BSBMKG502: Marketing Mix Report for Titicus Realtors

This report is a comprehensive marketing mix analysis for Titicus Realtors, a major real estate agent in Melbourne, Australia. The report begins with a company overview, outlining their objectives, desired market position, and target market characteristics, primarily focusing on first-time home buyers aged 30-45 with a household income of over $175,000. It then evaluates each component of the marketing mix (product/service, price, promotion, place, and people/customer service), detailing the key features, pricing strategies (cost leadership and premium pricing), promotional approaches (including social media and community events), distribution channels, and customer service practices. The report analyzes the importance of each marketing mix component and how variations can influence consumer behavior. It also considers external factors like political and demographic influences. Finally, it recommends prioritizing promotion and customer service to enhance brand awareness and customer satisfaction, suggesting investment in research and development and effective use of social media platforms.

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
© J&S Learningwork 2018 1

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Establish and adjust marketing mix
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© J&S Learningwork 2018 2

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Titicus Realtors
Marketing Mix Report
1. Company Overview, objectives, desired position and target market characteristics
Being one of the major real estate agent company in Australia, Titicus Realtors has been
associated with a number of activities, which ensures making the clients choose the right
homes for them based on their needs and preferences. The real estate agent has built a good
brand reputation in Melbourne, Australia and this has been continuing for the past few years,
thereby, resulting in a huge number of satisfied customers all over Australia.
The goals and objectives of the company are to create convenience for the home buyers to
select the right homes for them according to their areas of interest and preferences while the
company also aim at increasing the revenue generation with progressing years such as $1.7
million, $1.9 and $2.2 million in 2018, 2019 and 2020 respectively. The objectives from the
individual owner include selection of an agent who can manage marketing techniques and
give the company a right direction achieve the shared vision and goals (Khan 2014). Based
on these goals, the company has the objective of achieving 100 percent satisfaction among
the customers and also be ranked as one of the best real estate agent among the top 5 in
Melbourne Home magazine. One of the major objective has also been to increase the
engagement of more real estate agents so that the company is able2 to provide services
extensively in Australia and the adjoining areas too (Tan and Sousa 2013).
The target market characteristics of Titicus Realtors include those people who stay in
Melbourne city, interested in staying nearby the suburbs of Melbourne, Australia, the people
aged between 30 to 45 and with an annual household income of more than $175000. The
target market also include the couples or those who are expecting a baby and those who will
think it to be the right place for their living. One of the most important thing that has been
considered by Titucus Realtors is its focus on mainly the first time home buyers, which is the
market niche. The positioning has been done as managing the right homes arranged for the
first time home buyers, furthermore, ensure enhancement of qualified leads by more than 50
percent in the years to come.
2. evaluation of various components of the marketing mix strategy
Product/Service:
The product or service here is the property that has been arranged for the home buyers
in Melbourne, Australia. At Titicus Realtors, the company values and beliefs have been
managed properly, which ensures aiming the products and services for the first time home
buyers.
The key benefits and features of the product or service are that the company has provided the
best quality homes for the first time home buyers and the niche market also consists of this
kinds of customers who want to make proper planning before purchasing a home.
The most important benefits are that the locations of these houses are in the Northern Suburbs
of Melbourne while the experienced and skilled staffs of Titicus Realtors have made it easier
© J&S Learningwork 2018 3

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
for the customers by making them understand the entre process and planning required to
move to a new home in a new town (Leonidou, Katsikeas and Morgan 2013).
Price:
The business’ approach to pricing is based on the pricing strategies such as cost
leadership strategy and premium pricing strategy that have been used to attract more home
buyers towards Titicus Realtors. An average home for lease with 4 bed rooms and 1
bathroom cost around $450 per week, which is quite competitive, considering the other real
estate agencies located in Melbourne, Australia. The premium pricing strategy has been
followed to set prices for the homes that possess luxurious goods and have been thus, targeted
to the specific premium segment of customer. The pricing plays a major role in influencing
the buying behaviours of customers, which can even make them propose about the real estate
agency to others, furthermore spread positive messages through word of mouth Promotions
(Helm and Gritsch 2014). This would boost the sales revenue and at the same time, facilitate
the buying behaviours of consumer. The price should be around $400 per week when taken in
lease while there are options for houses available for sale at discounted prices too, which can
definitely attract more customers.
Promotion:
First of all, Titicus Realtors could promote their services related to focus on targeting the
market niche consisting of the first time home buyers, which should give an edge to the
company over its competitors. This could be done by managing a professional real estate
blogger, who should maintain the agency blogs with links formed with the profiles of
multiple agents, thereby, promote the brokerage and homes that are available for the clients in
the Northern Suburbs of Melbourne. The participation of the agency in community events
could also boost the promotions along with volunteering activities, thereby, should result in
finding new clients (Foxall 2014). The content driven marketing strategies are effective for
the company to position itself and easily create awareness about the agency among the first
time home buyers. The social media promotions could be a great way to promote the products
on social media platforms, which could arouse interest among the customers and drive their
behaviours regarding purchase.
Place:
At present, the company has set up for social with the engagement of various social
networks, which has boosted the outreach to customers and influenced their buying
behaviours too. Creating social media accounts have promoted the properties and also by
sharing good press, which enhanced accessibility for the customers too. The company has an
office set up in Melbourne, which can be visited as well for gaining appointment with an
agent of the company regarding purchase of homes (Fan et al. 2015). The products are
distributed online as well with the management of a website, where the services and related
pricing structure has been provided, thereby allowed people to know the kinds of services
delivered and at what rate.
People and Customer service
Considering the importance of customers as major stakeholders, the company delivers the
best quality services for establishing a sense of trust and loyalty. With the management of
customers’ services and by responding to any queries made by them regarding the properties,
© J&S Learningwork 2018 4

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Titicus Realtors has managed to meet their requirements and even promoted the company
services to arouse interest among them too (Zeriti et al. 2014).
3. Analysis of varying the marketing mix
Each components of the marketing mix hold equal importance in strengthening the
performance of business. For example, in case the price of services is lowered by Titicus
Realtors, then it can be marketed through sales promotions and through additional discounts
provide to the products and services. This would easily make the customers compare between
the prices of the property made available by Titicus Realtors with the price of the similar kind
of property provided by some other real estate agency. With the discounts and offers
provided, though the price component would vary, but the customers would tend to remain
inclined towards the brand, regardless of what price the company sets.
Another example is that when the sales level decline, the company could make some
necessary changes to the product attributes, such as adding some extra features to enhance the
credibility of that product in front of the customers (Toubia and Stephen 2013). The new
properties made available by Titicus Realtors could be offered with free swimming pool and
garden area, which should lure more clients and this could be an effective marketing strategy
to foster innovation and creativity as well.
If the distribution channels vary, suppose, the company can transform its services delivery
entirely into online services, which should allow the clients to boo a property online and then
meet the respective agent to visit the place and check the physical outlook of the house that
has been booked. This could though enable varying place, but it should also extend the
network for distribution, furthermore deliver more services in more places all over
Melbourne (Dabholkar 2015).
4. Determination of the final marketing mix
Often these property related matters include good numbers of contractual agreements,
which might be affected due to certain legal obligations, rules and laws. The political
conditions of the country might also affect the purchasing ability and create various
complexities while buying a new property in a new location. The demographic factors
including the region, educational level and income along with the cultural norms, values and
beliefs are also responsible for affecting the marketing (Rahimi 2017). The production of
services along with the accessibility to those based on the environmental and climatic
conditions also are based on whether the customers can visit the place to check the new home
or not. Customers mostly preferred good locations that are nearby markets and populated
regions of Melbourne, which could provide them better accessibility.
The positioning of products is largely based on the customers that have been targeted. The
company needs to position the products in such a manner that better visibility and also
influence the consumer buying behaviours (Hill and Alexander 2017).
The cost leadership strategy and pricing techniques have influenced the consumers by
setting some differentiable features in the properties and made those available at reasonable
price, which could boost the sales revenue consistently. The word of mouth Promotions have
to be spread, which could also present a positive brand image, thereby, fulfil the criteria and
© J&S Learningwork 2018 5

This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
requirements for maintaining a strong brand image and name in the minds of customers
(Wirtz and Lovelock 2017). The branding strategy focusing on the management of a
consistent logo in blue and white also offers better brand image and identity, furthermore, can
easily draw in the attention of clients.
5. Recommended marketing mix for the product or service based on a review of all
factors.
 It is recommended to prioritise on the promotions and people marketing mix
components the most for establishing better brand awareness and gain greater
outreach to customers to boost sales revenue and profit level.
 It is recommended for Titicus Realtors to invest in research and development and
develop own properties, which could make the customers believe that their needs and
preferences have been taken care of
 The management of social media platforms for promoting the products and services is
recommended the most for enhancing brand image and identity
 Lastly, the customers’ services must be timely and any queries from the customers’
end must be responded to quickly for creating positive mind-sets among the
customers, furthermore, influence their choices and decisions regarding purchase of
homes or taking lease of properties from Titicus Realtor with ease
References
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This document is Marketing Mix Report Template.
It is part of the supporting assessment resources for Assessment Task 2 of BSBMKG502.
Dabholkar, P.A., 2015. How to improve perceived service quality by increasing customer
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