Holmes Institute HC2022 Marketing Research Group Report: SKY HIGH

This marketing research group report analyzes the Australian real estate market, specifically focusing on the challenges faced by SKY HIGH Real Estate Developers. The report begins with an introduction highlighting the competitive pressures and uncertainties in the real estate business, including declining commissions, technological advancements, and changing customer expectations. It then details the collection method, emphasizing the importance of primary data and quantitative data for understanding market trends and customer perspectives. The report outlines a survey design, including questionnaire development, ethical considerations, and target population identification. The survey design section covers question types (demographic, market perspective, technology impact, competition, and purchasing behavior), consent forms, and privacy. The report also discusses the target population, which includes residential and commercial property customers, real estate agents, and companies. The goal is to provide SKY HIGH Real Estate with actionable insights to develop effective business strategies and navigate the complexities of the Australian real estate market. The report concludes with a discussion on data collection, survey design and target population.

MARKETING RESEARCH
GROUP REPORT
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Table of Contents
1. Introduction...............................................................................................................3
2. Collection Method.....................................................................................................3
3. Survey Design..........................................................................................................6
4. Target population....................................................................................................10
5. Sample Size and Method.......................................................................................11
6. Conclusion..............................................................................................................12
References.................................................................................................................14
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1. Introduction
The real estate business of Australia is encountering huge competition that has
resulted in the decline of the commission, thereby effecting the developing of
projects. The commission had fallen from 2.5% in 2009 to 2.18% in 2016. The rate of
property management reduced by 7.3% in 2014 to 7% in 2016 (Deloitte, 2018).
Furthermore, the advancement of technology has created significant pressure on the
traditional agency, thereby extending the budget of real estate projects. The rising
cost in the project development and increased labour turnover in real estate
business has encouraged outsourcing of the labours from different countries.
Another uncertainty is satisfying the expectations of the vendors. 53% of the real
estate agents mentioned that their biggest challenge was to fulfil the price
expectation of the vendors. However, the most significant uncertainty that affects the
project development of the real estate was slowing down of the market due to the
declined purchasing power of the customers (Neary, 2019).
All these uncertainties are encountered by SKY HIGH Real Estate Developers in
Australia that is resulting in business risk. Hence, the management needs to carry
out a market analysis for developing effective business strategies. This report aims
to create a plan for the collection of primary data for SKY HIGH Real Estate
Developers that can help them to prosper in future. Focusing on technological
advancement and customer need can help SKY HIGH Real Estate Developers to
attain success in future.
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2. Collection Method
Gill et al. (2008) defined data collection as the procedure of obtaining and assessing
data on the variables of interest in a standardised way. Data collection is identified
as one of the significant stages of research. The process of data collection depends
on the research issue and begins with the determination of the data type and sample
population selection. In the given case, SKY HIGH Real Estate Developers needs to
know about the current perspective of the customers on real estate business for
understanding the uncertainty of the same. Hence, for this reason, it is essential to
gather updated and valid data that can guide SKY HIGH Real Estate Developers in
developing effective business strategies for a prosperous future.
The process of data collection can be divided into two categories, namely primary
data collection and secondary data collection. Quinlan et al. (2019) defined primary
data as the information obtained from the first-hand experience. The primary data is
reliable, authentic and updated. Collections of primary data can be expensive and
time-consuming. At times, it can be limited, and collection may be difficult due to
population scarcity or non-cooperation of the participants.
On the other hand, secondary data is obtained from the published sources like
books, journals, websites and government reports. The validity of the secondary
information is often doubted as it is not updated. However, obtaining secondary data
is easier as they are derived from useful published sources. Moreover, there is an
abundance of data available from where the researcher can sort his or her section
for helpful analysis.
SKY HIGH Real Estate Developers needs to analyse the future market trend of
property management business. For this, the researcher needs to gather updated
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and valid information regarding the current market and the factors that would
influence the future of a business. Hence, in this case, primary data would be
appropriate. Thus, SKY HIGH Real Estate Developers can gather primary data from
the customer to understand their perspectives on the purchase of land or houses.
The primary data would help the researcher to collect specific data regarding the
problems under the study. Ostrow et al. (2017) mentioned that primary data would
offer quality information to the investigator of SKY HIGH Real Estate Developers.
The process of the data collection can be lengthy and costly, but the information
obtained would help the researcher to have a complete idea about the real estate
market of Australia in the present as well as future. The secondary data is not much
effective in this case because its accuracy cannot be assessed, and the data
collected can be affected by environmental factors.
The primary data can be categorised as quantitative and qualitative data. The data
which can be presented numerically with the help of graphs and charts are called
quantitative data. The data which contain descriptive information is called qualitative
data (Almalki, 2016). SKY HIGH Real Estate Developers needs vital information on
the real estate business in Australia. Hence, quantitative data can be useful in
offering a broader study and ensuring greater accuracy of results. Quantitative data
helps in objective testing for identifying and effective research outcome. The steps of
collecting quantitative data are standardised that help in preventing biasness and
correctly analysing data. The result obtained from the data is valid, accurate and
updated and can be generalised for a large number of population. The more
significant number of the population used in quantitative research reduces the
chances of error in the research. Thus, HIGH Real Estate Developers can rely on
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quantitative data for assessing the factors resulting in uncertainty in the property
management business.
Thus, SKY HIGH Real Estate Developers would carry out primary research for
understanding the factors influencing the market of real estate and its project
development in future. The data collected in the process is quantitative. The data
would be collected from the probable customers of real estate sector.
3. Survey Design
Survey Design is the procedure of organising surveys with the objectives of obtaining
significant insight from the survey. Heeringa, West and Berglund (2017) commented
that survey design includes planning of the entire survey project and identifying the
steps for organising a survey. SKY HIGH Real Estate Developers need to organise
market research for evaluating the factors that result in the uncertainties in the
property management sector. Hence, primary data would be collected. The
management of SKY HIGH Real Estate Developers can opt for a survey for
gathering primary data. The data gathered in the process would be quantitative.
Skinner and Wakefield mentioned (2017) that survey would help in assessing the
thoughts, opinions and feelings of the participants. The survey is the right way of
obtaining a vast amount of information from a wide range of the population. It is
possible to administer survey though online platforms, telephone or can be done
face-to-face. Chitchyan et al. (2015) argued that a survey could result in biased
opinion as they are self-reported by the participants. Hence, careful attention should
be provided while designing the survey.
The survey for SKY HIGH Real Estate Developers would focus on obtaining
information regarding the factors influencing the real estate sector. The survey would
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be carried out on the customers who invest in real estate businesses or are planning
to purchase any property. An online survey can be organised based on a
questionnaire. The online survey would reduce time and would enable better access
to the participants. The online survey can be done through the social media platform
like Facebook and Instagram. A link would be provided that would direct the
participants towards the survey.
A questionnaire is a tool which consists of questions that would obtain information
from the participants. The questions within the survey can be both open-ended as
well as close-ended. SKY HIGH Real Estate Developers should provide a particular
focus on the design of the question. Moreover, it is also essential to emphasise on
the sequence of the question, layout, language and appearance. The questions
should be designed logically, and they should be effective enough to assess the
research issue. The questionnaire which can be developed by SKY HIGH Real
Estate Developers analysing the market and its situation in future are discussed
below:
1. Select your to gender
o Male
o Female
2. What is your income (AU$)?
o 1001-2000
o 2001-3000
o 3001-4000
o 4001 and above
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3. Do you have any patent agent for dealing with property management?
o Yes
o No
4. How do you decide the price of the property that you are going to invest in or sell
in the market?
o Knowledge from my broker
o Information on the internet
o Market analysis
5. From where do you gather information about a property or others to sell the
products?
o Agents
o Friends and Family
o Internet
6. How far do you agree that the internet and development of different apps have
reduced the necessity of real estate agents?
o Highly Agree
o Agree
o Neutral
o Disagree
o Highly Disagree
7. Do you think that there are several numbers of real estate businesses?
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o Yes
o No
o Don’t know
8. Do you think that intense competition in the market has reduced the price of
properties?
o Yes
o No
o Don’t Know
9. How far do you think that the business of real estate is slowing down?
o Highly Agree
o Agree
o Neutral
o Disagree
o Highly Disagree
10. What is the reason for the decline in the real estate business?
o Cut-throat competition
o The lower purchasing power of the customers
o Rise of advanced technology
The present questionnaire is designed for the customers of the real estate business.
The first two questions are demography for obtaining necessary information about
the participants. Usually, people within the higher income range invest in real estate
business. However, people in the middle and lower-income range save money for
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purchasing properties that are significant for life. The next question is designed to
obtain the perspective of the respondents on the market of the real estate business.
The question designed on technology helped in understanding the impact created by
the technology on the real estate business. The questionnaire is also designed to
evaluate the extent to which competition is impacting the property management
business. Moreover, the questionnaire will also shed light on the effect of the
purchasing behaviour on the consumer on the real estate business.
However, before beginning the survey, the participants have to click on the consent
form to ensure that they are taking part in the survey willingly. The survey is
designed focusing on ethical considerations. The survey questions are designed to
prevent any sort of biasness in the gathered data. Prior consent of the participants
has to be undertaken by the management of SKY HIGH Real Estate Developers.
This would ensure that none of the participants is forced to take part in the survey.
Privacy is another essential factor which is required to be considered while designing
the survey. SKY HIGH Real Estate Developers needs to ensure that the privacy and
confidentiality of the data and the participant's identity is maintained. The participants
should be allowed to back off from the survey whenever they would like to do so.
SKY HIGH Real Estate Developers has to make sure that the information gathered
from the participants is used for their research purpose and that the information is
stored carefully following the Data Protection Act.
4. Target population
The housing prices of Australia are increasing with the falling interest of the
government and the turbulent economic condition. Nonetheless, the decline in the
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purchase of the properties in 2019-20 has restrained the growth of the industry. This
has not only declined the price of the houses but also led to the fall of the revenue
due to the narrowing of the customer segment.
The current survey by SKY HIGH Real Estate Developers focuses on analysing the
market condition of real estate business in Australia, and its effects in future. Hence,
the study is carried out on the customer who is responsible for the growth or decline
of the market. The majority of the target market or the audience of the research
would include the people who are involved in residential activities. The customers
can consist of the normal residence of Australia, owners of hotels or retail
businesses. This consists of the middle and high-end groups. The purchasers of the
commercial properties are much more sophisticated and experienced. The different
real estate agents and companies also form the audience of the research. The big
business personalities dealing with hotel businesses and others form the primary
target market of the SKY HIGH Real Estate Developers. Thus, the primary target
market on whom SKY HIGH Real Estate Developers would be focusing for carrying
out the research is the normal residents of Australia, commercial house sellers and
the industrialist (Victoria Government, 2008). The younger generation who have
entering new jobs and are moving towards prosperous future and planning for
marriage and family aspire for purchasing new houses. They also form the target
market of the SKY HIGH Real Estate Developers. However, the decline in the wage
rate and chances of employment have declined the purchasing power of the
customers, thereby creating a negative impact on the sales of the properties. Hence,
the survey can be carried out on the selected target market to have a clear idea on
the market condition and the impact it creates on the uncertainties.
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5. Sample Size and Method
Lu et al. (2016) defined that sampling size is the procedure of statistical analysis in
which several observations are selected from a larger population. The number of
participants selected from the population is called the sample size. There are
different ways in which sample size can be chosen by the researcher to ensure that
the result obtained from the selected population can help in generalisation, thereby
maintaining the validity and reliability.
Sampling methods can be of two types, and they are probability and non-probability.
Probability sampling method can be used in which the people with the above
inclusion criteria would be allowed to take part in the survey (Etikan, Alkassim and
Abubakar, 2016). This method allows every member of the population equal chance
to get selected. Non-probability sampling refers to the selection of the participants
consciously. In this case, the researcher of SKY HIGH Real Estate Developers can
opt for non-probability to select the customers for the survey. Simple random
sampling technique can be utilised for choosing the participants on the social media
platform. The survey can be organised on the population selected randomly on
social media. Simple random sampling can help in selecting 300 participants for the
survey. The inclusion criteria for the survey included people aged 25 years and
above and should have already invested or are ready to invest or purchase
properties.
6. Conclusion
The present reports shed light on the research methods that could be used by SKY
HIGH Real Estate Developers for investigating into the market condition. It can be
recommended that that SKY HIGH Real Estate developer needs to focus on primary
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