Enterprise & Entrepreneurship: Prime Properties Business Plan Report

This report presents a detailed business plan for Prime Properties, a real estate company, exploring the rationale behind the business idea and the methods used for its generation. It includes a thorough analysis of the products and services offered, the company's vision and mission, and various feasibility studies such as product/service, industry/target market, organizational, and financial feasibility. The report also delves into market segmentation, targeting, and positioning (STP), Porter's five forces, and the marketing mix, including SWOT and PEST analyses. The conclusion summarizes the key elements of the business plan, highlighting the potential for growth and success in the competitive real estate market. This document is available on Desklib, a platform offering study tools and solved assignments for students.

ENTERPRISE AND
ENTERPRENEURSHIP

INTRODUCTION
 Real estate business is the profession of selling, buying, or renting the properties
to the people. This business is much profitable as the value of the land never
lowers instead it always increases.
 Prime properties company is the real estate business company who will offer
different types of properties for buying and selling which includes residential,
commercial, industrial and agriculture land.

Why this business-
 Real estate business is considered as the most promising sector for the new start-
up of the business. The scope of demand of the properties makes this sector the
most profitable sector.
 This sector was selected as it also the profitable business because the value of the
property never decreases instead it increases day by day.

Methods used to generate the business idea-
 Problem inventory analysis was used to generate the real estate business idea by
focusing on the problems. This analysis helps to focus on the new product and
services ideas.
 This analysis was used because by this it becomes very easier to relate with the
known products and services for generating entirely new products and for
suggesting the solution.

Products and services offered-
 The products and services offered by
the Prime Properties are all the
properties which are provided in this
sector.
 Usually, the problem faced by the
people are in the rental services so
by analysing, the rental services will
be provided to the people according
to the needs and wants of the
customers (Chitty and et.al. 2019).

Vision and mission of the company-
 Prime Properties major long term goals
and objectives is to expand its wealth,
going public as well as going through the
new opportunities for the business.
 The company wants to grow as early as
possible to lead in the competitive market
as five years from now.

Feasibility studies
 Feasibility study is an assessment of the proposed plan practically. The
feasibility study helps the company to analyse whether the company will
succeed in the future or not.
 . Prime properties going through these feasibility studies will help this
company to evaluate their future growth (Kikavets, 2019).
 The four forms of feasibility studies are-
 Product/ service feasibility- This feasibility analysis is used to evaluate
the overall performance of the proposed product and service of the
company.

 Industry/ target market- This feasibility study involves
the assessment of the industry attractiveness, target market
attractiveness and the timeliness of the market.
 Prime properties is the business which is much demand in
the present as well as in the future so by this the company
can understand that the company will grow in the future.
STP-
 Segmentation- Through this, the company can identify the
niches with the particular needs, market to find the new
customers and delivering the more effective and focused
marketing messages (Corden, 2019). Prime properties can
do market segmentation like geographic, demographic,
physiographic and behavioural.

 Geographic segmentation- This is the market strategy which is used
to target the products and services at a particular location. It involves
understanding the needs and wants of the particular location (Christy
and et.al. 2021).
 Demographic segmentation- - This segmentation is based on the
demographic variables such as gender, education, income and many
more. This helps the organization to understand the who their
customers are according to this they can address the needs.
 Physiographic segmentation- This segmentation helps in dividing the
consumers on the basis of the personality, lifestyles, social status,
opinions, attitudes and many more. This helps the organization to
address the needs and wants of the customers according to these
segments as this will help in satisfying every customer of the
company.

 Behavioural segmentation- This is the segmentation in which the customers are divided on the
basis of their behaviour patterns while interaction with the specific business. The behavioural
patterns of the consumers includes the actions they perform in their everyday life.
 Targeting- It is the most important element for the start-up business as it allows them to serve to
the particular market. Prime properties will target the customers who are interested in investment
for long term as well as for short term.
 Positioning- It is the process of creating the products and its marketing for fitting to the market
segmented. The tool used to figure out positioning is to understand the unique selling preposition
to the segment.

 Organizational feasibility- This feasibility study
focuses on the sufficiency of the resources by the
organization to bring or launch the product or service to
the market. Prime Properties must check the resources
for the business because lack of resources will not be the
profitable business. The company must ensure the
resources for the successful launch of the business. The
most important resource for the organization is the
budget (Mukhezakule and Tefera, 2019).
 Financial feasibility- This feasibility study enables the
organization to understand whether the business plan is
fiscally viable or not. It basically includes the cost
benefit analysis of the business plan. It outlines the
financial risks and forecasts the expected return on
investment (ROI).

Porter's five forces
 Porter's five forces is the model or tool which is used by the
organizations to identify and analyse the five competitive
forces which helps in shaping the company as well as
determining the weakness of the company. Through this
model, Prime properties will be able to understand its
competition in the market and its weaknesses. The five forces
are-
 Competition in the industry-
 The first force is states the number of the competitors as well
as their ability to undercut the company. The power of the
company lowers when there is large number of competitors
along with the products and services they offer.