Marketing Strategy for Ray White Group

This document discusses the marketing strategy, SWOT analysis, and target market of Ray White Group. It explores the importance of referring to the agency's business plan and understanding the needs of existing clients and future business opportunities. The document also evaluates the corporate image and mission statement that are used to promote positive public recognition and the services of Ray White Group.

Assessment
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Contents
Element: 1........................................................................................................................................3
Element: 2........................................................................................................................................5
Element: 3......................................................................................................................................11
Element: 4......................................................................................................................................15
REFERENCES..............................................................................................................................20
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Element: 1
1.1 Selecting one of template that found in the research on developing a business plan.
When conducting the research on developing a suitable business plan that needs to
consider appropriate template. It can help to get organised or managed the large amount of data
in proper manner. It is not only providing the brief idea about the overall information about “Ray
white group” agency (Loke, JosephNg and Eaw, 2020). Generally, it has been selected the
professional template for business plan that should include different elements such as Executive
summary, mission, vision, objective, competitive analysis, marketing strategy and segmentation,
targeting. These are considered as essential information use in the business plan template to find
out brief overview about the “Ray white Group” real estate firm.
1.2 Discuss about the property market research that carry out its methodology, why this is
suitable.
Market research is conducted to develop sound base for creation of property database. The
“Ray white group” can be performed the market research to identify new trends in global
marketplace. Sometimes, it become easier for researcher to identify the potential client,
competitor’s profile, marketing strategies (Toumeh, Yahya and Amran, 2020). “Ray white
group” is implementing the market research for performing the different procedures such as data
collection, analysis, selection. In order to identify the accurate or correct information.
Market research methods
Basically, Ray white group can be used the different research method to gather relevant
information from primary and secondary sources. The information consists of both qualitative
and quantitative. In this way, it can useful for real estate company to find the accurate data
within numerical estimation. Primary and secondary is all about the way to gather or collect
information during market research.
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Primary
This method is used in the market research that gather new data and conducted directly rather
than indirectly. Sometimes, it is also referred to the field research. “Ray white group” can be
conducted the research directly through primary research such as:
 Conducting survey or questionnaires by “Ray white group”
 Conducted the interview session for interacting with particular respondent by “Ray white
group”
 Focus groups whereas interact with people and then discuss about the relevant topic.
The primary research is mainly used when “Ray white group” to gather specific information
directly through survey. It enabling the agency to target the question specific individual’s.
Secondary
This type of research method involves collecting information through existing data
available in market. In this way, “Ray white group” prefer to coordinate with industry bodies,
government, internet, client and other agencies.
The specific source of information on agency competitors may include brochures, financial
data, website, professional bodies and other exhibitions.
Qualitative and Quantitative research
Qualitative research is based on the non-numerical data where “Ray white group” agency
gather information on the basis of individual’s attitude, behaviour and their opinion. Sometimes,
it is useful for gain more understanding towards market trends (de Gregorio and Windels, 2020).
When agency conducted the qualitative research to used different methods such as interview,
focus group and observation.
On the other hand, Quantitative research is based on the structured numerical data which
may involve the collection of information and measure numerical forms. Ray white group
agency can this method for identifying size, percentage, quantity.
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Element: 2
2.1 Why refer to the agency’s business plan ad might take into account the need of existing client
or future business opportunities.
The “Ray White group” agency’s business plan, needs of existing client base, nature of
enterprise opportunities. That’s why, “Ray white group” consider business plan to implement
suitable strategies in order to increase overall business growth and development (Toumeh, Yahya
and Amran, 2020).
Before implementing the market strategy, the following need to be considered:
 Agency’s business plan
 Need or requirement of existing client base
 Nature of further enterprise opportunities
Refer to the Agency’s business plan
Ray white group have been already sets out the organizational goals, enterprise direction
and other financial forecasts over period of time. Generally, it can be formed on the basis of
enterprise activities. Main reason for refer to the business plan whereas achieving the desirable
goal and objective. Moreover, the agency should be designed the marketing strategies to target
the existing client. In order to fulfil demand of clients. This is important reason why it is an
essential to consult or refer the business plan first.
During business plan, marketing process can be developed or updated, gain refer back the
overall agency direction and objective. The enterprise plan must include as analysis of client
demographics, when they can purchase or use agency service.
Need of existing client base
When “Ray white group” is developing the market strategy, consider all essential need or
requirement of existing client. During research, it is not sufficient to gather or collect accurate
data but sometimes, it may depend on the different factors such as financial situation, customer
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income, background, cost, age and attitude towards real estate agency. Furthermore, “Ray white
group” can review the scope of market opportunities currently available so that it can be
understanding the relation with existing client base.
Market Opportunities
“Ray white group” can see as current market problems but agency may use issue in the
industry to create the growth opportunities. As consideration of political, legal, social, economic
and technology factors that will change the overall business activities (Fu and Cui, 202). In this
way, “Ray white group” can identify the opportunities in relation to further business growth or
development.
When agency developing marketing plan to change the business nature and going
forward to be evaluated by existing client, who want to capitalise on the future growth or
opportunities.
“Ray white group” firm can be developed the future business opportunities while
establishing a strong contract to purchase local community magazine. Afterwards, it will provide
the better interactive advertisements for attracting large number of consumers.
2.2 perform SWOT analysis and identify the competitive advantage.
“Ray white group” can perform the SWOT analysis consider as important method of
business as well as competitor assessment. In this way, organization can easily analysis strength,
weakness, threat and opportunities. The Agency can compare and contrast with their potential
competitors. Typically, SWOT analysis can be done on the basis of entire business point of view.
Strength
The strength of “Ray white group” enterprise is their business location which always
attracting potential consumers. In this way, it can be developed as strong brand to maintain their
position in marketplace (Toumeh, Yahya and Amran, 2020). The quality processes are
considered as strength to provide the prime location property dealing and establish the
connection with expert finance brokers.
Weakness
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The weakness of Agency is their inexperienced new young staff members. they have no
specific knowledge or experience to handle the overall business processes. In this way, it may
increase problem of business in context of growth and development. Another weakness are lack
of marketing, old database, lack of differentiation and limited multi-lingual staff members within
competitor environment.
Opportunities
The opportunities for Agency is to maintain strategic alliances, adopt new international
markets, update database on regular basis. These are considered as great opportunities for “Ray
white group” to enhance the overall business in global marketplace.
Threat
Main threat of agency is related the new regulations, high competitive level which may
directly affecting on the entire business.
2.3 determine agency marketing strategy and targets
The marketing strategies aim for gaining competitive advantage within incorporated into
them. “Ray white group” agency enabled to increase the overall business value. It means that
being aware of current competition level, identifying the different factors into marketing
strategies for agency.
Marketing strategies need to be aligned with enterprise goals, especially when maintain
the position of agency in the marketplace. “Ray white group” can be considered different
marketing strategy (Toumeh, Yahya and Amran, 2020). It involves online media channel,
advertisements, brochures, banners. These are different way to promote the business services in
global marketplace. Another way, it can be established the strong coordination with client to
fulfil their specific need or requirement.
Clear objectives of each type of promotional activity will need to set in specific action plan
which including measures of success, agreed with benchmarks and targets. In additional, “Ray
white group” agency can consider the different marketing activities.
 Direct selling to customer by phone, email and text
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 Advertisement of print media by using broachers, flyers.
 Online advertising is the one of most common strategy to promote the services of agency.
 Performing business to business marketing
Once a marketing strategy has been implemented within agency, achieving the success of
business whether met agreed targets. By using different marketing strategies, “Ray white group”
firm is increasing their sales, production by 10% within specific set of interval time.
Targets
“Ray white group” is mainly focused on the achievable targets which are becoming
reasonable, attainable, motivating staff members. Typically, Agency may target the families,
bachelors for providing the better land areas or place according to their requirement (Wang,
2020). The staff members are likely to work harder, achieve their desirable goal and objective.
“Ray White group” agency should have their own targets aim for. It is imperative that targets are
agreed by personal designated. Agency ensure that there is no specific mis-interpretation and
compare with the actual result or outcome.
2.4 Discuss about the different factors influence marketing strategy, activities, and materials.
There are different factors influencing marketing strategy, which may influence the specific
choice or selection of marketing.
a) Marketing strategy
Service range and Mix
Agency can use various service range in context of property dealing so that it help for
improving the overall business need and requirement. Sometimes, different service range
depend upon the target market where identifying demand of existing client.
Creating a point of difference for agency
Ray White group agency will be creating a point of difference in between different
products and services. In this way, it become easier for differentiating the preference of client
at certain points. in this way, it can influence the marketing strategy to perform within
organization.
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Presentation and representation of services
It is mainly depending on the online distributed channels where how they can inspire or
motivate the target audience towards services.
Advertising and promotion
Promotion and advertising is one of key source that help for inspiring or motivating the
individual towards business services. This will help for targeting more consumer towards goal
and achievement.
Activities and Materials
Direct marketing: this type of method is based in promotional that involves presenting the
information about the company, product as well as service to target. “Ray white group” company
will use direct marketing approach to provide the better customer attraction through different
services (Bedasso, 2020). It is influencing the business to increase the productivity as well as
profitability in marketplace.
B2B marketing: It refers to any marketing strategy, context that is geared towards organization.
“Ray White group” that sells their products and services to other enterprises. In this way, it may
influence the business to achieve the desirable goal and objective.
Networking: It is important factor that may influence the agency to establish the strong network
connection with potential consumers. Moreover, it help for fulfilling the specific need or
requirement of existing consumers.
Target markets: “Ray white group” is basically targeting the niche market for providing the
better property service. It may influence different activities and materials to adopt new
innovative idea. Afterwards, it can easily targeting niche market.
Online social media marketing: these are considered as important platform or tool which mainly
used for promoting the product as well as service in global marketplace. Nowadays, large
number of consumers are visiting the social media platform to check the availability of particular
services.
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As per discussion, it has summarised about the different marketing approach, which plays
important role for promoting the effective service in global marketplace. It helps for targeting the
potential existing consumers. Different marketing approaches will help for establishing the
strong position in marketplace.
2.5 Evaluate corporate image, mission statement that will use to promote positive public
recognition and its services.
Once a marketing strategy has been developed. It requires to prepare for representing all
views of different stakeholders. Afterwards, it make an effective decision regarding the business
mission, corporate image. It is an essential part of agency to maintain their position in market but
it can possible when focusing on mission, vision (Toumeh, Yahya and Amran, 2020). Typically,
Marketing strategy can be representing through printed documentation emailed by stakeholders,
power point presentation and online meetings.
To prepare the effective presentation documentation as selling the service, if requires the
approval from client side and to get buy different items. In some situation, it can provide the
advantage, benefits of marketing strategy. Usually, it including customer profile, market
position, and description of agency, tactics, marketing strategy and measure of success.
Statement of mission, logo and other phrases
The Agency can be developed the positive public recognition of different services:
 Including a tag line, remind them of what is important for business to create positive
impression in front of existing client. In order to create as customer centric approach
(Hong and Linh, 2020).
 Create as recognisable logo that is important for identifying the brand position.
Generally, it can be represented as symbol or image, design, layout. These are important
aspect for reflecting on the image of agency. Ray white group is always representing a
unique logo and give as idea of different services. The recognisable logo should be
simple, unique and relevant to business. It is clearly aligned with agency mission
statement.
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 The business can use specific mission statement: Agency declare to target the existing
client with help of different services. It helps for establishing a strong position in
marketplace.
 When developing a mission that need to understand the importance, costiveness. In this
way, client should able to reach and identify the value of agency. The statement of
mission can be appeared on the basis agency website and their promotional materials. in
this way, different staff members, clients, suppliers are improved their own understanding
towards brand.
 Afterward, agency will be representing the marketing strategy on the basis of need or
requirement of client. The overall design and presentation is completely suits to the
audience, using visual or text such as diagram, graphs and images.
Element: 3
3.1 Promote agency services to maximise competitive advantage and profitability
The real estate business marketing has been historically chest beating. There is need to show
customers how real estate busines can help them to have successful and investment of different
investment portfolio. There is sever level of breaking out of the category along with aligning
their business in ore successful manner rather than capturing with other in own category.
Ray white is majorly focussing on the property marketing, internal and broker
emphasizing in order to make its first brand. The firm is looking out to have breaking out the
category which can make consumer proper realization regrading firm proper property ambition.
There is need to make better brand articulation with scale and market impact. Promotional
activities will be looking at here detailing idiosyncrasies along with ways to be love of labelling
and consumer to look out the property aspiration.
Savvy business owner and their executive are consistently pushing to have proper
maximization of growth with profitability and value. These strategies will have leverage
upcycles, weather downturned long with achieving the growth and value market. in the business
of real states, it is important for business to understand the client and business prospective clearly
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informed with business. In addition, communication have clear effect on needed to be logically
structured and in simple language. It involves online media channel, advertisements, brochures,
banners. These are different way to promote the business services in global marketplace
Promotional strategy can help the brand to appear inform of consumer along with
retiling position in favourable light opening door for future communication. The way can be as –
Social media promotion
Social media websites such as Facebook and Google along with Instagram and YouTube
make companies to promote services in more relaxed working environments. This is direct
marketing connecting world of potentials customers form differ perspective. Social networking
will get more personal touch to customer presenting them clear and appealing image of
company.
Mail order marketing
Customer should have come up with company regarding services to be executed. The
company should try free or extra services to customer who are friendly with company.
Representing familiar approach as target audiences. mail order marketing will be helpful in
greeting personalized information in better manner.
Customer appreciation events
In store customer appreciation events will be tuning out as the value-added services
offered by the agency standard helping out consumer to have more relaying and managing the
development of different business aspects. This can be such as conveyancing services, financial
services and utility connection services. Ray white should pay major focus on the campaigning
such as in cinema advertising, TV and radio to selected area or can clearly move into their print,
digital and social element. The firm look into formation of relative agency for have effective
crafting of brand programme creating successful brand in eye of customer. digital emphasis on
YouTube and different social media website will be creating a clear milestone of achievement. In
the business there is need for make efficient marketing growth lever and better aligning efforts
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with business strategy. Hence, these promotional services in addition to valuable services will be
helpful in maximizing competitive advantages and profitability.
3.2 Use of resource to support implementation of marketing strategy
To have implementation of effective marketing strategy action, there is need to start
internally with agency staff. before advertising, there is need agency staff to be well inform
regarding all promotional material and their respective contents. Customer and clients have to
lose confidence in agency if they are not able to appear agency marketing promotional
techniques. As the planning to have effective campaign by company, there is need to make
proper establishment of communication and public relations. As to establish the social media
campaign which will be effective on the Facebook, Instagram, twitter and YouTube. The social
media campaign will be focus on sites glancing proper information an expert advice along with
discussing the local market in proper manner.
There will be discussion of the existing offers additional free extras to local for agency
services. In addition, accessing proper community networks for promoting agency services will
have inclusion of special offering assistance. This can make agency more visible and increase
proper trust along customer. In turn, this will be helping out the agency to get stronger foothold
in community along with flourishing relationship which will be helpful in benefitting business.
Role of organization
As role of organization in designing of promotional activities have basically exercise
communication. It is there is basic ingredients in non-price operation looking out to be essential
events in modem marketing.
Challenges faced by real estate agency
Combining the multiple promotion into the single transaction
There is varsity of creative promotion to attract to new customers and brig back loyal
customer. There can be error in digital technology which make a struggle in combining the
multiple promotions in a single transaction. Hence the result can be in disgruntled customer, a
frustrated employee, and a potential lost sale.
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Protect margin and measure ROI
Promotion can be effective and help in generating the customer abetter revenue. There are
differ loyalty programmes which can be profitable for company. The measurement of successive
ROI can go out of tracking and create negative impact on business development. Sometimes,
different service range depend upon the target market where identifying demand of existing
client. Moreover, it helps for fulfilling the specific need or requirement of existing consumers.
Resource for the promotional activities can have using of community networks more to be
relatively cost-effective method in term of promoting service of agency. This will be helpful in
making more visible in community and increase trust. The agency will get the stronger withhold
within community and turning flourishing relationship which benefit the business. The
organization have to look into usage of powerful headline. There is need to usage of existing
images and content which will be helpful in delivering what company have promised. In
addition, the research and finding events will be helpful in building business repo and
relationship.
3.3 Brief staff on marketing strategy and fees and support them to action the strategy as required
For the successful implementation of marketing strategy, there is need to advised a clear
information going to the client and customer as this will be creating the mutual impact on fir
development. The enterprise plan must include as analysis of client demographics, when they
can purchase or use agency service. All the staff of marketing team of should have copies in
physical and electronic manner. Staff is needed to be aware of differ material providing access.
there will be additional instruction assisting of the social media promotion campaign, the
required material and strategy. Staff need to be prepared to respond to clients queries long with
proper facilitation and support for promotion.
Fees will be charged by agency’s for aligning the business goals, direction and positioning.
Consistency across the business have inclusion of fees looking out to business objectives
strengthening business position. There will be holding staff training sessions incorporates
generous allowance to all tea members to have understanding the ned for promotion. Staff will
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be able to know their amount and percentages along with its application in different scenario
providing appropriate information. this will be best for the ray white company to provide
information’s through combination of means such as verbal documentation. The company have
need to make regular check on staff regular understanding how they have observed the
information and apply it. This will be fun effective method helping the proper check on
efficiency an effective of the team member. The quality processes are considered as strength to
provide the prime location property dealing and establish the connection with expert finance
brokers. “Ray white group” firm can be developed the future business opportunities while
establishing a strong contract to purchase local community magazine.
Element: 4
What process is developed for
 In this marketing plan steps will be followed in it. Here 8 steps are followed which begin
from forming objective till budget. It will be implemented and documented through
marketing plan procedure (Bacior and Pietraszek, 2016).
 The research methods in use of property will be developed through data collection. Then,
after data specific technique will be specified and methods are used in it.
 Here, process followed will be by doing stakeholder analysis so that their needs are
identified. Then, resources will be identified and on basis of that goals are set. Therefore,
this will be overall process is followed.
 In order to access strength and weakness of competitors process followed is to analyse
internal and external environment. For that Swot and pestle analysis will be applied.
Then, market research is conducted. After that, customer reviews will be taken to gather
data and info. So, this was entire process followed.
 Process of conducting cost benefit analysis is following a long process in it. first will be
overall cost of marketing strategy is estimated and then NPV is calculated. Thus, it
enabled in conducting cost benefit analysis.
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 The process of gathering and analysis of feedback is by doing survey and then using data
analysis technique. This process will be effective enough as it made easy to take feedback
properly.
4.1 What target will you use to monitor and review marketing activity and strategy
It is necessary to monitor and review marketing strategy so that it is analysed how well or
effective marketing is being done. Also, it gives insight on how much target is attained. So, on
basis of that changes are made and it becomes easy to implement marketing strategy. Hence, for
that there are certain target which need to be used in it (Belniak and Radziszewska-Zielina,
2019). Similarly, for property agency as well the target which is set are defined as
Sales – this is the first target which is used to monitor and review marketing activity. Here,
actual sales figure and number is compared with predicted ones. So, it is analysed that how much
sale is being done. With that it becomes easy to monitor activity and how there is change
Response generated – It is also a target which is used to review marketing strategy. In this it is
identified that how many responses is generated from activity. Besides that, response show that
what are review of people regarding services of Ray white group agency. Also, by analysing
response marketing strategy is reviewed.
Client enquiry – this target is used to review marketing activity as here number of client
enquiries is evaluated. Thus, it is monitored that how well strategy is being implemented.
Brand awareness – the target relates to brand awareness of Ray white group agency. The strategy
is monitored with help of evaluating brand awareness. In this data is also compared with goals to
ensure that strategy is monitored.
Client feedback- the feedback of client is taken to monitor marketing activity. In that some
questions are asked regarding marketing. Therefore, their reviews are taken and it enable in
monitoring of activity (Dominici and Yolles, 2016).
Thus, these all target will be used to monitor marketing strategy. It states that how well
activities are performed.
4.2 How feedback on outcome of marketing activity is collected
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The success of marketing activity depends on its effective implementation. Also, it is
essential to gather data so that outcomes are compared with goals. The outcomes of marketing
activity is gathered in different ways. It depends on marketing activity and target audience.
Likewise, for agency marketing activity feedback is collected with outcomes in specified ways
which is described as
Survey – it is a method of gathering data of marketing activity. In this survey is conducted at
large scale by which feedback is collected. Here, various questions are asked to related to
marketing activity, response, etc and then data is collected. Basically, survey is quick process as
large data is gathered from that.
Interview- this is another way of collecting feedback outcomes. Here, face to face interview is
done to find out impact of strategy, review, etc. from customers. It allows in gathering of in
depth data of marketing strategy (Low and et.al., 2020). This process is time consuming but it
provides high frequency data and info about various things.
Phone calls- it is a simple and effective way to gather feedback of outcomes of activity. So,
direct questions are asked in it regarding what is most liked or disliked about marketing, how
you responded, what info is obtained, etc. hence, client is searched and in brief data is collected.
The data collected from above ways needs to be analysed so that outcomes are generated
from that. There are many techniques of analysing data. In this prescriptive analysis will be done.
It will be useful in giving implication of data. hence, it will be easy to obtain insight of what are
outcomes of marketing activity. In addition, data analytics will be used as well for that. Thus,
charts graphs etc will be developed.
4.3 Why it is important to assess cost and effectiveness to identify opportunity for improvement
Every marketing activity requires specific cost as well as resources. This enable in
conducting of various marketing activity in proper way. Cost state required budget which is
incurred in conducting various marketing activity (Oyedeji, and Akindele, 2017). Also, cost is
allocated on basis of activity. For property agency it is important to assess cost of activity so that
it is identified whether more cost is required or not. In addition, it is determined where cost is
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incurred more and less. Or activity is affecting due to cost or not. Besides, cost is assessed to
maintain progress of activity. However, when cost is accessed to analyse efficient use of
resources. So, if additional cost is required in activity to obtain effective outcomes then it can be
added into it. Other than this, it is identified how opportunity can be grabbed and what return is
generated from particular activity. So, if there is insufficient funds than cost can be added into it.
Furthermore, effectiveness of marketing activity is assessed so that it is determined
whether useful outcomes are obtained or not. besides, which activity is doing better than other.
By doing that it becomes easy to find out areas which need improvement. So, changes are made
into marketing activity on basis of opportunity identified. It enables in doing marketing in more
effective way and attracting more clients through it. Also, effectiveness is assessed that help in
maintaining progress of marketing.
Therefore, this is importance of assess of cost and effectiveness of marketing activity to
identify opportunity. It makes it easy to determine area in which activity can be improved. Thus,
useful outcomes are obtained from it and more clients is attracted resulting in effective marketing
(Bamidele, ADENUSI and Osunsanmi, 2018).
4.4 What are something likely to be modified as result of evaluation of data
There is need to do changes in outcomes of data so that on basis of it changes are made
into marketing strategy. In this main thing to be reviewed is engagement of stakeholder so that
more precise info is obtained. Besides that, trends in property industry needs to be reviewed as
well so that data can be evaluated easily. On basis of trends data can be compared. It will enable
in analysing pattern of giving response to marketing activity. In addition to that, another thing
which can be modified is marketing activity. It will be efficient enough to evaluate data
according to new activity defined (Low and et.al., 2020). Thus, these all things can be reviewed
to gain insight of marketing trends, customer needs, etc and then analysing data. Through that,
useful info will be obtained and strategy is developed on basis of it. However, with change in
target market and market activity there is need to modify what practice will be best for it and
how it can be applied.
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