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Introduction
The Australian real-estate business is an attractive industry with a lot of businesses that are on a growth trend due to the increasing population and the changing lifestyle (Elliott, Rundle–Thiele & Waller2010). Unlike other ordinary businesses, the real estate business is a double-edged business with two sets of needs. The business is double-edged since it deals with the two categories of clients simultaneously.
Essay Body
The business also has to cope with the varying needs of the two types of clients to satisfy the needs and wants of each category of clients. According to Century 21 business owners, catering for the double coincidence of needs of the two types of customers is the biggest challenge although it is the main source of inspiration for their business. For the business to meet the requirements and the needs of the customers, it needs an appropriate strategy that defines the needs of these customers and the effective measures or possible solutions. As stated by Kerr (2004), the strategy is an important part of any business venture since it determines the success or failure of the business. This implies that to achieve success Century 21 Westside needs to have an effective and viable business strategy.
This section, therefore, evaluates the business approaches in the company’s business strategy with an emphasis on market identification. The section also evaluates the company’s approach in dealing with the two categories of clients and the measures it applies to identify potential customers. Lastly, the section gives recommendations on the approach taken by the business from an evaluation of its suitability in the real-estate sector.
Running a business with the needs of the customers in mind is a basic principle for success if not a general principle. According to the given case study, Century 21 Westside business owners are conversant with this principle. They carry out their operations with the needs of the customers as their basic operating principle. Being customer minded is not only a basic operation principle of the business but also the main marketing approach applied by the business.
The business has two categories of clients with varying needs and therefore the marketing approach taken by the business has to cater to them. The main aim of the business is to establish a pool of satisfied customers with optimism that this pool would create regular customers or will influence new customers into joining the pool. To achieve this approach the business takes several measures that are aimed at satisfying the final customer.
The first approach is matching each customer with the appropriate need in the business to achieve satisfaction. As a business enterprise and an organization, Century 21 Westside believes that customers are the basis of any business and they determine the success of the business. To achieve satisfaction in their customers, the business owner and management has to go beyond the scope of the business to ensure that the company meets the housing needs of the clients.
According to the case study provided the business mainly focuses on customers who are willing to sell their houses and respond to meet the needs of customers planning to buy houses. Customers willing to sell their houses have the price or the value for the house as their main interest and therefore the company has to ensure that a customer disposes of a house at a competitive price. Also, customers willing to sell their houses are sensitive to the time needed to clear with the buyer, legal procedures, and other requirements needed to complete the transaction. With their customer concern approach, the businesses always respond appropriately by ensuring that their customers sell their houses at competitive prices.
The business also ensures that if possible the customers are exempted from the tedious legal procedures at the transaction stage by ensuring that they bear the burden. With this approach, the business can acquire enough stock that it can dispose of the market at the right time to create market control. This approach also attracts new customers into the pool of potential customers while maintaining the existing ones.
Although the business mainly focuses on house-selling customers, it takes the necessary measures to satisfy the house buyers. Unlike the sellers, house buyers have been purchasing the house of their choice as their priority and therefore the company strives to ensure that their operations meet these needs. The business uses its customer mindedness approach to ensure that it matches the needs of a particular customer with their projected expenditure.
The company is also concerned with the existing government policies on housing and strives to ensure that it balances these policies in its operations. The government policies are aimed at ensuring that Australian citizens have access to affordable housing and that they become house owners at a certain stage of their life. These policies best suit the citizens who are the customers of the business and therefore using it as a marketing approach contributes to customer concern.
According to the case study, most Australian house-buyers are first-time house owners and therefore the business takes it as their responsibility to offer advice to such buyers. Offering advice to the buyers ensures that buyers make the right decisions when buying their houses and that they obtain the best value for their money.
Creating confidence among the customers of the business is the last part of the marketing approach applied by the business. Century 21 Westside believes that confident customers are basic in the success of their business and therefore the company emphasizes this strategy. According to the case study, people have little confidence in the Australian real estate industry and this affects their businesses.
To reverse the situation then the business has to apply the appropriate strategy to win the confidence of the customers. In this approach, the business applies personal marketing to persuade potential customers into believing that their business is legitimate and that it carries out its operations according to the laid down legal procedures. This approach also ensures that the business obtains the necessary market information through complaints and recommendations given by the customers concerning their mode of operation.
The mode of conducting business in the real-estate sector is different from other businesses implying the need for a different approach. Century 21 Westside applies customers’ concern and outsourcing as their main business approach in the dynamic real estate industry. Although this approach is costly, it ensures the sustainability of the business, and therefore it is an appropriate approach.
Conclusion
Century 21 Westside applies customer concern as its main approach in the real estate industry to maintain its customer base and business sustainability. The business, therefore, focuses on meeting the needs of the house sellers and buyers who are its customers. In this approach, the business ensures that sellers dispose of their houses at a competitive price while ensuring that buyers obtain the best value for their money. The business also balances the government policy on housing with its customers’ needs for optimum benefits. Finally, the business offers advisory services to different customers to enable them to make valuable decisions.
References
Elliott, G, Rundle-Thiele, S & Waller, D 2010, Marketing, John Wiley & Sons, Milton.
Greiner, E 1972, Evolution and revolution as organizations grow, Harvard Business Review, pp. 37-47.
Kerr, S 2004, Introduction: Preparing people to lead, Academy of Management Executive. Vol. 18 no. 2, pp. 118-120.
Smither, J & Reilly, R 2005, does performance improve following multisource feedback Personnel? Psychology, vol. 58, pp. 33-66.
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