Marketing Strategy for 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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