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Business Strategy for Access Real Estate

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Business Strategy for Access Real Estate

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Description

You are working for a well-established conglomerate group as the Head of the Product/Service SBU. Your Chief product/service development officer is of the view that its existing marketing network within the country has to be enlarged by introducing a sound product development/service development plan. As part of your assignment, you should make clear what the proposed product or service is. To make this forward looking strategy very positive, you need to complete the following tasks;

 

  1. A) Describe the Ansoff’s product market vector matrix and its relevance to your new development strategy. (suggested word count 400 words)
  2. B) Discuss a suitable entrepreneurship model that is relevant for your new product or service introduction plan. (suggested word count 400 words)
  3. C) Discuss how an effective market research strategy can be put in place to assess the feasibility of introducing this new product or service. (suggested word count 500 words)
  4. D) Explain a suitable financing strategy for this new product or service. (suggested word count 400 words)
  5. E) Discuss the procedures involved with regard to the introduction of the new product/service. (suggested word count 400 words)
  6. F) Explain how will you measure customer benefits of your product or service and why it is important to get customer feedback. (suggested word count 400 words)

Additional information

Table of Contents

1. Introduction
2. Ansoff Matrix
2.1. Market Penetration
2.2. Product Development
2.2.1. Relevance to Development Strategy
2.2.2. Strategic Recommendations
2.3. Market Development
2.4. Diversification
3. Business Canvas Model
4. Market Research
5. Financing
5.1. Budget
5.2. Pecking order theory
5.3. Sources of financing
5.4. Additional factors
5.5. Challenge
5.6. Recommendation
6. New Product Development
7. Customer Benefit
7.1. Balance Score Card (Customer Perspective)
8. Scope for further research
9. References
Preview

Executive Summary
Access Real Estate Pvt Limited is a company operating in the real estate business within Sri Lanka. Their core business activity is developing lands and selling. However, with the recent economic hardships the country is undergoing, the company was experiencing a reduction in the demand for such land plots. However, after short market survey, it was identified that the demand for rental homes has increased since people are demanding houses to live in rather than purchasing their own homes. Thus, the latest product offered by ARE is their range of rental homes which are available at urban locations in three categories. The affordable range, the mid-range and the luxury range.
This report focuses on the above idea and provides the theoretical support in developing the business utilizing many different frameworks and models which could be actively utilized by ARE in developing their new product. The product development supported by Ansoff matrix and recommendations are made to improve the operational efficiency of the products. Overall, this could be identified as one of the profitable ventures and ARE should be aware of their customer’s satisfaction within the overall operations.

1. Introduction
Access Real Estate (ARE) is one of the subsidiaries of access group which is focused on developing lands and selling. Established during 2004 with the aim of developing quality home plots and to uplift the life of their customers, the company have successfully completed more than 120 land development projects within Sri Lanka. Their next market expansion is based on product development where the company is planning to introduce their latest built housing rental service which caters the customers who seek quality living.

2. Ansoff Matrix
Ansoff matrix is focused on developing new markets and products for companies for their expansions. The same can be strategized by companies in expanding their operations and achieving the growth. There are mainly four areas such expansions can be focused on. (Loredana, 2016)

2.1. Market Penetration
Market penetration is achieved by providing existing products to the existing market. The main aim of this strategy is to further improve the existing market share and be the leader within the existing market segment. (Schawel et al, 2018) The main objectives targeted towards achieving via this model is,
• Increase the market share
• Securing the dominance within the markets – Being the leader within the current market segment.
• Driving the competition out from the market – Beat the competition and become the leader.
• Increase the customer usage – By actively pushing the products towards the customers via the marketing and product placement.
This strategy is much about business as usual. The volumes are increased to penetrate the market and become the leader

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