Assessment Task 2: Revised Marketing Mix Report for Titicus Realtors

This report presents a revised marketing mix analysis for Titicus Realtors, a real estate agency in Melbourne, Australia. The report begins with an overview of market trends in the Melbourne real estate sector over the past year, highlighting the impact of changing property values and auction clearance rates. It then reviews relevant legislation affecting real estate agents, such as audits by the ATO and ethical conduct guidelines. The core of the report analyzes the existing marketing mix components – product, price, place, and promotion – and their effectiveness. The author suggests changes to the 'place' component, recommending an expanded online presence and distribution channels. The report proposes testing these changes by assessing customer acquisition and sales figures. It concludes by assessing the impact of these marketing mix adjustments on business performance, emphasizing the importance of adapting to market changes and targeting specific customer segments, such as first-time homebuyers. The report also includes recommendations for budget allocation to support these changes and references relevant academic sources.

This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Establish and adjust marketing mix
Name of student
Name of University
Author note
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This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Titicus Realtors
Revised Marketing Mix Report
Market trends
The real estate market trends in Melbourne have been a lot unpredictable able
nowadays. It has been constantly changing from time to time and the prices have been
changing since then as well. From various reports that stated the real estate market in
Melbourne to have experienced a soft landing in terms of growth, there have been recently no
such forced sales by the vendors. The Government and other regulatory bodies have also
affected the investing and lending activities because the laws, rules and regulations have been
tightened, which has also affecting the lending, especially for the shareholders or investors
(Alcock et al. 2013). Though there is some decline in the values of properties, still the
underlying values are much higher considering the fact that it has generated greater scopes
and opportunities for the housing affordability.
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This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
These constant changes have though affected the results of local realtors, still there
are enough opportunities for the business named Titicus Realtors for attracting more
customers. After making certain corrections to the prices of homes, the auction clearance
rates would increase, furthermore, lead to positive outcomes for the property market in
Melbourne.
The lower demand conditions in Melbourne along with the higher prices of homes have also
affected the market trends within the real estate industry and this remains to be one of the
major risk prone areas where demand levels are excessively high (Kokot and Bas 2013).
Legislative review
There have been certain changes to the legislations, which have affected the purchase
of properties and also impacted the results of Local Realtors. The agents of real estate
agencies must get themselves audited by the ATO to promote fair trade activities during the
management of auditions, furthermore remain disciplined by preventing any unethical
practices, otherwise, remain liable to get fined by the Australian Securities and Investments
Commission. Penalty should also be imposed and even could result in permanent termination
of business contract in case the legal obligations are not followed. Certain legal obligations to
be followed by the real estate agents include prevention of misleading any person, provide
false impression and create inaccurate claims related to the properties (Della Croce and Gatti
2014). The real estate agents must be cautious about managing the financial leverage properly
through borrowing money from the investors to gain a good amount of income producing
investments and also the gross income created on the basis of investments made.
Marketing mix review
Titicus Realtors has already showed a lot of potential by delivering unique property
and real estate services for catering the needs of people who are looking to buy new homes or
© J&S Learningwork 2018 3

This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
even are willing to take lease. The company has made the right mix of marketing mix
components to ensure that the brand delivers what has been desired, furthermore, generate the
required amount of sales revenue too (Theurillat et al. 2015).
The products ar basically the properties and homes that are sold and targeted at the
niche market segment including the newly wed couples and also elderly people who need a
safe and convenient place near town to stay. The products and services are made available at
reliable price range, which has also influenced the customers to make purchases from the
company. The prices are set according to the cost leadership strategy and are based on
competitive pricing structures too, for ensuring that the prices remain competitive when
compared with the competitors and thus create a sense of trust and loyalty among the
customers for driving their buying behaviours (Hartmann 2015). The places refer to the
channels of distribution that can make the services easily accessible by the clients,
furthermore, make the business deliver the services according to their best interests and
demands within the marketplace. The promotions are one of the basic and most important
components of the marketing mix, which has been focused on by Titicus Relators with the
management of press publications, advertisements on newspapers, magazines and also
advertisements on televisions and social media networks (Akers 2013). This has not only
strengthened the business performance, but also has created awareness among the clients
regarding the different types of services delivered by the company in Melbourne.
Marketing mix changes
According To me, I would recommend certain changes to the place component, as the
channels of distribution are considered as effective mediums to transport the services to the
clients easily. This also enhances the accessibility for them and make them purchase the
services delivered by the real estate agency frequently and hassle free as well (Manganelli
2014).
Testing marketing mix components
Considering the different components of the marketing mix, I would like to select the
product and place component that could outline the way the business performance is
influenced on a positive note. With better channels for distribution and transforming to an
entirely new online platform, the accessibility as well as brand outreach would be improved,
thereby, create extensive scopes for sustenance in the business long run and prevent
customers to switch on to some other competitor’s brand in the market place (Khan 2014).
The overall performance could be tested once there would be acquisition of more
customers and a large customer base would be formed. The sales decline issue would be
overcome, which could further assist the business to make a mark with the use of these major
marketing mix components effectively too (Fan et al. 2015).
Impact on performance
Based on the market trends, it is understood that the values and prices of properties
have been changing constantly and thus this could be a great opportunity for the real estate
agency in Melbourne to set the prices accordingly and ensure targeting the right audiences for
the fulfilment of their needs and preferences effectively. The channels of distribution could
© J&S Learningwork 2018 4

This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
be fostered with the development of e-commerce and to ensure management of online
marketing tactics to encourage the customers to see the properties and homes at least once.
The social media marketing and promotions should extend the distribution channels where
the services would be made accessible for the clients (Aghaei et al. 2014). This would
strengthen the customers;’ services delivery and at the same time, impact the sales positively
through higher revenue generation and growth.
Effects of changes
Though the customers would take some time getting adjusted with the new marketing
efforts put by the organisation, but with progressing time, they would be able to gain better
access to these services and find it much convenient than the previous ways of accessing the
services provided by Titicus Realtors in Melbourne. The changes in place and promotions
components should further boost the buying behaviours of cust9mers, as they would be able
to access the services on their own and then book it on the online platform prior to meeting
with the agent and checking the physical structure of the property afterwards (Gilaninia et al.
2013). It could also be believed that the channels for distribution not only drive the place
component, but also it is recommended for the agency to head west for gaining better growth
and create better outreach to the clients all over the place.
Meeting business objectives
Considering the fact that the business aims at making the first time buyers of homes
happy and comfortable during purchase and also generate huge revenue in the years to come,
Titicus Realtors needs to consider these changes illustrated above considering the place and
promotions components of the marketing mix. Each and every component has special
significance but it is much more important to focus on the promotional aspects, which can
automatically enhance the efficiency of distribution channels by making people aware, but
could even facilitate the buying behaviours of customers largely (Tuten and Solomon 2017).
The company must also recruit a proper agent who could market the services and provide a
good direction so that the customers can gain access to the services quite easily. This would
reduce the workload as well as time, thereby create better opportunities to grow and develop
through investments in research and development activities too. To generate higher numbers
of leads, the company should adopt the social media marketing and present content in blogs
to grab the attention of customers. This would easily bring out newlywed couples and even
people aged between 30 to 45, thus, retain faith on the business and its services too (Ashley
and Tuten 2015).
Budget
The changes made to the marketing mix components should definitely incur some
significant amount of expenses, though it could be assured that these changes should bring
positive results for the property realtors and agents. The website management and
engagement with social media platforms should incur some additional expenses, but this
would drive better results through generation of increased numbers of leads, furthermore,
allow the home seekers to visit the website managed by the company and look for property
related information published there. With the involvement of new promotional and
distribution channels, the expenses might increase, though create significant positive impact
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This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
on the business’ ability to draw in large crowd and influence their buying behaviours largely
at Titicus Realtors in Melbourne, Australia.
© J&S Learningwork 2018 6

This document is Revised Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
References
Alcock, J., Baum, A., Colley, N. and Steiner, E., 2013. The role of financial leverage in the
performance of private equity real estate funds. The Journal of Portfolio Management, 39(5),
pp.99-110.
Kokot, S. and Bas, M., 2013. Evaluation of the applicability of statistical methods in studies
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pp.49-58.
Della Croce, R. and Gatti, S., 2014. Financing infrastructure–International trends. OECD
Journal: Financial Market Trends, 2014(1), pp.123-138.
Theurillat, T., Rérat, P. and Crevoisier, O., 2015. The real estate markets: Players, institutions
and territories. Urban Studies, 52(8), pp.1414-1433.
Hartmann, P., 2015. Real estate markets and macroprudential policy in Europe. Journal of
Money, Credit and Banking, 47(S1), pp.69-80.
Akers, J.M., 2013. Making markets: Think tank legislation and private property in
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Manganelli, B., 2014. Real estate investing: Market analysis, valuation techniques, and risk
management. Springer.
Khan, M.T., 2014. The concept of'marketing mix'and its elements (a conceptual review
paper). International journal of information, business and management, 6(2), p.95.
Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business
intelligence through the lens of marketing mix. Big Data Research, 2(1), pp.28-32.
Aghaei, M., Vahedi, E., Kahreh, M.S. and Pirooz, M., 2014. An examination of the
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Gilaninia, S., Taleghani, M. and Azizi, N., 2013. Marketing mix and consumer
behavior. Kuwait Chapter of Arabian Journal of Business and Management Review, 33(861),
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Tuten, T.L. and Solomon, M.R., 2017. Social media marketing. Sage.
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory
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pp.15-27.
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