IMPACT OF MARKET STRATEGY ON CONDOMINIUM SALES

Abstract

The success of any developnent is gauged by its sales performance and the level of satisfaction it gives to the pjrchasers There are many factors that contribute to this success. It is known that bcation is a prime selling point and so is the timing of launch. In the event whereby both determinants are similar, what then is the chief cause of success? This dissertation seeks to examines the controllable variables which affect sales performance The controllibles underlined for study are price, product, place and promotion, or commonly known as the four Ps of a marketing plan In an attempt to draw out the impact of an efective marketing strategy on the success of condominium sales, a comparative study was done on two competing waterfront condominium projects, namely Costa Rhu and Pebble Bay. In view of the reasons fcr the success of condominium sales, it examines the application of marketing principles in the real estate condominium market and looks into the implications of an efective marketing mix on the sales of condominium Analysis of sales reveals that it is imperative that the product strategy be appropriately designed to meet the needs of purchasers, i.e. product must be market fit However, an effective product strategy must go hand in hand with a competitive pricing strategy. The product so priced must be within the budget of the purchasers. Since the costs of development are generally the same for all developers, thus, the emphasis is more on the product strategy is rather than the pricing strategy. As for promotion, it was found that direct sales force and cooperating with estate agents is effective in influencing and persuading sales. Indeed, the impact of marketing strategy is great especially for competitive developments Apart from location and timing of launch, there is no doubt that having a right marketing mix is the third key factor to effective marketing and hence to greater success in sales.