Development of Application That Can Attract Real Estate Tenants in Singapore - Research Proposal Example

Development of Application (Apple Samsung) of the of the The research proposal has been designed with an intention to conduct research on consumer behavior of real estate tenants in Singapore. Key purpose of the study is to develop an existing application in mobile phones of Samsung and Apple that can increase attraction of real estate tenants for buying property in Singapore. The study will use close ended questions in order to collect feedback from 200 real estate tenants in order to understand the relationship between dependent variables such as increase in attraction level among real estate tenants and independent variables such as variation in technological application in mobile phones of Apple and Samsung. Collected data will be analyzed by using statistical software such as SPSS in order to present data in quantifiable manner. The findings of the research will give significant insights to real estate marketers for integrating technology for developing applications which can increase attraction and engagement level among real estate tenants in Singapore. Table of Contents Introduction 4 Research Background 4 Literature Review 6 Theoretical Framework 8 Research Questions 10 Research Methodology 10 Time Line and Continuation 14 Contribution 14 Ethical Conduct 15 Reference 16 Introduction Demand for augmented reality (AR) applications has increased manifold in recent years. Companies like Apple and Samsung have increased ‘augmented reality’ applications in their offerings in order to attract attention of customers. Apple and Samsung have increased digital context information in their applications in order to help customers to navigate roadmaps, check shopping options, get information regarding real estate property etc. Research scholars such as Narzt et al. (2006) have pointed out that that augmented reality applications of smart phones help customers to navigate objects in terms of 3D imaging which increases realistic aspect of searching. Synchronizations of web browsing technology with augmented reality (AR) applications have further decreased the difference between real world and virtual world navigating (Layar, 2010). Research Background Smartphone like Apple iPhone and Samsung Galaxy have already incorporated facilities like navigating through products or real estate by viewing visual image of that product or real estate property. Users can navigate options with the help of installed applications like Open Street View, Google Maps, WikiMapia and other information systems installed in their smart phone. Research scholars such as Lily, Tiong, & Ramchand (2011) have stated that rise in property price in countries like Singapore due to Global financial crises has affected the demand for real estate property. Property is a significant sector in South East Asian countries like Singapore hence real estate business houses need to change their business strategy in accordance to changing demand scenario of that country. Reinhart and Rogoff (2009) have stated change in price of property can significantly decrease demand for buying property. On the other hand, demand for rented house in Singapore is growing at slow pace because the country is still recovering from its previous financial crisis. In this situation owners planning to rent their property to tenants need to think about alternate technological solutions in order to increase attraction among tenants. Same can be said for real estate business houses which are struggling with dwindling demand for real estate property (Harjani, 2012). Although equilibrium for demand and supply in real estate business is dependent on macroeconomic and financial stability of a country but owners of property should try to increase visibility of their property to owners by using various technological integrations. In such a situation, real estate owners should try to use Smartphone applications in order to attract tenants to rent out the property. Very few researchers have tried to shed light on the topic like role of Smartphone application in increasing attraction among real estate tenants in Singapore. Research scholars such as Durkin (2004) and Eriksson, Kerem & Nilsson (2005) have pointed out that self-service activity of customers has decreased marketing cost of companies with the help of service diversification, real time presentation offering etc. It can be said after reviewing literary works of various research scholars, real estate owners should use Smartphone applications in order to encourage tenants to use self services like viewing the real estate property from their Smartphone, checking price etc in order to increase their engagement level. Hence the researcher has decided to conduct a research, in order to develop existing application in Smartphone of Apple and Samsung, which will increase attraction level among real estate tenants in Singapore. Very few researchers have tried establishing statistical relationship between increase in technology integration and increase in customer demand hence there is scope for researcher to conduct research on the topic. Literature Review Research scholars have pointed out that companies need to use technological integration in order to enhance dimensions of self service for customers. According to them technological companies need to develop various applications in order to keep consumers engaged. Variation in application is a must requirement for increasing customer satisfaction and engagement level. Researcher scholars such as Vinson, Scott, & Lamont (1977) have stated that increase in consumer value is dependent on multitude of factors such as intention of the service provider, degree of technology integration adopted by the marketers etc. Other research scholars such as Wolfinbarger and Gilly (2001) have pointed out that increasing variation in service offering can increase attraction level among customers. A limited amount of research work has been done in the field of technological revolutions such as use of Smartphone for marketing purposes due to two reasons such as 1- these applications are developed within last 3-5 years, which has decreased the scope for doing literature review, 2- research scholars find it difficult to create theoretical framework for explaining how Smartphone applications can fulfill marketing objective of marketers. Hence the study will try to analyze alternative aspects of the research problem such as “how technological innovation can help marketers to attract customers” and “non categorical relationship between customer decision making process and technological innovation offered by marketers”, which will help the researcher to build theoretical background of the research problem with the help of research works done by various research scholars. Research scholars such as Lau and Damon (1990) have stated that demand for real estate property in Singapore is dependent on purchasing power parity of local customers. Researcher scholars such as Venmore-Rowland (1989) have given evidences regarding relationship between market return for property owner and purchasing behaviors of customers. It is evident from the research works done by various research scholars that, real estate business in Singapore is plagued by global financial crisis and fluctuating consumer demand. Very few researchers have tried to identify the reasons behind low attraction level among real estate tenants in Singapore on the ground of technology and marketing integration. It is evident from the research work done by various academic scholars, decision making behavior of real estate tenants can be influenced by marketing strategy adopted by the marketers. Nicosa (1966) has pointed out that decision making behavior of consumers can be explained with the help of attitude theory in social psychology and utility theory of economics. According to the research scholar, consumers take purchasing decision for those services and goods, from which they can derive benefits. Engel, David & Roger (1968) have pointed out that decision making process of real estate tenants comprises of three phases such as 1- change in psychology of real estate tenants while they are searching for property information, 2- evaluation of alternate options in terms of financial and psychological cost and 3- evaluation of consequences of the decision. Marketers have the opportunity to guide decision process of real estate tenants by integrating latest technological applications, which will fasten the decision making process by providing more information regarding the property. Technological applications has the ability to increase attraction level of real estate tenants by satisfying three verticals of their decision making process, 1- sequential information processing regarding the renting, 2- developing positive attitude towards a particular decision with the help of emotional components and 3- getting motivated to rent a property. Theoretical Framework Research scholars such as Bagozzi and Dabholkar (1994) have stated that consumer behavior regarding value of product or service can be explained by using means-end theory. According to them, consumers develop value hierarchy for particular service or product by using available information regarding the product. Marketers need to use technological integration in order to develop an application which can help consumers to build high value hierarchy for particular product. Valette-Florence (1998) have pointed out that consumer decision making process is significantly dependent on information availability regarding a particular product or service. The scholar has also pointed out that purchase decision of consumers is dependent on three factors such as. Nature of the knowledge source plays vital role on influencing purchase decision of consumers. Attribute and benefits of the product play most important role in consumer decision making process. Role of the knowledge source in consumer decision making process is dependent on consumption context. Rosenberg (1956) has proposed expectancy-value theory in order to explain the consumer decision making process. According expectancy-value theory, consumers take purchase decision after linking the benefits of particular product, service and application with their personal needs. Gutman (1984) has stated that information availability about particular product or service increases the scope for linking benefits of the product with personal need of consumer. The scholar has also pointed out that customers take purchase decision on the basis of three verticals of means-end chain, 1- consequences, 2- attributes and 3- values. Attributes Marketers should develop tangible and intangible benefits of an application in order to deliver products as per consumer needs. Increase in attributes help an application to increase attraction level among customers by providing them potential benefits. Gutman (1984) has argued that marketers need to emphasize on delivering more information regarding the product attributes in order to increase attraction level among customers. Consequences Consequences define the psycho-social dynamics of consumer decision making process while they use available information for comparing alternatives. Marketers can direct the psycho-social dynamics of consumer decision process by providing information regarding particular product or services. Value Lai (1995) had stated that value is most abstract context for means-end chain. Value for particular product and application is dependent on perception of consumers. Developing value for particular product is dependent on fulfillment of terminal values such as freedom, success, and enjoyment; hence it is very difficult for marketers to determine exact nature of value that consumers are seeking. It is clear from the theoretical framework of means-end chain, attributes such as variety in application in mobile phones of Apple and Samsung can increase attraction level of real estate tenants in Singapore. Marketers need to increase the density of information flux regarding real estate property with the help of mobile phone application in order motivate real estate tenants of Singapore to rent property. Development of an application in mobile phone can help markets to provide information regarding particular property in real time manner which will help the real estate tenants to take renting decision in convenient manner. Research Questions The research will attempt to find responses to the following research questions. What are the major technological features of an existing application (Guru Property) in Mobile phone offered of Apple and Samsung that can attract real estate tenants in Singapore? How the existing technological application (Guru Property) can increase attraction level among real estate tenants in Singapore? Two hypotheses will be formed in order to address the research problem. H0 (Null Hypothesis) - PropertyGurus iPhone & Android application in Samsung and Apple cannot attract real estate tenants in Singapore. H1 (Alternate Hypothesis) - PropertyGurus iPhone & Android application in Samsung and Apple can attract real estate tenants in Singapore. Research Methodology Research Philosophy Tobin and Joseph (2006) have pointed out that every researcher needs to decide the philosophy for the research in order to address key issues of the research problem. Research philosophy is comprised of two philosophical approaches such as phenomenological style or interpretivism and as positivist style. Generally phenomenological style is used for addressing sociological and psychological problems while positivist’s style is more appropriate to address business problems. The researcher will use positivist’s philosophy in order to conduct the research. Research Approach Two types of research approaches such as Inductive research and Deductive research are available for researchers in order to conduct the research. Deductive research model comprises of steps like theory foundation, hypothesis generation, analyzing behavior of variables and reaching the conclusion. Inductive research approach comprises of analyzing behavior of variables, identifying the correlation between them, testing the hypothesis and finally reaching to a conclusion. The researcher has selected inductive research approach because this approach will help the researcher to address the research problem in reliable manner. Research Method Researchers can use qualitative or quantitative research model in order to conduct the data. Qualitative methods are helpful for explaining descriptive issues while quantitative analysis focuses on using numeric method for drawing accurate and quantifiable inferences to address the research problem. Key objective for this study is to analyze relationship between dependent variable such as customer attraction level and independent variables like variation in technological application in mobile phones of Apple and Samsung in quantifiable and measurable manner, hence the researcher will quantitative method to conduct the research. Data Collection Sources Researcher can use both primary and secondary data sources in order to conduct the research. Primary data sources include personal interview, sample survey with help of open ended and close ended questionnaire, focus group interview while secondary data sources include case studies, books, peer reviewed journals, company specific information, annual reports, newspaper, magazine etc. The researcher will use close ended questionnaires to collect data from respondents while conducting the survey regarding consumer’s opinion about relationship between mobile application and increase in attraction level for renting property. Close ended questionnaire for the study will use dichotomous options, rational scale, nominal scale etc in order to collect the data. The researcher will use secondary data sources for conducting the literature review, developing theoretical background of the research problem, verifying authenticity of the collected data etc. Sampling The researcher will use convenience sampling as part non probabilistic sampling in order to conduct the survey process. Selecting convenience sampling will help the researcher to decrease time and cost associated with the research process. The researcher will use sample size of approximately 200 real estate tenants in the city of Singapore. Survey will be conducted through distribution of questionnaire to real estate respondents by using online survey, personal interview of respondents and postal survey. The researcher will collect data from respondents irrespective of their age, gender, and ethnicity. Real estate tenant database will be collected from “Guru Property” with participant consent and due authorization in order to conduct the survey. Purpose of the Research Purpose of the study is to identify and investigate the technological application in mobile phones of Apple and Smartphone that can significantly contribute in increasing attraction level among real estate tenants in Singapore. The study has selected PropertyGurus iPhone & Android application for measure its influencing capability on decision making process of real estate tenants. To meet the aim of the study, following objectives have been designed. To determine major benefits of PropertyGurus iPhone & Android application which contribute to increase in attraction among real estate tenants of Singapore to rent property. Understanding the association of independent benefit variables with dependent variable such as increase in attraction level among real estate tenants of Singapore. To understand correlation between mobile phone application and consumer decision making process. Research Equipment The researcher will use various research tools such as computer system, SPSS software, internet, books, journal articles, library database, online articles, postage stamps, printing device, return envelopes etc. in order to conduct the research. Data Analysis It has been already mentioned that the researcher will use quantitative techniques in order to conduct the research; hence the data analysis will require statistical software such as SPSS in order analyze dataset of 200 respondents. Linear regression analysis will be used in order to evaluate impact of independent variable such as variation in PropertyGurus iPhone & Android application in Apple and Samsung on dependent variable like increase in attraction among real estate tenants in Singapore. Correlation analysis will be used in order to determine the correlation between independent variables and their conjoint impact on increase in attraction level among real estate tenants in Singapore. Chi Square test will be used in order to test the hypothesis drawn in the research question. Time Line and Continuation Research scholars such as Saunders, Lewis & Thornhil (2009) have pointed out that researchers need to decide time horizon in terms of cross sectional and longitudinal perspectives in order to complete the research within predetermined time line. Longitudinal approach of research focuses on conducting the research in periodic manner, which means researchers need to analyze behavior of variables for long duration of time such as one year to twenty years in order to address the research problem. Cross sectional perspective of research focuses on determining the relationship between variables within short time frame. Saunders et al. (2009) have criticized cross sectional perspective of time horizon because the method is unable to predict the relationship between variables in reliable manner. Unfortunately there is fixed time line for the researcher to complete study on the topic “development of application (Apple Samsung) that can attract real estate tenants in Singapore” hence it is not possible to conduct a long duration research to address the research problem. These are the reasons which have forced the researcher to use cross sectional perspective to conduct the study. Total duration of the research process will be 60 days. First 10 days will be used for conducting the background study for the research problem with help of secondary data sources, next 30 days will be used for conducting the sample survey, next 10 days will be used for analyzing the data collected through survey and last 10 days will be used for preparing the research report. Contribution The present research will contribute to existing literature present on relationship between of technological integration and customer engagement. The research will provide new insight for real estate marketers in Singapore regarding implication of technology integration for developing new applications to attract real estate tenants in Singapore. Result of correlation analysis for independent variables will help marketers to use applications available in mobile phones of Apple and Samsung in efficient manner. Ethical Conduct It is very important for the researchers to conduct research in ethical manner in order to increase acceptability of the research result. The researcher will communicate the study objective to respondents prior conducting the survey in order to decrease scope for unethical consequences such as collecting data without taking prior consent of respondents, using personal information of respondents etc. The researcher will maintain confidentiality norm regarding identity, gender, profession and other personal information of respondents throughout the research process. 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