Comprehensive Marketing Analysis and Recommendations for My Valuer

This report provides a comprehensive analysis of My Valuer's marketing strategies within the New Zealand market. It begins with an executive summary and table of contents, followed by an introduction that emphasizes the importance of marketing in the consumer service sector. The report then delves into My Valuer's marketing mix, examining product (service offerings), price, place (market presence), and promotion. A SWOT analysis is conducted to identify the company's strengths, weaknesses, opportunities, and threats. The report further explores customer demographics, specifically age and income, and recommends an ideal digital marketing platform. The conclusion summarizes the key findings and recommendations, reinforcing the importance of effective marketing strategies for My Valuer's continued success. The report also includes several figures illustrating marketing budgets, service offerings, pricing trends, and marketing preferences.

Running head: MARKETING MANAGEMENT
Marketing management
Name of the student
Name of the university
Author note

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Executive summary
The aim of this report is to discuss about the marketing strategies of My Valuer being practiced.
In addition, this report also discussed about the internal environment being faced by them.
SWOT analysis is being used in order to identify the positive and negative factors of them. In
accordance to these, their ideal marketing mix is being recommended in this report along with
integrating two customer demographics of age and income. Ideal digital marketing platform is
also being suggested in this report.

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Table of Contents
Introduction......................................................................................................................................3
Marketing mix of My Valuer...........................................................................................................4
Product.........................................................................................................................................5
Price.............................................................................................................................................6
Place.............................................................................................................................................7
Promotion....................................................................................................................................8
SWOT analysis................................................................................................................................9
Strengths......................................................................................................................................9
Weaknesses................................................................................................................................10
Opportunities.............................................................................................................................11
Threats.......................................................................................................................................12
Customer demographics................................................................................................................14
Recommended digital marketing platform....................................................................................15
Conclusion.....................................................................................................................................16
Reference.......................................................................................................................................18

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Introduction
Marketing plays an important role in enhancing the business opportunities for the
business organizations. Marketing is becoming more mandatory and important in the current
business scenario due to the reason that, competition is more intense with the presence of number
of similar players in the particular sector (Dickinson, 2014). This is also leading to the fact that
the marketing budget of the business organizations from different sectors increasing at a rapid
pace. Every major sector is having their marketing budgets to communicate their products and
services to the target audience.
Figure: 1
Marketing budget in different sectors
Source: (deloitte.wsj.com, 2018)

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The above figure shows that, consumer product sectors are having more marketing
budget compared to the manufacturing sectors. This report will talk about one of the consumer
service sectors in New Zealand. My Valuer is one of the leading organizations in the market of
New Zealand and they offer consumer services such as market valuations of different
commercials and residential properties and insurance covers of the properties. Thus, according to
the above data, this organization falls in to the consumer service category, which constitute
second highest spender in marketing.
Marketing is more important for My Valuer due to the reason that, they are not having
any physical goods and physical evidence and thus, extensive and effective marketing will
communicate their value offerings to the customers (Gronroos & Gummerus, 2014). This report
will discuss about the marketing strategies of My Valuer considering different marketing
elements. Few recommendations will also be discussed in this report in order to enhance the
effectiveness of their existing marketing strategies.
Marketing mix of My Valuer

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Figure: 2
Marketing mix elements
Product
As discussed earlier, My Valuer offers services and thus their services will be considered
as products in the marketing mix. One of the key strategies of them in terms of service offerings
is offering diverse and large number of products. As per the information available in their official
website, their valuation services ranges from residential properties, commercial properties to
rural sector. Thus, with their diverse service offerings, they are targeting different customer
segments across different income level and profession (Lusch & Nambisan, 2015). Their official
website also stated that, they offer insurance services for the properties. Thus, the user
experience of the customers will be more holistic. Targeting the large number of customers with
diversified services is their marketing strategy.

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Figure: 3
Service offerings of My Valuer
Source: (Myvaluer.net.nz, 2018)
Price
As per the information available in the official website of My Valuer, pricing is being
calculated on the basis of fair cost. Though, the exact price is not stated in their website, but from
the available information, it can be termed that price of their services are as par to the industry
standard. The price of the particular service is calculated through the size and nature of the
property (Khan, 2014). Moreover, customers are provided with the quotation of the price prior to
the providence of the service. With this strategy, they are competing effectively in the market. In
addition, due to offering price according to the industry standard, their competitors are also not
able to enjoy the price leadership in the market. However, according to the below graph, the
price trend of the properties is increasing and thus, it can be assumed that, the price of My Valuer
will also get increased.

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Figure: 4
Property price trend of New Zealand
Source: (QV.co.nz, 2018)
Place
Currently, My Valuer is only having their market presence in New Zealand. However, in
the market of New Zealand, they are having their presence in every corner with the access to
different rural, commercial and urban properties. They do have both offline and online presence.
For instance, their official website provides the basic information regarding how to access their
services with required contact details (Ogonowski et al., 2014). They are also having their offline
presence in the forms of their offices in different locations. However, their online presence can
only act as a medium of communication due to the reason that, valuation of the property cannot
be done through online medium.

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Promotion
The current era is of the online mediums in terms of the promotional activities. My
Valuer also practices online promotional activities majorly. They are gaining mainly two key
advantages from it. One of the benefits is the less incursion of cost compared to other
promotional media and another is wider market reach. New Zealand is a developed country with
having favorable market penetration of the internet (Talpau, 2014). Thus, My Valuer initiates
advertising through their official website and through other third party websites.
Figure: 5
Marketing preferences of different mediums
Source: (Marketingcharts.com, 2018)

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The recent trend is also showing the more preferences of the marketing professionals
towards the online mediums. Thus, with the initiation of the online promotional strategies, My
Valuer is gaining the effectiveness of them.
SWOT analysis
Figure: 6
Elements of SWOT analysis
Strengths
One of the key strengths of My Valuer being identified is the diverse service offerings of
them. This is considered as strength due to the reason that, with the help of the diverse product
offerings, My Valuer will have less market and business risks. Currently, they are offering
services in terms of residential, commercial, rural properties and insurance services (Qiu, 2014).
Thus, decrease in the market opportunity in any of these sectors can be adjusted with the profit
from another one. Thus, the dependency on single service offering will be less for My Valuer.

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Diversified product offerings
Residential properties Commercial properties Rural properties Insurance services
Less business risk More target segments
Moreover, with the help of the diverse service offerings, My Valuer is being able to target
different customer segments and thus, the market area or coverage is more for them. In the
further stage, this will help them to enter in the goal market with diverse service offerings.
Another strength identified is the brand value of them in the New Zealand market. This is
considered as strength due to the reason that, My Valuer is one of the leading property valuation
service providers in New Zealand. Thus, the positive brand value of them is helping in attracting
more customers in the market. In addition, positive word of mouth generated from the existing
customers of them is also helping to establish their brand in the market. This positive brand value
of them will also enable in entering in foreign markets.
Weaknesses
The market reach of My Valuer is limited within the boundaries of New Zealand.
Though, they are doing great job in the New Zealand market, but in the current era of
globalization, market coverage should not be limited within the national boundaries. Thus, My

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Valuer is having less experience compared to the global firms and the business risk of them is
also higher. This is due to the reason that, their business is entirely depending on the economy of
New Zealand and thus, negative impact on the economy will have negative impact on their
business operation also. It cannot get adjusted from the other global operations.
Another key weakness identified is the absence of any distinctive competitive advantages
of them. It is due to the reason that, the service offerings of My Valuer are at par of their
competition in the market (Schilke, 2014). However, they do not possess any distinctive
advantage over their competitors, which will help them to attract more customers. As discussed
in the marketing mix of them, they also do not have any price leadership in the market. Thus, the
intensity of competition will be much higher on them and it is more difficult for My Valuer to
attract customers.
Opportunities
The cost and demand of property in New Zealand is on rise due to the massive increase in
the immigration. According to various reports, New Zealand is witnessing massive inflow of
immigrants in the recent time. Thus, with the increase in the number of immigrants in the
country, the demand for new households is also increasing at a rapid pace (Akbari &
MacDonald, 2014). This is a huge opportunity for My Valuer due to the reason that, the more
will be the increase in the demand of the household, the more will be the demand for property
valuation. Moreover, in the case of the entering in foreign markets also, increase in the demand
of the house will help them to gain more profit from the market.