Assessment Of Effectiveness Of Modern Marketing Tools In Real Estate Agency Practice In Abuja Nigeria

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ASSESSMENT OF EFFECTIVENESS OF MODERN MARKETING TOOLS IN REAL ESTATE AGENCY PRACTICE IN ABUJA NIGERIA

CHAPTER ONE

INTRODUCTION

Background to study

Looking back at the past decade, the forms of marketing that nobody had ever heard about are now into play and they are being employed with noteworthy results. Take the instance of electronic marketing. In the start of the millennium, e-mail marketing was the greenhorn. Today, it is an essential part of nearly every marketer’s PoA. In the field of marketing, it initially gained recognition as a means to reach many customers through a single source of communication. Now, it is the medium of marketing that is used to send personalized messages to different target groups segmented into smaller sizes. And, this trend seems to be present in all other forms of marketing. Marketers have come to realize that each consumer has a varied psychology and in order to get more customers, they must reach each one discretely. While this knowledge was established during this decade, it was not until recently that the marketing strategies designed specifically concentrated on manifesting it. The concept of ‘mass marketing’ and ‘high economy of scale’ is now passé. A visionary company now spends a considerable portion of its budget to distinguish the consumers’ needs and offer products that satisfy each one. This has resulted in horizontal diversification of the product line. Such an approach is less likely to culminate into the total failure of the marketing plan.

 

Most innovative practices of marketing are well known to create penetration and depth in customer reach that have remained practically impossible for many successive ages. We would introduce here some of the greatest and most innovative & creative practices of marketing in the global business scenario.

It is now needless to say that innovation plays the leadership role in all functional disciplines of the business and marketing being the most rigorous and instrumental in creating the success stories of market penetration and expansion requires innovative measures and continuous research more persistently than other business functions. Following the globalization and its worldwide business trends most of the large corporations and aspiring small as well as medium companies are driving innovative marketing strategies and initiatives in the global scale to obtain better stability and reach in market. Most innovative practices of marketing are well known to create penetration and depth in customer reach that have remained practically impossible for many successive ages. We would introduce here some of the greatest and most innovative and creative practices of marketing in the global business scenario.

In real estate, the construction industry in Nigeria is a fast growing sector of the economy which recorded a growth rate of more than 20% between 2006 and 2007, this growth has however, not been commensurate with the growth of Nigeria‟s total Gross Domestic Product (GDP) as the overall contribution of the construction sector to the country‟s GDP remains very low at 1.83% in 2008, Key marketing tools that have contributed to the growth in the construction and property sector created high demand for building across all sectors of the economy(Trade Invest Nigeria, 2012).

 

Real estate investment is quite significant in Nigeria. Jhingan (2004), explained that investment involves buying shares, stocks, bonds and securities which already exist in the stock market.But this is not real investment because it is simply a transfer of existing assets; hence it is called financial investment which does not affect aggregate spending.Real estate refers to real investment which adds to capital equipment. Investment leads to increase in the level of income and production by increasing the production and purchase of capital goods;it is often done in the form of capital gain or regular income cash flow or could also be both, (Fidelis and Chinedu, 2011). Investment property include any property that is purchased or built with the intention of gaining a return and it is considered as investment property either by renting the property, profiting over time from appreciation, buying low and selling high, or renovating the property and selling it for more than the purchase price. Investment property can be residential building, commercial building, factory and vacant land. The term investment property usually describes property that the owner does not occupy, but in some cases, the owner may occupy a portion of it(Arrondelaand Leferbvreb ,2001).

 

 

Statement of problem

Nowadays people are becoming more and more environmentally conscious, which encourages the establishment of new companies with the same values. This was the case when the startup, real estate agency pratice, was founded (Jon, 1995) . The idea is to sell serve as agents to potential property investors products with social and/or environmental benefits.. However, even though the concept is good and functional, finding their potential customers and defining the market is challenging for every starting company. Currently, Real estate agency practice sales are increasing, but slowly.

Research Questions

The questions then are:

  1. Do real estate agencies use more of modern marketing tools in achieving oganisational objectives?
  2. Which of the modern marketing tools do real estate agencies employ most in building sustaining customers confidence in the real estate?
  3. Has the real estate agencies adoption of modern marketing tools increased customer patronage?
  4. Does adoption of modern marketing tools help in building a favourable corporate image of real estate agencies?

 

1.3    OBJECTIVES OF THE STUDY

The objectives of the study include:

  1. To determine whether the use of modern marketing tools enable real estate agencies to achieve oganisational objective.
  2. To find out the modern marketing tools real estate agencies use most in

building/sustaining customer confidence in the real estate .

iii.     To, also ascertain whether real estate agencies adoption of modern marketing tools has increased customer patronage.

  1. And, to find and if the adoption of modern marketing tools builds a favourable corporate image of real estate agencies.
  2. And, finally to make appropriate recommendation based on

our results.

 

1.4    HYPOTHESES FORMULATION

The following have been put forward for testing

  1. H0: The use of modern marketing tools does not

enable real estate agencies achieve their oganisational objective.

H1: The use of modern marketing tools enables real estate agencies achieve their Oganisational objectives.

  1. H0: Real estate agencies     that adopt marketing public relative tools are not

likely to build/sustain customer’s confidence in the real estate .

H1: Real estate agencies who adopt marketing public relative tools in their operation are likely to build/sustain customers confidence in the real estate .

  1. H0: Real estate agencies adoption of modern marketing tools does not

increase customer’s patronage.

H1: Real estate agencies adoptions of modern marketing tools increase customers’ patronage.

 

  1. SIGNIFICACE OF THE STUDY

The importance of the study cannot be over looked or are emphasized. The research which was carried out is to determine the extend to which the modern marketing tools affect real estate agency operating in Abuja metropolis is quite valuable in the following ways:

  1. To help the researcher to know about modern marketing tools for real estate agency operating in Abuja metropolis.
  2. To help the real estate agency operators in Abuja metropolis to realize and understand better the importance and effectiveness of modern marketing tools in attracting and maintaining customers.

iii.     It serves as a reference point to the real estate agency operators in Abuja metropolis by giving them insight about the danger, use of wrong modern marketing tools and ideas which place the modern marketing tools of real estate agency operators in a right channel.

  1. To highlight areas that requires improvement in modern marketing tools real estate agency operating in Abuja metropolis for better performance.
  2. It will enable the real estate agency operators to know how to maintain their customers in order not to leave them for another real estate agency.
  3. It motivates patronage due to the potential treatment like the instant discount.

Vii.   The user enjoys the privilege of being among the easy group of easy fliers

vii.    It helps the read to know some of the things that may also attracts the needs o patronize real estate agency practices.

 

1.5    SCOPE OF THE STUDY

This research work covered all the area in modern marketing tools in real estate agency operating in Abuja metropolis which includes their promotional, price, product and place.

 

  • LIMITATION OF THE STUDY

The study has the following limitation and constraints.

  1. Hoarding of information: This is a common problem with company executive and consumers information that is classified as confidential activities are never disclosed for the fare that such might expose the tools, weakness or strength of the company to the public and competitive
  2. Non – availability of literature: Challenges of marketing for small scale business as subject matter is relatively small one and not much has been publish about it, hence it was difficult to get enough information to buttress the challenges of marketing for small business enterprises.
  3. Finance: As a result of the economy, hardship in the country, the researcher found it difficult to get enough money to make work more attractive

 

DEFINITION OF TERMS

Marketing: All important set of creative human activities aimed at identifying human needs and want through exchange as efficiently and as effectively as possible (Adinika (19903).

COMPETITION: The struggle to gain advert, profit or success from the customers over the next person mostly among firms in contemporary business (Ozor 2001)

VARIABLES: Anything that is extended to the firm not under the control of the management, such as the government, policies, political crises, competitor etc.  (Olakunori 200:224).

CUSTOMERS: The people that buy from either a manufacturer or consumers, but may not necessarily be the users of those product ( Olakunri 2000 : 227)

PRICE: The amount of money, he customer pay for product or service of the time and place of exchange (Kotler 1996:46).

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