Group Report: Marketing Research Strategies for SKY HIGH Real Estate

This report focuses on marketing research for SKY HIGH real estate developers, covering survey design, target population analysis, and strategies to reduce uncertainties in real estate projects. The report emphasizes the importance of well-designed questionnaires, incorporating both open and closed-ended questions, and adhering to the BRUSO model for clarity and relevance. It identifies the target population as current and potential property buyers, highlighting the need to understand their perspectives on economic, legal, and other factors influencing real estate decisions. The report suggests that by sharing research findings with clients, the company can build trust and attract more customers. The conclusion recommends specific methodologies like survey design and sampling techniques to achieve research objectives, including using cognitive and BRUSO models for questionnaire design and random sampling for the target population, along with the use of modern technologies like email for data collection. The goal is to help SKY HIGH develop strategies to remove uncertainties and satisfy its target audience.

MARKETING RESEARCH

Table of Contents
3. Survey design.........................................................................................................................3
4. Target population...................................................................................................................4
6. Conclusion..............................................................................................................................5
Reference list..............................................................................................................................6
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3. Survey design
Conducting survey is recommended to SKY HIGH real estate developers. For conducting this
study, it is essential to design a survey questionnaire that can help to gain the required
information to eliminate uncertainty in future development projects. As opined by Springer et
al. (2016), survey questionnaire helps to gain fresh data from a large population. Heart of a
research process is the survey questionnaire, which helps in achieving desired objectives of
research. Cognitive model can be related to this process of survey questionnaire designing.
This model helps in analyzing the process that respondents adopt while answering questions
(Miller and Willis, 2016). At first they interpret the questions and obtain relevant information
from the database or memory. After this process, judgment formation occurs regarding
answering the questions. Analyzing information helps respondents to take tentative
judgments like providing rating to a factor. For example, in Likert scale, respondents need to
provide a rating, which needs proper analysis and making judgments. The next process
includes formatting the answers and providing a response to the questions.
In this survey, both open and closed-ended questions are recommended to be asked to the
target audience. Hence, for designing the questionnaire, it is essential to gain intense
knowledge about the study area. Designing of questionnaire needs to be started by gaining
common knowledge about the respondents. This can be done by including a part of
demographic questions at the start of the survey process. Questions regarding age, monthly
income, gender, and educational qualification can help the researchers to gain a brief idea
about the respondents. As stated by Brace (2018), close-ended questions are used to be asked
by those researchers who have proper knowledge about probable answers of respondents.
Close-ended questions need to have options and rating scales such as Likert scale. Moreover,
short bipolar questions with answers like yes or no are also recommended while designing the
survey questionnaire.
Guidelines provided in BRUSO model for designing a proper questionnaire is recommended
to follow. BRUSO stands for brief, relevant, unambiguous and objective. The questionnaire
need to be brief, which can help to eliminate any sorts of confusion. Besides, all questions
that will be designed in the questionnaire must be relevant to the study (Patten, 2016). This
means the questions must have a connection with factors of uncertainty during real estate
projects. The questions asked need to be unambiguous, which means it needs to be direct
and simple. This can help respondents to analyze the question and make judgments for
answering properly. Questions must be specific and using proper grammar is recommended,
which can help to increase clarity of the questionnaire. Moreover, it is also recommended that
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objective questions can also be asked, which can help respondents to provide brief answers.
The open-ended questions need to be attached with close-ended. For example, did you agree
economic fluctuation is a big factor of uncertainty in real estate projects? If "no", explain in
brief. Hence, in-depth knowledge about the topic can be gained through this survey
procedure.
4. Target population
In case of this research, target population is the customer group those have bought or are
planning for purchasing properties. This kind of people can rely on the findings of this
research to understand that this real estate company is trying their best to reduce uncertainties
in real estate business. Findings of this research not only benefit the owner of real estate
companies but also will help customers to get better options while purchasing properties. As
mentioned by Robertson and Sibley (2018), gathering data from target population helps to
improve the quality of services and products as per the preferences of target people.
Uncertainties in real estate business occur due to various factors including political factors,
legal factors, economic condition of the marketplace, ability of customers to afford properties
and others. Data can be collected from current and potential customers regarding their point
of views towards these factors. According to Martínez-Mesa et al. (2016), understanding
viewpoints of customers will help researchers to modify their business practices for reducing
uncertainties. This research paper can be given to current and potential customers of this
company to make them an overview of the initiatives that have been taken to reduce the level
of uncertainty by this real estate company. It may improve their image and customers may
trust on this company while purchasing properties.
According to the sociocultural theory, people learn from their surroundings and it reflects on
their behavior. If customers get influenced by the findings of this research, they will share
this concept with their friends and family. As a result, more people will be influenced and
they will be attracted to this company after knowing their effort of reducing uncertainties.
This situation may help the SKY HIGH real estate company to attract more potential
customers towards their properties. Sharing the findings of this research with clients can help
them rely on the contents of sociocultural theory. This research paper must include
suggestions for customers that can help them to afford properties with facing minimum
economic and legal issues (Ferrara and Guérin, 2018). For example, lack of ability to target
customers to afford a house is causing uncertainty in the real estate business. This company
may suggest customers choose their proposals to buy a property through paying installments.
On the other hand, legal requirements are another cause of uncertainty in real estate sector.
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Many of the customers do not know more about legal facts of buying properties (Ambrose et
al. 2017). It is the duty of real estate organizations to share basic information regarding legal
guidelines of selling and purchasing properties. This research is covering these areas and it is
going to mention approaches that they are going to take to remove these causes of
uncertainties. Target audience will get information regarding these facts from this research
and they will understand that they can afford properties without worries. Findings of this
report will help the target audience to understand the dedication level of this company and it
will be easier for them to rely on the competence of this company to meet their expectations.
6. Conclusion
From the entire discussion, it can be concluded that all of the recommended methods are
suitable for this research as these methods can help the SKY HIGH real estate company
understands the strategies to reduce uncertainties in real estate business. On the other hand,
this company will be able to impress its target audience through sharing the findings with
their customers. Aim of this research can be met with the help of recommended methods.
Justifications of recommendations are helping in understanding the advantages of using those
methods. Besides, theoretical grounds have been included within this paper to support the
discussion and it proves the authenticity of selecting these methods by the real estate
company for this research. It can be said that these methods will give the opportunity to
evaluate viewpoints of different people regarding real estate uncertainties and it will be easier
to gather in-depth knowledge of appropriate practices.
Different methodologies like survey design, sample size and methods can help to conduct the
research process in a correct way and desired objectives can be achieved. Achieving desired
research outcomes can help this firm to frame strategies in removing uncertainties and satisfy
target audience. It is recommended to use a survey questionnaire that can help to retrieve data
from a large population. A different model like cognitive and BRUSO models are
recommended, which can be followed while designing the questionnaire. Random sampling
technique can be used to while sampling from the target population. This sampling technique
can help to provide an equal chance to all the individuals in the target population. Moreover,
data can be collected with the help of modern technologies like email, which can help to
reduce essential resources like time and cost.
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Reference list
Ambrose, B.W., Diop, M. and Yoshida, J., 2017. Product market competition and corporate
real estate investment under demand uncertainty. Real Estate Economics, 45(3), pp.521-590.
Brace, I., 2018. Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Ferrara, L. and Guérin, P., 2018. What are the macroeconomic effects of high frequency‐
uncertainty shocks?. Journal of Applied Econometrics, 33(5), pp.662-679.
Martínez-Mesa, J., González-Chica, D.A., Duquia, R.P., Bonamigo, R.R. and Bastos, J.L.,
2016. Sampling: how to select participants in my research study?. Anais brasileiros de
dermatologia, 91(3), pp.326-330.
Miller, K. and Willis, G., 2016. Cognitive models of answering processes. The Sage
handbook of survey methodology, pp.210-217.
Patten, M.L., 2016. Questionnaire research: A practical guide. UK: Routledge.
Robertson, A. and Sibley, C.G., 2018. Research sampling: a pragmatic approach. In
Advanced Research Methods for Applied Psychology (pp. 27-48). Routledge.
Springer, V.A., Martini, P.J., Lindsey, S.C. and Vezich, I.S., 2016. Practice-based
considerations for using multi-stage survey design to reach special populations on Amazon’s
Mechanical Turk. Survey Practice, 9(5), pp.1-8.
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