University Marketing Mix Report for Local Realtors - BSBMKG502

This report analyzes the marketing mix of Local Realtors, a real estate company targeting first-time home buyers in Melbourne, Australia. It begins with an overview of the company's objectives, desired market position, and target market characteristics. The report then evaluates the components of the marketing mix, including product/service (properties and related services), pricing strategies, promotion channels (online and offline media), place (Melbourne city), and people/customer service. It analyzes how varying the marketing mix components can impact the company's competitive leverage, considering factors like market trends and political and economic changes. The report determines the final marketing mix based on a review of all factors and recommends specific marketing strategies, such as leveraging social media, focusing on remote areas, and expanding the service area. An email to the Managing Director is included, along with references.

Running head: ASSESSMENT 2
ASSESSMENT 2 (Marketing mix report)
Name of the student:
Name of the University:
Author Note:

1ASSESSMENT 2
Table of contents
1.1 Overview of the company and its objectives, desired position and target market
characteristics..................................................................................................................................2
1. 2. An evaluation of components of the marketing mix...............................................................2
1.3. Analysis of varying the marketing mix....................................................................................4
1.4. Determination of the final marketing mix................................................................................4
1.5. Recommended marketing mix for the product or service based on a review of all factors......5
Email to the Managing Director......................................................................................................6
References........................................................................................................................................7

2ASSESSMENT 2
1.1 Overview of the company and its objectives, desired position and target market
characteristics
The aim of this paper is to discuss the company details of Local Realtors that operates in the
real estate business in the market of Australia. The company intends to be ranked in the top 5
real estate agencies in the market by making the first time home buyers be very comfortable and
worry free.
The target market characteristics of his company are the young couple generally aged 30 to
45 years of age and living in the Melbourne City. The concept of right home and settling in a
standard area refer to the categories of the target market of this company.
1. 2. An evaluation of components of the marketing mix
Product/Service:
For Local Realtors, properties are the product. This company sells homes to the first time
home buyers mainly residents. Along with this, they will be providing services like suspects and
prospects, which will advise the first time home buyers about the factors needed to be checked
before buying home (Likos, Nakip and Gökmen 2019). Prospects will be allowing clients to
connect with this company and gain knowledge about the home market in Melbourne northern
suburbs.
Price:
Pricing structure of this company is highly standard however, in down market it allows
negotiation. In the reals estate industry of Melbourne, the commission is 2.4% of the total selling
price. This is why the selling price is decided by the selling agent for every home in which the

3ASSESSMENT 2
real estate commission is paid by the seller and not by the selling agent. The company only
charges for the product and all the other services are free of cost.
Promotion:
The company named Local Realtors promotes their products and service through various
channels like online and offline media. The promotions are done through its guide book named
“how to buy a first home”, newspaper advertisements, the company websites, monthly listing
bulletin, marketing kits, mail postcards and signage in streets. Along with these the marketing
promotions are doe through social media platforms and referrals.
Place:
The company has its service are in the Melbourne city. The people intending to live in the
city and its suburbs are mainly interested to take service and products from this real estate
company of Australia.
People and Customer service:
The main asses of this company are the employees to play the role of the most
responsible people for collecting information about the homes and other services. They take care
of the marketing of the new offerings and attracting customers through various strategies. The
proprietors and the managers are the prime people, taking care of the projects through the
estimation of the performance of the employees. The customer service relates to the listening of
the customers’ feedback so that they can be recorded for analysis and thus important questions
are answered (Räsänen 2019).

4ASSESSMENT 2
1.3. Analysis of varying the marketing mix
The 5Ps of marketing mix are dependent upon one another. For example the price and
products can manipulate the promotion strategy of the company. All of the components of
marketing mix are essential to be present to provide the company a competitive leverage. This is
due to the fact that these are the factors while allow the company to segregate the market and
develop their own strategies. The market trends change the customer service process similarly
the price of the products.
For example, if the real estate company is encountering slow sales demand, then the plans
need to be made for adopting premium pricing techniques for attracting premium clients and
customers. This approach would be effective for enhancing the standards and quality of the
services. Moreover, it will increase investment in the promotion activity if there is reduction of
price due to high competition. The need would to bring variation in the transaction modes,
especially in the advertisements, which would result in positive word of mouth advertising. For
example, special discounts can be offered to the clients in the remote area or other places.
1.4. Determination of the final marketing mix
Political  Changes in the political structure of the country affects the
market
 Change in the legislation and corruption level among the
ministers can create barriers for real estate business
Economics  Frequent changes in the economy of the country affect GDP
and per capita income.
 Economic recession can close this business
Social  Better social structure maintains high standard of life

5ASSESSMENT 2
 Choice of high quality life style regulate selection of homes
regulating real estate business
Technology  It is connected with the communication system
 Building of houses are dependent upon technological growth.
The political system, if stable and less corrupt, then the business of real estate would flourish.
Adherence and compliance to the legislative requirements would add efficiency in the operations
of the real estate business. Economic instabilities like high exchange rates, inflation and others
are obstacle in setting prices of the properties (Yderfält and Roxenhall 2017). High demands of
the customers compels the proprietors to alter the structural design and planning. Typical
examples are the complexes with the basic amenities like that of swimming pools, gyms, shops
and other facilities like parking. Intercoms reflect the technology, which can be added into the
facilities for influencing the purchasing power and decision of the customers.
1.5. Recommended marketing mix for the product or service based on a review of all
factors
In order to make the most of this market in Australia Local Realtors need to bring certain
changes in the marketing process. They include:
Firstly, exploit the Social media platform in the real estate business as most of the target
customers in the set generation are tech savvy and spend most of their time on the social
networking platforms.

6ASSESSMENT 2
Secondly, the company needs to focus more on the customers in the remote areas. Building and
complexes with all of the facilities under one roof would be effective approach for expanding the
customer rate through positive word of mouth advertising.
Thirdly it needs to expand the service area and not only focussing on the Melbourne city area.
Email to the Managing Director
To
The Managing Director
Local Realtors
Respected Sir/Madam,
We take pride in asserting that our company, Local Realtors has achieved accolades and glory as one of the reputed
real estate companies in the Australian market for long. However, high exchange rates and inflation have aggravated
the complexities in setting the prices of the properties. I hope that we can excel in the field of technological
advancement through the assistance of the research and development and the engineers. I would like to request to
supply with more manpower and resources, so that we can excel in project in the remote areas and connecting them
with the mainstream project chains. For your convenience, I am attaching the detailed marketing mix report.
Regards
(___________)
References
Likos, M., Nakip, M. and Gökmen, A., 2019. Real Estate Marketing and Factors Impacting Real
Estate Purchasing: An Application on Turkey. International Journal of Applied Management
Sciences and Engineering (IJAMSE), 6(2), pp.15-35.

7ASSESSMENT 2
Räsänen, T., 2019. The role of personal branding in real estate business.
Yderfält, Å. and Roxenhall, T., 2017. Real estate business model innovation and the impact of
ego network structure. Management Research Review.