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Pride22
Pride22
Pride22
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  • Coldwell Banker- want to gain advantage over Re/MaxIKEA-interested in innovative marketing and put 70% of budget in product catalogue marketing
  • Motivating distribution: Reduction of the distributor’s cost of doing businessBy increasing efficiencies of agents we have helped the agencies gain profit because the agents are able to show more homes per day
  • Generate interest initially, that’s how we get our actual investor
  • http://www.searchenginegenie.com/tools/SEO-Cost-Calculator.php
  • http://money.cnn.com/magazines/moneymag/bplive/2006/snapshots/PL2507000.html
  • Transcript

    • 1. P.R.I.D.E“We take PRIDE in helping you create the home of your dreams”.
      By: Blake Dudek, Adam Hauff, Yana Klebanov, Leo Martinez, Shanil Patel & Katherine Patton
    • 2. Introduction
      Company/Product Overview:
      Targeting online real-estate industry
      360° Panoramic view
      Real time virtual tour
      Customization (home-furnishings industry)
      Add Furniture
      Wall Color
      24-hour technical support team
      P.R.I.D.E
      Progressive. Remote. Innovative. Design. Experience.
      Mission Statement: “Provide customers with the comfort, flexibility, and innovation to experience a revolutionary property search, on an online customizable platform.”
    • 3. Primary Market Research
    • 4. PEST ANALYSIS
    • 5. Secondary Market Research
      Market Assessment:
      Real Estate Sales & Brokerage
      $87.7 billion revenue
      Residential Sales = 50% of Product & Services segmentation
      Annual growth 5.0% next 10-15 years
      Industry expected to grow in 2011 by 3.6%
    • 6. Secondary Market Research Continued:
      Current Market Competitors
      Top 10 Virtual Tour Vendors
      Source: Hitwise.com - Real-Time Competitive Intelligence. All data shown from March, 2010. *Custom subcategory defined.
      Top Competitor Market Prices:
      Visual Tours (direct competitor)
      $199 starter kit, $29.95 monthly cost
      Tour Factory
      $1458.60 (annual subscription costs+ add on features per home)
    • 7. Primary Target Market
    • 8. Tactical Launch Decisions
      Launch Tactic: Price
      Introductory Pricing: Exclusive Realtor
      Market Research shows: Coldwell Banker will pay $1000 flat rate fee per house
      Charging home-furnishing company $5,000 per month
      IKEA chosen for home-furnishing host
    • 9. Tactical Launch Decisions
      Launch Tactic: Place
      Located on realtors website
      Website description
      Home on the left of screen
      Catalogue and paint colors on the right
      PRIDE logo and realtor logo’s side by side
      Distribution Channel: Direct distribution between Realtors and PRIDE
    • 10. Tactical Launch Decisions
      Launch Tactic: Promotion
      Sampling: Best places=conventions:
      Real Estate BarCamp (Boston, MA)
      Inman Real Estate Connect (New York, NY)
      Purpose of Sampling:
      Attract realtors
      Visual confirmation of product
      Sophistication and reliability established
      After 5 Years, branch out to other realtors & increase profitability:
      • Beta Test Sites: Stimulate “sampling” phase as a reference for other potential buyers
    • Tactical Launch Decisions
      Launch Tactic: Promotion (continued)
      Social Media: Facebook + Twitter to stimulate hype and awareness of product
      Mass advertising placement on realtor Facebook Pages
      “Like” feature along with videos being placed on realtor pages to help consumers understand product
      Set up competitions for best designed homes
      Share links on friend’s walls
      Mass following on realtor Twitter accounts
      Direct communication with consumers and realtors
      Understand what consumers demand
      Guide consumers and help set up their homes in a convenient manner
    • 11. Tactical Launch Decisions
      Launch Tactic: Promotion
      Search Engine Optimization
      When users search for us we want to be first
      Cost Calculated for such achievement
      Estimated Number of Pages with PRIDE in their name: 7,600,000
      Business with name PRIDE: 116,923
      Cost Estimate to be number 1: $11,135.35/month
    • 12. Test Marketing
      Test parameters:
      Location: Boston (local based and established networks)
      Median Income Level 2009: $59,979
      Median house or condo value in 2009: $375,700
      Median gross rent in 2009: $1,196
      Demographics:
      Average age living in city is 24-55.
      Median is 32.5 years.
      Completed level of college degree: 60.9%
      Easy barriers to entry
      Duration 24-36 months
      Type of consumer: Mediocre spender who is educated and technological capable of adapting to product
    • 13. Assumptions for Pro Forma
      Assumption 1: Average Sales Price $627,000 (Trulia)
      Assumption 2: Realtors Sales are assisted 70% by internet listings (Baltimore City)
      Assumption 3: One agent sells on average 7 homes per year (Bureau of Labor Statistics)
      Assumption 4: Inflation at 5% per year (Inflation Rate)
      Assumption 5: Taken into account for predicted revenue that IKEA will pay a maximum of $5,000/month for catalog on website
      Assumption 6: 200 apartments per year per city
      Assumption 7: Expand by 1 city per year
    • 14. Pro Forma Plan
    • 15. Contingency Plan
    • 16. Questions
    • 17. Exhibit 1:Design Adjustments
    • 18. Exhibit 2: Distribution
      Distribution: Large Realtors
      (Hammond Residential,
      Pembroke Real Estate, Re/Max
      & Coldwell Banker*)
      Realtors gain competitive advantage
      Consumers would have better visibility
      Seamless integration with website-users would not have to visit a new URL
    • 19. Exhibit 3: Customer Research: Realtor Survey Results
    • 20. Exhibit 4: Customer Research: Realtor Survey Results
    • 21. Exhibit 5:Test City Market Research
      Boston, MA
    • 22. Exhibit 6: Boston Real Estate Market
      Total number of properties: 65,854
    • 23. Exhibit 7: Home Sales in Boston, MA
      Average Home Sales in Boston, MA
    • 24. Exhibit 8:Customer Survey Results
    • 25. Bibliography (MLA):
      "Boston, Massachusetts (MA) Profile: Population, Maps, Real Estate, Averages, Homes, Statistics, Relocation, Travel, Jobs, Hospitals, Schools, Crime, Moving, Houses, News, Sex Offenders." Stats about All US Cities - Real Estate, Relocation Info, House Prices, Home Value Estimator, Recent Sales, Cost of Living, Crime, Race, Income, Photos, Education, Maps, Weather, Houses, Schools, Neighborhoods, & More. Web. 19 Apr. 2011. <http://www.city-data.com/city/Boston-Massachusetts.html>.
      "Boston Real Estate." Real Estate MarketConditions. Web. 19 Apr. 2011. <http://ziprealty.typepad.com/marketconditions/boston_real_estate/>.
      "Boston Average & Median Listing Prices - Trulia.com." Trulia - Real Estate, Homes for Sale, Sold Properties, Apartments for Rent. Web. 19 Apr. 2011. <http://www.trulia.com/real_estate/Boston-Massachusetts/market-trends/>.
      Flat Fee MLS Listing, For Sale By Owner - FSBO, Home Buyer Rebate. Web. 19 Apr. 2011. <http://www.bloomkey.com/negotiate_real_estate_commission_rates.php>.
      Baltimore City Real Estate - Free Online Guide to Buying Selling Renting Houses, Condos, Homes, Apartments, Commercial,& Investment Property in Charm City, Maryl&.Web. 19 Apr. 2011. <http://www.baltimorecityrealestate.com/investors.htm>.
      "Average Home Sales Prices in All Regions of the United States." Real Estate ABC - Information on Buying & Selling A Home. Web. 19 Apr. 2011. <http://www.realestateabc.com/outlook/overall.htm>.
      "Real Estate Brokers & Sales Agents." U.S. Bureau of Labor Statistics. Web. 19 Apr. 2011. <http://www.bls.gov/oco/ocos120.htm>.

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