the confidence of larger sector in the old township area. They have convinced the clients to take
their loan or financing services for the reconstruction, purchase or for any other reasons. The most competitive financial
brokerage institution are demanding high rate of interest , therefor this company getting competitive advantage as being
the lowest interest rate loan providers.
Marketing strategy:
In the given case, Claremont Funding has adopted a distinguishable way to attract more customers towards the
institutions. As there are many financial, institutions in the old township of California, the company is highly sensitive
to gets their customers. Instead, for waiting for the arrival of the customer the company has taken an initiative to go to
the customers and approached them for the purpose of educating them about loans. Further, the trained and qualified
sales team members elaborate the clauses, the terms, conditions, and their benefits to the expected customer of the
organisation. In addition to that, the company address the client for the survey regarding the liability of loan that can be
borne by the customer, which help the customer to understand the entire loan forwarding procedure. They also provides
the guidance to the customers to pay in small and collaborative loan instalment, which fits with the earning of the loan
holders.
Moreover, the marketing team of the Claremont Funding is focusing on the targeted segments of the
company for present and future events. The company sends marketing messages to the people of Old Township. The
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exclusive rates of interest and attractive schemes are notify to them. Further, the company advertised in public
hoardings and placards to attract the customers to the brand. Providing quality service in low cost is also a part of
marketing strategy. The Claremont Funding has grouped with all the top property developers and the real estate brokers
for the better accessibility of the customer. The key marketing objectives of Claremont Funding are as follows:
 Increase in sales.
 Build brand awareness.
 Grow market share.
 Launch new products or services.
 Target new customers.
 Improve stakeholder relations.
 Enhance customer relationships
 Improve internal communications
 Increase profit
Financial services and products:
The company provides some basic financial services to the customers, which are as follows:
Conventional mortgage loans:
This is the oldest techniques of loan. Where a person, who needs money loans the property to the moneylender as
security. After the full settlement, the mortgaged property papers will be returned back to the owner of the property.
Repayment of mortgages
This is the basic way of repaying all mortgages, however specialised they are, apart from interest only loans, which are
different. In this, the loan holder needs to pay the interest with some principal for a particular period.
Buy to let mortgages:
In this, the property is purchased by the people or business organisation for letting out purpose.
First time buyer mortgages
This loan is provided to the customers who does not hold any substantial property rather they mortgaged the property,
which is financed.
Convertible rate loans:
In this, the rate for the entire term is not fix rather the loan holder have to pay the interest as per the latest interest rate
policy that is fixed by the governments.
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Promotional strategy to bring new clients and increase the sales:
The prime focus of the Claremont Funding is to provide the simple loan solutions to the customers. They are servicing
basic and needful loans such as convertible loans; buy to let loans, first time buyer’s loan. The initiative that are taken to
promote the products are as follows.
Spread the word:
The company is focus to spread the loan services to the expected clients and general people. So that the people come
aware of the financial institution services.
This could be done by the sources listed down as follows:
 Referrals form the accountants and CPA firms who are engaged in the business of buying or selling homes.
 It is better to contact the real estate agents who are selling most of the homes.
 The modern property developers and architect of that particular area, with whom the customers generally
collaborate.
Sell yourself:
The best way to sell own products is from own sources. In this marketing tactics, the company will invest in
the websites, which hold all the material information of loans, and services that they are providing. The website will
contain the testimonials of the past clients and resources which might be beneficial for the loan seekers. Further, the
company plans to promote their services in the form of digital advertisements in the real estate agents website, so that
the potential homebuyers can easily access the information regarding the loan or financial services.
In addition to that, the company may promote the business in commercial ads on television screens or in radio network.
Researching more information of customer:
In this content, the company seeks to identify the potential customers by open-ended questions. Instead of
seeking the type of property and the loan liability, the sales executive intends to understand the personal responses of
the customers regarding how they want to take case out of property, what are the future plans? By simple questioning
the, the company understand the true needs and motivation of the clients. In addition to this, the customer who are less
aware of the answers are the best ones to motivate. Some of the questions that the sales person must ask the targeted
customers are.
Has anyone ever explained the loan process to you step-by-step?
Do you know what your credit score is and what is on your credit report?
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Have you seen any other rates you like?
What kind of property are you buying? Tell me more about it.
Have you considered rolling other debt into the mortgage in order to lower payments and save money on interest?
Growth planning:
The increase in sale will surely contribute to the growth of the concern. However, the concern wants to create a
brand image for the customers by providing best services in the most affordable and flexible loan modes. Further, the
company wants to become the number-one choice of the customers. The company targeted to attract more customers in
the future to ensure the future prosperity of the concern. They are rapidly developing the customer base, which will lead
to connect with more potential customers. The target of the concern is to provide at least 10000 new customers in the
current. Moreover, in the next year the company’s growth policy considers the financial growth majorly through cash
flows, and sales dates, which will be determined ultimately by the Seller and the Buyer and a move out/move in
schedule, will be complied with.
Monitoring and measurement:
For the perfect measurement and monitoring, the marketing objectives and your growth objectives will be
identifed by the comparison that the company has assessed before the starting of advertising content with the results of
post advertising markets. If the company is satisfied with the results then they will continue with the same marketing
policy and must develop the new ways to attract more customers. The company can understand that either they have
reached there goals by evaluating the increase in the sales and enquires, improvement of the business image, the
marketing goals are complementing the targeted areas, the business is getting positive feedbacks from the customers.
Further the company must review the goals and results regarding the strong positions and to make new strategies for the
next advertising campaign.
Contingency planning:
This particular section of the project analyse the risk involve in the business. The company is operating in the
financial sector therefore; it depends on some important assumptions. Further, some financial situations may arise in the
course of the business that might affect the profitability and the viability of the business. Change of government policy
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and rates is the most crucial and sensitive areas of the business. If government lowers the rates then the company might
suffer loss as they have provided the loans at higher interest rate and the customer is paying off in the lower interest rate
for the due amount, in that case, the company will suffer loss. Further, the financial mortgaged business operates in the
strong economy, in case of recession the company will face problems of lowers sales, a recession will attracts the bad
debt of the loans.
To meet with the challenges the company must focus the situation well and must make appropriate funds to
defend the losses.
Conclusion:
Form the above analysis of the project it can be concluded that the company is in a better situation to deal
with. Further, the company has the potentiality to provide loans and quality services to the needy, In addition this, the
company is operating in a well business area where potential customers exists. It is advisable for the company to go to
the other sections of the city instead of conducting business in a particular area for a long time.
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Marketing Plan Guide
1. Executive Summary (Done Last)
Keep in mind that not everyone will read every page of your marketing plan. Your executive summary should
highlight the most important parts. It’s an overview of your marketing plan.
As you go through the process of writing your plan you will refine your ideas and develop new strategies. By writing the
executive summary at the very last you will be able to provide a holistic overview of your marketing plan.
It is recommended that you include the following points in your executive summary:
 Brief description of products or services
 Define target market
 Competitive advantage
You need to tailor your offer so that your target customers believe that it is superior to what is offered by your
competition - this is your competitive advantage.
Competitive advantage can come from any element of your marketing mix - creating a superior product, more
attractive designs, better service, more effective distribution or better advertising.
Competitive advantage comes down to understanding what your customer values, delivering it and doing it better
than your competitor.
Positioning statement
Positioning is the way your product or service is defined by consumers. For example a consumer would describe a
Ferrari as a prestige, high performance sports car. This perception by the consumer is due to a strategy developed
by Ferrari to position itself in the prestige segment of the car market with a competitive advantage based on high
performance and exclusivity.
After you have worked on the rest of your marketing strategy you will know where your business is positioned in
your market and how you are different to your competitors.
Anticipated sales, profits and market share
2. Market and Situation Analysis
Economic environment
Here you should look at the factors that affect your consumers’ purchasing power and spending patterns. What is
the economic environment that you are operating in? Is it a growth, recovery or recession? Will it be easy to find
staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?
Social environment
What are the social and demographic trends? Is the population aging? Is there an increase in the number of people
who have English as a second language? Are family structures changing? Are there changes in the level of
education?
Technical environment
The technological environment changes rapidly. You need to make sure that you are aware of trends in your
industry and other industries could affect your business. New technologies create new markets and can influence
you consumers and competitors.
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Industry environment
What are the trends in your industry? Are there new entrants in the market? Has a substitute product been
introduced? Are there changes in industry practices or new benchmarks to use?
Competitive environment
What are your competitors doing? How many competitors do you have? What is your advantage over your
competitors? Is the market large enough to support you and your competitors?
SWOT Analysis
Strength
 superior customer service
 excellent store location
 a unique product
Weakness
 poorly trained staff
 undifferentiated product or service
 poor stock management system
Opportunity
 entering a young developing market
 introduction of a government grant to
increase consumption of your product (eg:
solar power)
 acquiring distribution rights for a
complimentary product
Threat
 new competitor entering your market
 new regulations
 increased trade barriers
Political environment
Consider the political environment for the areas that your business will trade and operate in. Is there a stable
political system? Are there any licences and regulations that you should be aware of? Do you need to win support
to be able to operate?
3. Market Segmentation and Customer Analysis
Market segmentation
When you look closely at your market you’ll find that your consumers fall into different groups or ‘segments’.
Although all of your customers use your product or service they will value different aspects of it such as price,
design, or ease of access. You can segment your market by customers that have shared values.
For example, if you were selling electronic calculators your market could be segmented by how consumers use it
eg: scientific, office, student and general use. Each of these segments will have different requirements and may
vary in price they are willing to pay.
By understanding the needs of segment you can tailor your marketing mix to deliver what your customer values.
Each segment will offer growth and profit opportunities so the trick is to deliver the best offer to the best segment.
Target market/segment characteristics
You can profile your target market/segments using four categories:
Geographic: eg: location, population size or climate.
Demographic: eg: age, gender, family size, family life cycle or income.
Psychographic:eg: social class, lifestyle, motivation or personality.
Behavioural:eg: product benefits, frequency of use or brand loyalty.
Market research findings
Provide an overview of your market research findings. This could include:
 products and services and their customer fit;
 customer profiles;
 customer characteristics; and
 customer needs and wants.
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Target customers: [Who are your target customers and how do they behave? Include specific demographics such
as age, social status, education and gender. You may feel it is relevant to know certain information about your
clients? Where are they located? Use the table below and adjust the column headings as required, to make them
more relevant to what you believe is important to understand about your customers.]
Age
Range
Socio
Economic
Bracket
Ethnicity Education Location Interests Employment
Status
IE. 20-45 Higher Income
level earners
May be
applicable is
you speak other
languages
May be
targeting young
professionals
You may be
area specific
Investors/
Sports clubs
Business
Owners/Full
time workers
Visit the market research section to find out more: www.smallbusiness.wa.gov.au
4. Objectives and Goals “Where the business needs to be”
Mission Statement
This is a statement of your businesses purpose, what you want to achieve. Your mission statement should be
market orientated. For example Disney’s could be “We create happiness by providing the finest in entertainment
for people of all ages.”
Objectives for volumes, sales, market shares, gross margins, net profit, return on investment
You mission is then broken down into achievable objectives. Achieving each objective should take you a step
closer to achieving your mission. Working on the Disney example an objective could be “to be the most popular
theme park for international visitors”.
Convert objectives to goals by assigning magnitudes and dates
Your goals outline how you are going to achieve your objectives. They should be easy to measure and evaluate. In
our example a goal could be to: “increase market share of international theme park visitors by 10% in the next 2
years”.
Objective How are these Specific, measurable, Achievable, Realistic, Timely
(SMART)?
EG. 5 % increase in market
share
Dues to marketing activities to new and existing clients and building if new relationships
via networking
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5. Strategies and Tactics "How to get there"
Pricing strategy
When developing your pricing strategy consider the following:
o your customers sensitivity to changes in price;
o what revenue you need to break even; and
o what the price says about your product eg: value, quality and prestige.
Product strategy
When developing your product strategy consider the following:
o what level of quality and consistency does the product have;
o how many features does it have and can they be removed or added; and
o does the design and/or service deliver what the customer values?
Place strategy
When developing your place/distribution strategy consider the following:
o what distribution channels and methods you will use;
o if you will have a retail outlet and where it will be located; and
o the geographic area your product/service will be available in.
Promotion strategy
Your promotional strategy will ensure that consumers find out about your product or service. There are four main
promotional tools:
o advertising;
o selling;
o sales promotion; and
o public relations
People strategy
Think about the people who sell your product or service and are involved in its delivery. Your people strategy is
not just about your internal staff, it also covers associates and strategic partners, channel partners and suppliers.
Process strategy
Your process strategy is concerned with the planning, development, implementation, documentation and review of
the systems that help you achieve the other aspects of your marketing strategy. If you have the right processes
you’ll have the right product, in the right quantity to the right place at the right time.
Priorities, responsibilities and timeframes (what/who/ when)
Assign responsibilities to yourself and staff to make sure your strategy gets implemented. Make sure you set
timelines so that everyone knows when action points need to be achieved.
Product or Service Features Benefits Unique Selling
Position
Support
IE. What is your product
or service?
What are the features
of your product or
service?
What are the customer
benefits of your
product or service?
What makes your
product or service
unique?
What additional
support do you offer?
EG. Free Offer or
bundled products.
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Marketing Activity
/Milestone
Person responsible Date of
expected
completion
Cost ($) Success Indicator
Print advertising, online
advertising, mail-out, giveaway,
media release, event, website,
blog/social media, public relations,
branding and artwork, or
publications and catalogues.
Who is responsible for
completing this task?
When do you
expect to complete
the marketing
activity?
Estimated
cost of
activity.
What indicator/
measurement result
will need to be met
before this activity is
considered a success
EG. reached target $
or %
Marketing Activity Date of anticipated
Review
Proposed Marketing
methods
Anticipated review
outcomes
EG. Print advertising, online
advertising, mail-outs,
giveaways, media releases,
events, website, blog/social
media
EG. Month/Year What tools did you use to
measure/monitor the impact of
your marketing activities? EG.
review sales figures a month
after promotion
EG. What you hope the
results will be for the
promotional period?
6. Budgets and Controls
Sales, expenses and marketing budget tools for review
The finance section on the SBDC website is a useful resource for budgets and forecasts.
Contingency plans and risk management
You should consider the possible risks to you business and make contingency plans to address them. You will have
noted some possible risks under the “weakness” and “threats” sections of your SWOT analysis. Try to identify all
of your risks and work out what you can do to either reduce them or work around them if they occur.
Assessment V2.2 © AAMC Training Group A17