Marketing Plan for Dale Lighthouse Property - Case Study Example

Marketing Plan for Dale Lighthouse Property 0 Introduction: Marketing is described as a process containing much more than selling or advertising with new challenges merging constantly. The new concept of societal marketing encompasses the determination of the needs and wants of the target market, delivering the customer satisfaction in a competitive way and improving the consumer and the society's well being. Societal Marketing is relatively a new market approach and has features distinct from the traditional standard marketing approach and promotes the balancing of consumer needs, the firm's profitability and the improving the welfare of the society. The main theme behind this new marketing philosophy is to get the people to respond spontaneously. This can happen when the customers are motivated to foresee a resultant profit from the transaction to their benefits. Hence it becomes important to enlist the benefits that may accrue to the customer out of the product being offered on sale. In order to make a representation of the benefits accruing, it is essential that one identifies the benefits in a realistic way and puts that across to the customer in a memorable way. In this way, it becomes possible to tap the motivational factors that drive human consumption like functional, pleasure, self-identity, image, admiration and altruism. By adopting a proper marketing strategy and a planned approach, it would become possible to sell even unusual properties for which there will not be enough buyers. "In addition there is tremendous liquidity in the market at present and property seekers feel safe about their investment here in the UK and London in particular" (Nick Easen 2007) This paper presents a marketing plan for selling of one such unusual property in UK detailing the Sales Strategy, Sales details and Market appraisal of the property. 2.0 The Property: High on the cliff tops at the entrance to the giant harbour of Milford Haven, this extraordinary property at St Anns Head occupies one of the most stunning locations on the entire Pembrokeshire Coast. The Old Lighthouse tower has been run as a luxury B&B exclusively for two, with the addition of a self-catering apartment in the former coastguard buildings. As an extraordinary property that has been refurbished to the highest contemporary standards, it was awarded the highest 'Five Dragon' accreditation by the Welsh Tourist Board. On the third floor of the lighthouse tower there is a double bedroom, with a private winding staircase up to the Observation Lounge. Needless to say, the views are simply breathtaking. The former coastguard buildings at the foot of the 17th Century lighthouse tower have been thoughtfully converted into a stylish apartment with its own private access. There is a spacious lounge/diner, a kitchen, two bedrooms with ensuites, a third bedroom (that currently has bunk beds) and a patio. (Website of Unique Home Stays) 2.1 Additional Details adding to the value of the property: Being an incredible property, which is perched on the ocean's edge, the Old lighthouse can be purchased either for private use or to be run as a successful lighthouse retreat. The property with its well designed contemporary interior will present a refreshing contrast to its historical character. In the local area one may find magnificent beaches for swimming and surfing, hills for walking and a scattering of museums, art galleries and craft workshops. There is yachting, boating and windsurfing on offer in the sheltered bay of Dale and also there will be a wealth of birdlife around the red sandstone cliffs. 2.2 Property Details: Reception Rooms: 1 Dining Room: Open plan lounge dining room Kitchen: 1 Bathrooms: 4 ensuite bathrooms in the main house and 2 ensuite in the apartment. Bedrooms: 4 in the main house and 3 in the apartment. Pool: 1 with sauna. Garden: Double garage with parking for up to 10 vehicles Location: An old lighthouse situated in Britain's only Coastal National Park in Pemborkeshire, West Wales. Source: (Website of Unique Home Stays) 3.0 Marketing Strategy: The Marketing strategy covers a statement on the mission and objectives, financial objectives, target markets, sales strategies, pricing, marketing communications, marketing mix and a market research. 3.1 Mission and objectives: The main aim of the marketing strategy is to do a societal marketing and to arrive at a balance of the consumer needs, the firm's profitability and the society's welfare. This is the mission and objective of selling the unusual property. 3.2 Financial Objective: One of the other important aspects of marketing strategy is to achieve the financial objectives. This includes getting a fair price for the property considering its aesthetic and antique values and at the same time providing the customer the value for his money. Quoting a fair price for the property which will satisfy the customer as to the worth of the property is the foremost financial objective. 3.3 Target Markets: Being an unusual property it is difficult to determine a definite target market for the Dale lighthouse property under present study. The property will be finding its customers in wealthy individuals and hotels, motels or other institutions which would buy the property to run as a vacation retreat. A well laid out advertisement with complete details about the property in the appropriate professional journals may identify the potential customer. 3.4 Sales Strategy: In today's economy big and small businesses are seeking every opportunity to win sales through competitive advantages. It is true that a sales strategy can create a competitive advantage. "Selling consists of two main functions: tactics and strategy. Sales strategy is the planning of sales activities: methods of reaching clients, competitive differences and resources available. Tactics involves the day-to-day selling: prospecting, sales process, and follow-up" (Darrell Zahorsky) Sales Strategy involves the following steps: Identify the target audience: this involves a careful analysis of the potential buyer sources and the characteristics and behavioural pattern of them Determine the communication objectives: While deciding on the communication objectives it is necessary to consider the different stages a buyer will pass through before he decides on the purchase. The stages include awareness, knowledge, liking, preference, conviction and finally the purchase. Design the message: Generally three types of appeals are used to design the message: Rational approach: describing how the product will fulfill the customer's self interest and also how it will result in the expected benefits. Emotional approach: kindling the negative or positive emotions of the customer Moral approach: making appeal to the buyer's sense of right or wrong Select the message format and the message source: using eye catching and novel images and tools which act as a promotional agent. 3.4.1 Target Customers: The Dale light house property can be purchased by two classes of customers; Wealthy individuals and motels that can use the property as a beach retreat. In order to identify the potential buyers the best source would be to advertise in the journals and magazines which deal with exclusive, unusual and unique properties. Prominent advertisement with catchy photographs of the exterior and interior details of the property will bring more new customers for the property. 3.4.2 Communication Objectives: A detailed note about the specialty as well as the utility of the property in a well laid out advertisement will see through the different stages of the customer making his choice. The details spelt out should make the customer aware of the surroundings of the property, and information on the uniqueness of the property. The exclusivity of the product may appeal to a certain class of customers. The Dale lighthouse property with its serenity is capable of making the customer choose his preference and convince him to buy it. 3.4.3 Designing the Message: The advertisement material should be a combination of rational, emotional and moral approach which highlights the aesthetic and antique value of the dale property. The message should be capable of convincing the customer about the worth of the property for the money he is parting with. 3.4.4 .Selecting the message format and source: Eye catching digital photographs of the property showing the exquisite exterior and interior views is the primary message format. This should be accompanied by a detailed description of the property showing the accommodation available, the dimensions and furnishings of the interior and other facilities available within the property. Additional information on the surroundings detailing the recreational and sports facilities available near the property which will attract the customer towards the buying of the property should also form part of the advertising material. 3.5 Advertising: Advertisement through electronic media (exclusively designed websites) would be the ideal messaging source for these kinds of properties apart from advertising in professional real estate journals having specialized sections on unique or unusual properties. The website should carry digital images of the property in various angles from outside and inside the property. Another effective form of advertising would be the Television media. By suitable insertion of advertisements in the appropriate channels and timings, it may be possible to reach more number of prospective buyers. However it is necessary to add a disclaimer clause to the advertisement which should specifically state that the prospective buyer should not rely only on the information and representation laid out in the advertisement but should satisfy himself by a physical inspection of the property and the surroundings and also that the disclaimer should explicitly state that no claim for losses or damages for any misrepresentation of facts will be accepted later. The pictures of the property may be presented as below: 3.6 Pricing: Considering the location and surroundings as also the built in area with the available vacant space a price of 1,250,000 may be quoted as the initial price and offers may be invited from the prospective buyers through email. The owner of the property should have a fixed price in mind at which the deal can be struck. 3.7 Marketing Communications: As discussed in the sales strategies the purpose of the marketing communication is to create the awareness of the property among the target customers. Thus the exclusivity of the property should be covered in all media of advertising by suitably explaining the superiority of the property and the aesthetic qualities of the property may well find a place in the marketing communications. 3.8 Marketing Mix: As part of the overall marketing plan there should be a well thought out action plan for the proposed sale of the lighthouse property. Even though it would be difficult to adhere to these action plan timings due to the rarity of the customers for the kind of property under study, it would still advisable to have an action plan which can suitably be modified depending on the developments at each stage. The action plan may be drawn up for each week or fortnight by suitably synthesizing the activities involved. Activities like drafting advertisement, designing the webpage, making photographs of the property, placing the advertisements in the journals and magazines, communicating to the prospective customers by sending emails through the available database of customers and inserting advertisements in the TVs during appropriate timings may be considered for drafting the action plan. 3.9 Marketing Research: Thoroughly organized individual organizational surveys and interviews to gather general views about the interests in such kinds of exclusive properties may provide ample information to the owner of the property about the saleability of the property. This job may be entrusted to a professional organization which is specialized in conducting such marketing research so that an effective analysis of the available market may be made. 4.0 Contingency Planning: It may so happen that problems may occur in finding out a prospective buyer for the proposed unusual property. In that case there will be a need for advertising the sale of the property globally as against the efforts to sell it in UK. This would involve redrafting the advertisement material suitably to include more geographical details about the location of the property along with an estimation of the price range of similar properties being sold in the immediate vicinity. Still if problems are encountered then the alternative would be to lower the price quote or entrust the job of selling the property to specialized property dealers who will be able to handle the assignment differently. 5.0 Conclusion: A well-written, comprehensive Marketing plan is the focal point of all business ventures because it describes the planning to attract and retain the customers-the most crucial aspect of a business. The marketing plan is essential to any successful business. It forms the basis for all other operational and management plans. Especially in the case of selling unusual properties like Dale Lighthouse property it is of paramount importance that a detailed marketing plan is laid out to achieve the operational goals. 6. 0 References: 1. Darrell Zahorsky Sales Strategy Creates A Competitive Advantage About: Small Business Information [Online] Available from: http://sbinformation.about.com/cs/sales/a/aa111002a.htm Accessed on 26th February 2007 2. Nick Easen (2007) Most Expensive UK Homes Forbes.com [Online] Available from: http://www.forbes.com/forbeslife/realestate/2007/01/25/expensive-uk-homes-forbeslife-cx_ne_0126mostexpensiveukhomes.html Accessed on 4th March 2007 3. Website of Unique Home Stays Property For Sale in Dale, Wales [Online] Available from: http://www.oldlighthouse.uniquehomestays.com/unique/forsale-details.aspid=456 Accessed on 26th February 2007 Read More