Services Marketing Competitive Market

Question: Discuss about the Services Marketing for Competitive Market. Answer: The seven Ps of marketing mix for Raywhite (Brisbane): Product: The product or the service offering of Raywhite (Brisbane) can be identified as an agent in buying, selling, renting and loan providing services of the company. It also provides real estate related guidance to the consumers. Price: As the organization is operating in a competitive market, the pricing policy it is following is the competitive pricing. As mentioned by Lovelock and Patterson (2015) this pricing strategy helps the companies to be valid in the competitive markets. Moreover, as the company is dealing in the real estate business, the price elasticity is negligible for them. Promotion: As mentioned by Crowe et al. (2013) in modern business world, the organizations have rightly directed their promotion strategy towards the online interfaces. Raywhite (Brisbane) is not an exception in this regard. The organization has a user-friendly website, which is helpful in making commercial interactions with the consumers. Moreover, the organization is widely present in the modern social networking websites like Facebook, Twitter, Google+, YouTube and many more (Raywhite.com 2016). The organization is using the strategy of advertising in these sites. Place: As mentioned by Lovelock and Patterson (2015) in the context of the service providing companies, the way of interacting with the customers can be identified as the place of marketing mix. Here, the company is operating via online interface (Raywhite.com 2016). As discussed earlier, the website of the company is developed in such a way that it enables the company to provide its service to the potential customers. People: The employees of this organization are trained to provide the online service to the customers. In spite of the fact that direct contact is limited in such transactions, the trained professionals handle the data provided by the customers (Raywhite.com 2016). Moreover, the employees are well aware of proving the authentic information and services to its customers. Process: As the company is operating via online sources, it asks a few information from the user regarding their preferences for the service or information. After registering the required information, the website automatically generates the information to the customers (Raywhite.com 2016). In addition to this, for any further query, the customers or the interested parties can contact via mail, phone or the office of Raywhite (Brisbane). Physical environment: The website or the portal of the company is easy to use. Moreover, it is well-decorated with all transaction related information (Raywhite.com 2016). It is direct, nimble to install and professional in its outlook. For a real estate business, the physical environment or appearance of the website is attractive and useful. The market and competitors: Raywhite is one of the most successful real estate agents of Australia especially in the rural sector. Their market share is huge as compared to other real-estate agents like Westfield. The companys operational revenue has increased to $24.1 million from 19.5 million dollar (Raywhite.com 2016). As Australia has become one of the most technological advanced countries and the IT industry has evolved rapidly hence lots of people all around the world are invading the nation increasing the demand for the rental homes. As opined by Crowe et al. (2013) within 2020 real estate industry of Australia will be the strongest industry with maximum contribution to the GDP of the country. In this vast growing industry Raywhite is one of the most successful company as it has not only kept itself in the main city areas but have also penetrated in the rural areas where they have successfully provided rental homes, lands at a very cost effective price. This is the main reason behind their huge turnover. Their profit percentage increases to about 5% in every 3 months resulting huge openings for jobs (Gold Coast Bulletin 2016). Its closest competitors like ABN Group, Australian real estate investment trust, Westfield group only have early revenues to about, $7.5 million, $4.5 million dollars, $ 9.5 million dollars respectively which is nothing to $19.5 million dollars of Raywhite (Crowe et al. 2013). References: Crowe, C., DellAriccia, G., Igan, D. and Rabanal, P., 2013. How to deal with real estate booms: Lessons from country experiences.Journal of Financial Stability,9(3), pp.300-319. Gold Coast Bulletin. 2016.Gold Coast Bulletin. [online] Available at: https://www.goldcoastbulletin.com.au/ [Accessed 18 Sep. 2016]. Lovelock, C. and Patterson, P., 2015.Services marketing. Pearson Australia. Raywhite.com. 2016.Ray White, Australasia's largest real estate group | residential | commercial | rural | projects | hotels | marine |. [online] Available at: https://www.raywhite.com [Accessed 18 Sep. 2016].