A marketing plan is a very important aspect in any project because it helps the project planners and financiers to recognize and identify important features of their development project. Furthermore, it gives a clear plan of how the development firm intends to achieve the project deliverables. It also glimpse of the expected returns for the firm’s stake holders. A marketing project has four important sections, each section representing a marketing principle. For full implementation of the marketing project, each of the four marketing principles must be fully addressed. The principles are: placement, product, promotion and prices. The internal manager in charge of marketing, who heads the company’s internal project team, will be responsible for administering this marketing plan. The team’s responsibility is to implement every area of the marketing plan effectively at strategic intervals as stipulated in the development plan (Pareto - Building Improvement, 2010, p. 23).
The product is located on our firm’s development site. It is intended to meet the medium and part of the high target market demand for residential apartments. The apartments are situated on a plot along Jennifer Street, Little Bay NSW 2036. The strategic location in Australia’s state of New South Wales is aimed at attracting young entrepreneurs and professionals within the vicinity of Little Bay 2036. The product is expected to meet the demand of first time home owners who are seeking to start a stable life immediately after college (Schulte, 2001, p. 67).
These young professionals and entrepreneurs are beneficiaries of grants from government stimulus. Hence, they have the ability to buy the product. The product is attractive to young entrepreneurs because on the ground floor of the building is a retail center where they can run their personal businesses. Currently, Jennifer Street has so many residential properties for those interested in high end and medium end apartments. However, our property offers an extra appeal to our target group because it offers them a convenient place to stay as well as run a business. Therefore, this is a residential, as well as business premise, all at affordable prices for potential suitors (Pareto - Building Improvement, 2010, p. 81).
Our firm intends to use several mediums of advertisement and sales to place the product. The company intends to use external and internal sales agents when the properties go on sale. Our internal sales agents will have an office at the location of the property where potential entrepreneurs and residents would be served. An external sales contractor will be hired to oversee external sales. The external sales contractor must have a website on which our product will be advertised. There will also be television, radio and billboard advertisements organized by the external sales agent. Our preferred external agent is NSW Sales Corporation. This choice is informed by the fact that the company has immense experience in the real estate and property industry. Furthermore, the company’s size makes it recognizable by many people in Australia. Our advertisements are expected to cover all of New South Wales and even other Australian States (Schulte, 2001, p. 31).
The Location of NSW Sales was also considered when selecting an external agent. NSW Sales is strategically located along Jennifer Street, about half a kilometer away from our property. They also have offices all over NSW which will make marketing in the state easy. We expect that our internal sales team and our external agent will work together to realize our main sales plan. Our sales agent will closely monitor our external agent’s advertising and the sales that would be realized as a result of the external agent’s effort. This will ensure that our company objectives are realized (Pareto - Building Improvement, 2010, p. 45).
The market prices set by our company will be in line with the findings of our research on property prices around Little Bay, specifically along Jennifer Street. This will enable us establish accurate sales prices for properties in the Jennifer Street area. We shall then establish a mean price, which will be the basis of our price setting. Our prices will also comparable to the price of properties with similar attributes in Australia. In addition, there will be a sales analysis to align costs with our company’s construction costs and estimate expected profits as well as overall returns on investments. We shall give our customers a flexible option of paying within 2 years by paying a fixed rental guarantee for that period and increased interest. This will promote the competitiveness of our product in the current economic environment (Schulte, 2001, p. 35).
We shall design a marketing strategy that will attract interest to our product. Promotion of our product will enable us get high pre-sales. Therefore, our company intends to market the property before they are completed and sell at least 50% of the apartments in its sell off strategy. Our mode of advertisement will include websites, printed media, sales office, television and on site signage.We plan to partner with media houses, advertisement websites and sales agents to promote our product (Walker, 2007, p. 77).
Pareto - Building Improvement. (2010). Construction Project Management: A Managerial Approach (illustrated ed.). Sydney: Pareto.
Schulte, K.-W. (2001). Real Estate Education Throughout the World: Past, Present, and Future (illustrated ed.). Munich: Springer.
Walker, A. (2007). Project Management in Construction (5, illustrated, revised ed.). New York: John Wiley & Sons.