Marketing Research: Reducing Uncertainty in Real Estate Development Projects

This report explores the use of marketing research to mitigate uncertainty in future real estate development projects. It focuses on SKY HIGH Real Estate developers, examining their challenges and recommending a primary data collection method through a questionnaire survey. The report analyzes the target population, sample size, and method, highlighting the importance of understanding customer needs and market trends to reduce risk and enhance project success.

MARKETING RESEARCH
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Table of Contents
Introduction.................................................................................................................................................3
Collection method.......................................................................................................................................4
Survey design..............................................................................................................................................6
Target population........................................................................................................................................9
Sample size and method............................................................................................................................10
Conclusion.................................................................................................................................................12
References.................................................................................................................................................13
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Introduction
Marketing research is the procedure that helps in setting up the process, customers and wends
users to the marketers with the help of using data and information and it can be used for
recognizing the marketing opportunities and issues. Along with this, it will assist the company in
identifying the marketing actions, monitoring process and improve the functions of their business
operations. The report is based on SKY HIGH Real Estate developers which are decided to
reduce the level of uncertainty in the future period conducting real estate development projects.
The main purpose of this assignment is to provide the recommendation on issues which are faced
by an organization and they can conduct collection method can help gather accurate information
regarding future projects of real estate. In this, the data collection method will be used which
helps in gathering accurate information and data. It is the primary method research in which
questionnaire assist in analyzing various respondents' views and opinions regarding a specific
topic or theme.
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Collection method
In this report, data will be gathered with the help of primary data resources. The main reason for
collecting the primary research method is that this will assist in developing an accurate research
design and also analyze their respondents’ opinions regarding company services and products.
The investigation gathers only authentic and relevant data which assists in selecting the best
alternative method (Kumar, 2016). There are various types of sources through primary data will
be gathered such as questionnaire, interview, survey, observations and so more. There are
various types of primary data collection method which can be used by SKY HIGH Real Estate
for improving their business operations and its functions effectively.
Research Method - The primary can be used by SKY HIGH real estate because this is providing
original data and information which are helpful for their future growth and development. An
investigator directly asks questions with the clients who are mainly gain specific organization
services. This will help in analyzing the client's views and as per this company work on reduces
the level of uncertainty which is a major issue in front of their clients in the current time. A
project risk is an uncertainty which can be a positive and negative impact on business
performance and growth level (Séraphin, et. al., 2016). For this, the company can use any other
tools and techniques which help them in making a perfect decision that is welfare for the clients
as well as organization purpose.
Recommendation - For this, they can conduct a questionnaire or interview method which can
help examine their respondent’s views and opinions. With the help of this, they can easily
analyze their new and existing client’s requirements. This method can be conducted by
researchers because they are experts in analyzing the behavior, attitude, and interest of clients
regarding their real estate property. There are various articles regarding real estate that help in
collecting data (Antonetti, et. al., 2015). The company faces an issue regarding the company
wants to reduce the level of uncertainty in the future development projects of real estate. For this,
decision theory is suitable which can help them in deciding the accurate data collection method
through which they can easily gain accurate information regarding this sector. The primary data
method assists in providing quantitative data, actual information on the described topic in a
better manner.
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(Gneezy, 2017) argue on the real estate property, development and growth rates, data collection
of the given topic that includes issues, market size, government interventions, market developers
and many more. Market research is a helpful method that assists in gathering authentic data and
demonstrates how the level of uncertainty is impacting on the development and growth of the
real estate sector. The current trends are directly impacting on business operations and
performance of SKY HIGH Real Estate effectively.
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Survey design
QUESTIONNAIRE
Q.1. Is real estate sector acquire more projects in future along with major uncertainty issues?
 Agree
 Not agree
 Disagree
 Strongly disagree
Q.2. Do you think, SKY HIGH Real Estate providing appropriate services?
 Yes
 No
Q.3. As per your opinion, SKY HIGH satisfied their client’s requirements?
 Satisfied
 Not satisfied
 Strongly satisfied
Q.4. According to you, uncertainty issues affect the business of real estate in upcoming time?
 Agree
 Not agree
 Disagree
 Strongly disagree
Q.5. Do you have any recommendation regarding reduces the level of uncertainty in future
development project of real estate?
 Yes
 No
As per the view of (Andra Picincu, 2018) questionnaire is the most used research method which
helps the researcher to reach a large number of people and acquire their views for making better
decisions. SKY HIGH real estate can use the questionnaire method because it is a simple and
effective way of collecting accurate data or information. This is a time-saving and cost-effective
technique that can be used by the company for analyzing their participant’s opinions and
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thoughts regarding their current issues. Along with this, the major benefit of using a
questionnaire tool is that it is well documented and it can be distributed properly with this the
researcher can easily get the actual outcome or results of their questions. The real estate
organization can adopt this technique which can be useful for them in identifying their client's
demand and requirements, as per their needs they can change in their existing services and
facilities. Also, make proper improvements in their services and simply satisfied their clients.
The questionnaire method helps in the survey designing the research. There are reasons for
chosen this Questionnaire method by SKY HIGH real estate because it can provide various
benefits while gathering the data that are as under:
Uncover the answer – It is the method which is conduct in an open area where any respondent
can give their opinion and views regarding asking a question (O’Hern, et. al., 2017). They have
filled the questionnaire form which is openly available for everyone and all the answers are
uncovered. For this, the researcher can easily analyze every person's thoughts related to their
company services and other information. In this, there are various options are giving regarding
the reason for increasing the level of uncertainty in future development projects of real estate
such as safety threats or hazards, unknown site conditions, fraud papers of property, outdated
machines and many more.
Effectiveness – The questionnaire may be taken in private and it is that method that is effectively
collecting sensitive data and information. Also, this will help in providing statistical data and
want to know the opinion of the majority group of people. It is concise and short which can be
helpful for the firm to gather authentic and real information about the topic and gain appropriate
knowledge (Wierenga, et. al., 2017). This will assist in collecting each respondent’s views that
are participated in this survey so it can seem as advantageous for an organization. For this SKY
HIGH can gain actual information about their issues and what other people think about such a
problem. This method takes less time to gather all the respondent's views because they are
providing them forms of multiple questions in which they only require to tick the appropriate
option. For this, the researcher properly acquires accurate results and outcomes.
Less cost – Another reason for selecting a questionnaire method is the limited cost. For
collecting data from a large number of people, it is one of the most best suitable methods for the
company. The main cost which needs to spend by the firm is to print the questionnaire forms and
set up online and any other way to gather respondents’ response (Kotler, et. al., 2017). This cost
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value is less rather the other data collection technologies such as focus groups, experimental and
paying participants. SKY HIGH real estate can gather the real response of clients regarding their
current project status and how they will help them in future or upcoming projects. For this, they
can survey by using a questionnaire method where they can give forms to their clients and
gaining their views regarding the level of uncertainty issue which is faced by an organization.
In addition to this, observational theory can be used by them because this helps recognize the
attitude, behavior, and interest of respondents through which the company can easily make
improvements in their projects that can satisfy their clients. This theory is related to the
questionnaire method because this can assist in evaluating and measuring the number of
respondents who are in favor of the company and analyze them against respondents. Apart from
this, observational theory can be helpful for them in gaining their actual reviews and thoughts
regarding SKY HIGH firm issues (Wilson, et. al., 2016).
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Target population
The target population refers to several populations to which investigators are interested in
generating conclusions (Pieters, et. al., 2017). The target people are mainly characteristic in
different types as per the topic and it is known as the theoretical population. A target population
is that which shares similar characteristics and it is indented as the intended audience for the
advertising, product, and research. There are varieties of the target audience as per the company's
needs and requirements. The company target people who are related to their company services
and gain their facilities.
Target audience - SKY HIGH real estate target population involves buyer agents, brokers,
customers, intermediate person, and first time home buyers. These are the target population
which can target by real estate Company for expanding their growth and gain development in
future time. SKY HIGH mainly targets military people because they were not local Ching, et. al.,
2014). The company needs to help in providing home at every location where they are posted.
This can assist in expanding the reach of an organization all over the areas.
Recommendation – It is required for the company is to focus on such people who are buying a
home for the first time and military persons who actively travel one place to another because of
their posting. With this, an organization can easily expand its reach and make contact with more
people who are the first buyer and sometimes their old clients are developing contact with the
company with them. For them, they require making policy and providing that great home that
satisfied their needs and it can help the firm in creating more chances to gain more project orders
in the future time (Suresh, 2012). It can be recommended that such target audiences help increase
the growth and development of real estate organizations in the country.
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Sample size and method
Sample Size: The sample size that has been selected in the research is around 30 people the
same is used to determine the actual application of Sky High and their ideas on the future real
estate. This particular size is an accurate number of people directly and indirectly related to real
estate and the same has been affecting the future prices and growth of the economy.
Method: The major method of sample size selection that has been applied in the research is a
stratified random sample method. As per this method, the population is split into multiple groups
and different categories. All these are meant to be well designed and associated with overall
growth and an effective understanding of market needs and processes. This kind of method is
recommended as it gives guarantee in each group that the bifurcated members in each group are
associated with the effective sampling method and provides development in every aspect of
research. This is helpful to focus on each group and help to support individual values associated
with them. The overall needs associated with the sample size and analysis will be well developed
and properly functioned based on the collective idea of real estates and the impact on various
needs (Suresh and Chandrashekara, 2012).
Recommendations: As per the sample size and observed outcomes from the above-mentioned
questions and data collection this can be recommended that real estate is needed to be more
people-friendly and more associated with the requirement of customers’ needs. In addition to
that, they are needed to think futuristic values and identify various factors that have been
contributing to the overall assessment and development platforms of the real estate business. The
research also tells that the cost structure and financial platform are needed to be better aligned as
per the associated values and global framework in the development essential of an individual.
This can also be recommended from this data analysis and structure that the overall retail
industry is needed to do more in-depth and detailed research on the construction of new policies
that have been contributing to current errors and supporting features in the development of scope
in the future.
The development and expansion of this industry will only be successful when there is an equal
construction of effective market knowledge and data processing. This is recommended to be
updated with the social and features and demands in the society to have an effective outcome
based on the current balance (Ching, et. al., 2014). The more knowledge is there about
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competitive growth and development better is the current knowledge base and development
agenda. The need for creativity and innovation will always be there to stand apart from current
needs and associated with various other competitive and better platforms of an individual. The
impact of the presentation can also be seen in attracting and retaining more and more customers.
This can be helpful to learn ideas from them and help them to improvise in every situation
possible.
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Conclusion
Based on the above-described assignment, it can be analyzed that the level of uncertainty can be
reduced if the company focuses on current actions and use appropriate and updated technology.
For this, they can easily gain high growth and development in the future projects of the real
estate. Along with this, the primary data collection method is helpful for the firm to analyse their
clients’ needs and requirements and how they feel regarding their company performance. For
this, the company also targets the population who are common clients of the SKY HIGH real
estate and their duty is satisfied them all requirements in a better manner. In this report, 30
respondents share their opinion and views regarding the issue regarding the increasing level of
uncertainty in future development projects. Such issues involve safety threat, managing change
orders, unknown sire situation, unexpected increase in the cost of the project and so more.
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