Marketing Plan Essay

2187 Words Feb 13th, 2014 9 Pages
Marketing Plan
Marketing Management

Contents Introduction 3 Environmental Analysis 3 The Marketing Environment 3 Target Markets. 5 Current Marketing Objectives and Performance. 5 SWOT Analysis 6 Strengths 6 Weaknesses 7 Opportunities 7 Threats 8 Matching Strengths to Opportunities/Converting Weaknesses and Threats. 8 Marketing Objectives 8 Marketing Strategies 10 Target Market(s) 10 Marketing Mix 10 References 12

Introduction ICC Innovation, LLC is one of the companies that offer unique reporting services to the customer and companies. ICC Innovation offer direct access to information gathered from top 3 nationwide credit report agencies such as Experian, Equifax, TransUnion and their partners.
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While the majority of the services offer the standard service package from top 3 nationwide reporting agencies, only about 10 percent companies offer complex solution packages.
2. Economic Forces. During the last recession 2009 many companies lost money because of the imperfect customer verification services. Complex solution offered by other companies is very expensive. Average price for the consuming onetime report (hit) cost around $12. Currently ICC Innovation, LLC offer their service for $7.50 per hit. Other economic forces include a component subscription for the companies where company can choose the package to use, which decreases costs per hit.
3. Political Forces. A Consumer Financial Protection Bureau (CFPB) adopted the rule to supervising larger reporting agencies which include what are popularly called credit bureaus or credit reporting companies.
4. Legal and Regulatory Forces. Client of ICC Innovation are primary banks, mortgage companies and other institution that have permissible purpose under the Fair Credit Reporting Act (FACRA) to obtain information for lending purposes.
The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the CFPB to supervise nonbanks in the specific markets of residential mortgage, payday, and private education lending. For other markets for consumer financial products or services, the CFPB has the authority to supervise nonbank “larger participants” as

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