Term 3 Unit 3 Discussions: Are You Sitting On

Term 3 Unit 3 Discussionsunit Discussion Are You Sitting On A Milli

Describe the basic product that you already created for your hypothetical business in the introductory stage of the lifecycle. Remind your colleagues of your product as they may not remember this from week one! (MY HYPOTHETICAL BUSINESS) As a business owner, I will focus on creating my company within real estate. I will call my company Henry and Phillips Property Management Group.

Our primary focus will be on purchasing homes at a below market value to rehab and sell or hold on to as rental properties. The ultimate goal of Henry and Phillips will be to one day transition into a land development real estate company. Our product will be offering homes newly remodeled at slightly below market value to give the company a slight edge over our competition. We will be able to do this by purchasing homes from motivated sellers at a huge discount price. The type of homeowners that will create our lead generation: tired landlords, absentee owners, and homeowners in foreclosure.

These owners will be willing to sell us their home at below market value, which will in turn allow us to rehab and resell the homes or place the homes for rent.

How will your product evolve as you move into its growth phase? Will you add new features, for example, to stay ahead of your competition? Will you improve the product quality? Will you improve the product’s style? Will you add a new size, color scent to your product?

Our strategy involves enhancing our offerings by increasing renovation quality to attract more buyers and investors, expanding our service range to include property management for rental homes, and leveraging technology for better lead generation and customer engagement. We will also stay ahead by researching market trends and adapting property features accordingly, such as incorporating energy-efficient upgrades or modern designs. This approach ensures our product remains competitive and continues to meet the evolving needs of our customers.

This strategy aligns with the product lifecycle as initial focus is on establishing a niche market with competitively priced renovated homes, then evolving through significant quality improvements and service diversification during growth. Incorporating new features and improving the product quality helps sustain demand, attract higher-end clients, and solidify market position, ultimately leading to long-term profitability.

Paper For Above instruction

The proposed real estate business, Henry and Phillips Property Management Group, is positioned at the introductory stage of its product lifecycle. This stage involves establishing a foothold in a competitive market by offering uniquely priced, renovated properties targeted at motivated sellers, predominantly tired landlords, absentee owners, and homeowners facing foreclosure. The core product—remarkably affordable, renovated homes—serves as the foundation upon which the company aims to build sustainable growth and expand into larger real estate operations such as land development.

During the introductory phase, the focus must be on establishing brand recognition, developing operational processes, and differentiating the product from competitors. The pricing strategy—offering properties slightly below market value—aims to attract buyers and investors swiftly, generate positive cash flow, and create a reputation for value. This approach aligns with the marketing principles of value-based differentiation and targeting niche market segments that are underserved or overlooked by traditional real estate firms (Kotler et al., 2015).

As the company transitions into the growth stage, the business must prioritize product evolution to maintain competitive advantage and capture larger market share. This evolution involves not only scaling the volume of properties purchased and renovated but also enhancing the quality of these offerings. Improving renovation standards by including modern features, energy-efficient appliances, and contemporary designs can appeal to a broader customer base and fetch higher resale or rental prices (Luo & Bhattacharya, 2006). This aligns with the natural progression in the product lifecycle, where increased quality can command premium pricing and foster customer loyalty.

Furthermore, diversifying services is essential for differentiation during growth. Offering property management services for rental properties creates additional revenue streams and builds long-term relationships with clients, establishing the company as a comprehensive real estate provider (Porter, 1980). Incorporating innovative technology platforms, such as virtual tours, digital marketing, and property management software, can streamline operations, improve customer engagement, and lead to better lead generation (Hussein & Zaki, 2018).

Strategically, these enhancements serve multiple purposes: they increase the perceived value of the product, sustain consumer interest, and establish barriers to entry for competitors. For example, by developing a reputation for high-quality, affordable homes with excellent management services, Henry and Phillips can command higher prices and leverage economies of scale. Moreover, staying alert to market trends—such as shifts toward sustainable living—allows the business to incorporate cutting-edge features into its properties, keeping them relevant and desirable (Barney, 1991).

In conclusion, the evolution from the introductory phase into growth involves a deliberate strategy of enhancing product quality, expanding features, and diversifying services. These actions enable the business to capture new customer segments, increase profitability, and build a sustainable competitive advantage. Properly managing this transition is critical for the long-term success of Henry and Phillips Property Management Group, paving the way for eventual expansion into land development and beyond.

References

• Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
• Hussein, M., & Zaki, M. (2018). Digital transformation in real estate: a comprehensive review. International Journal of Business Information Systems, 29(2), 123-142.
• Kapferer, J. N. (2012). The New Strategic Brand Management: Advanced Insights and Strategic Thinking. Kogan Page Publishers.
• Kotler, P., Keller, K. L., Ancarani, F., & Costabile, M. (2015). Marketing Management (14th ed.). Pearson.
• Luo, X., & Bhattacharya, C. B. (2006). corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4), 1-18.
• Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
• Rosenberg, S., & Truelove, E. (2019). Real estate investment and development: A strategic overview. Journal of Property Investment & Finance, 37(1), 45-60.
• Schindler, P. S., & Dibb, S. (2018). Selling and Sales Management. Pearson.
• Zeithaml, V. A., Parasuraman, A., & Berry, L. L. (1985). Problems and Strategies in Services Marketing. Journal of Marketing, 49(2), 33–46.
• Yoo, B., Donthu, N., & Lee, S. (2000). An examination of selected marketing mix elements and brand equity. Journal of the Academy of Marketing Science, 28(2), 195-211.