Marketing Strategy for DAMAC

selling Strategy for DAMACIntroductionDAMAC Properties is a Dubai based smart set established in 2002. It is a private, commercial and leisure developer with iconic improvements and developments in staggering areas in significant urban communities in the Middle East has helped DAMAC hold im get on with and repute for making lavish and alluring properties. Previously DAMAC Properties has extended its network within a few years of success, in to regions of North Africa, Qatar, Jordan, Lebanon and Saudi-Arabian Arabia.Since its establishment in 2002, DAMAC has conveye 9,318 units to date and as of now has an advancement arrangement of in excess of 25,000 units at different phases of advancement and arranging conveying DAMACs re ascendant of extravagance living with amazing private, accommodation, and relaxation and vexation improvements. At the heart of the Groups society lies the yearning to convey this vision for its clients, with the bon tons c.1,400 workers dealing with the w hole process from the intent of improvement accomplices, for example, designers, planners and foremen, the distance to the handover of keys.To guarantee improvements are conveyed to the most elevated conceivable measures, DAMAC gives the privilege working environment to capable workers chooses just the privilege accomplices and creates ventures in primitive areas. Continuously at the bleeding edge of visionary ideas, DAMAC has associations with Paramount Hotels Resorts, the official licensee of Paramount Pictures, Italian design houses Versace Home and FENDI Casa for marked private condo and manors and the scoop Organization for the advancement and operations of the Trump International Golf Course, Dubai and the Trump Estates inside the AKOYA by DAMAC improvement. As DAMAC keeps on innovating and bring new ideas to the traffic sector, the Company is resolved to expand on its compelling execution to date. With vision and energy, DAMAC is building the up and coming era of Middl e East extravagance living.The Company issued ball-shaped Depositary Receipts (GDRs) which are recorded on the London Stock Exchange. Citibank N.A. goes rough as the depositary for the GDR.The projects by DAMAC Properties intromit Marina Terrance, executive director Heights, Lake View, Lake Terrance, The Waves, Smart Heights, Park Towers and DAMAC Maison, The Summit. These projects deliver a luxury and undergo desire for design and quality.MissionDAMAC states its mission as delivering value to its customer. Basically it aims to deliver. DAMAC ensures that the developments and establishments of buildings are delivered with the highest possible standards from the creative employees, architecture and affirmer and designers. Since its history starting from 2002, it has maintained a record of building delivery with its vision of luxury developments.Market DescriptionMarket serves as a metier for interaction of buyer and seller. It can be highly unpredictable. Throughout the world food market with the perspective of buyer differs from sellers point of view. Market changes chance(a) whereas from business perspective it creates a daily challenge. Throughout the world, organizations are confronting the challenge of global rivalry and with the effects of globalization on political, financial, economic and society patterns of purchasing and offering are changed.The organizations in intercontinental business sector are attempting to profit by the favorable circumstances that have been made because of globalization. In this testify period of globalization the organizations are attempting to execute progressed innovation so as to expand their core competency and business yields. Because of immense rivalry in worldwide business associations are selecting competitive workers and executing a few extraordinary trade techniques.The organizations ought to be learned enough about different components of promoting process to scupper the understanding of overseeing mark eting. There are diverse components of marketing process and strategic implementation of these processes, for example, strategic plan for marketing mix implementation, strategies for staining, segmentation, positioning based on focus and cost effective methodologies.Market segmentation is used to identify the different segments of consumers with respect to different product line. (Kotler, 2009)Targeting strategy is used to recognize the target audience for the particular products. Product positioning is used to identify the region in which the products will compete in a market place. These different elements of marketing process are elaborated in this study in order to understand managing marketing.Dubai is a major and attractive marketing hub and since the developments in Arab nations and Muslim world, opportunities for business investments are growing higher. The global recoveries in 2003 of Dubai, the economic conditions of Dubai region are improved with a addition of GDP. This recovery has led to emolument the housing fascinate and real estate business around Dubai where people has a clear change in their life vogues. The market changing perspectives of Dubai housing and building preciss are identified in this report with the help of marketing strategies adopted by DAMAC Company. DAMAC Properties introduction and mission is in any case discussed previously, further the report will discuss about its current marketing details and future marketing plans.Strategic ImplementationDAMAC business strategy and objectives are aligned to its vision of leading and creating innovation so its strategy revolves around the core steps as followsBuy DAMAC identifies the golden opportunities of premium lands and buy the property. It reviews the economic and favorable business opportunities in other countries removed of Dubai.Create DAMAC creates a highly valuable and luxurious and innovative lifestyle through its buildings and value added projects.Sell It sells the premium quality property while creating business associations and relationships with the leading housing and hotel brands.Build DAMAC has built efficient projects through proper utilization of strategic planning, budget controlling and maximizing the profits.Marketing MixMarketing mix of anorganizationis the spine of any organizations promoting system. Each heading association needs to examine the showcasing blend productively keeping in mind the end goal to do the method development (Jobber, 2012)ProductDAMAC introduces the innovative and luxurious houses and properties. Its projects are alliances of other leading brands such as Paramount Hotels. DAMACs projects include Marina Terrance, Executive Heights, Lake View, Lake Terrance, The Waves, Smart Heights, Park Towers and DAMAC Maison etc. AKOYA is a luxurious villa, and a future business plan of DAMAC.Price DAMAC has set premium prices for its products and services. One reason include its target market i.e., highly innovative and lifestyle oriented. Other reason is the scope of housing and building schemes in Dubai. In long run, the business could benefit from the increasing rates and opportunities of growth. In 2020 the prices are expected to show increasing trend for housing projects in Dubai.PlaceDAMAC has located the areas of Middle East, North Africa and others with a major hub in Dubai. It has a geographical focus on worldwide opportunities. Primarily it operates in residential sector but it also aims to create market in commercial development and co-brands of hotel and apartments. It has international and national offices for dealing and other matters.Promotion It uses face to face market tools through its presence in Dubai Malls. It also uses technology and electronic media for its promotion.Target CustomerDAMAC has targeted the customer with innovative lifestyle and luxury seeking attribute. It has focused mainly on the high income that does not dither to abide high for their niche requirements.Ma rket SegmentationThere are severalkeyelements in marketing strategies. Market segmentation is one of those key elementsthat have been implemented in maximum time.Behavioral SegmentationBased on behavioral segmentation, Customer behavior include the luxury and relaxed life style, need of housing style as in western nations. The company has built projects with premium quality and luxurious life styles and a never ending experience.Profile SegmentationA customer who is well cultured and has a good educational minimize with higher earnings level comes under this segment. Trade and commerce related background people are top most targeted customers. Young married couples and old ones are mostly targeted.Geographic SegmentationOn the basis of geographic segmentation, it has eyed upon the regions of premium and worthy lands which can create a desire in people who want a standard and premium lifestyle.Psychographic segmentation DAMAC has targeted the customers of middle age young couples wi th energy and fun element seeking for spending time with high enduring tastes and values depending upon social class. Old aged based on their living style of being prestigious and with high standards.Market Opportunities Consumer BehaviorThe consumer behavior analysis relies on the relationship of people with the assistance of marketing mix. Additionally, pay level of individuals and socio-cultural variables assume a huge part on purchasing conduct of consumers (Pride Ferrell, 2011).In term of profits, business of DAMAC can lead to go up as the consumer needs of luxurious life style as adopted by Western culture has increased in Dubai and Middle East. Since this desire, the marketing for middling ranged income classify is another opportunity to look forward. Since DAMAC focus of premium price, it also needs to look forward and create luxury life style opportunity for cheap range. In future, housing scheme and land prices are expected to grow up with double or triple rates. Thus, it may suggest business growth and future investment opportunities as DAMAC reports for 2013 shows its profits and success, thus the growth continues to rise. (DAMAC Annual Report, 2013) The graph below presents the current leading situations to opportunities for growth in hoteling and related requirements. Because Dubai is a major hub for many international events, people will seek the facility of hoteling for stay such as for events like Dubai expo. Towards the end of 2020, pattern for hoteling and housing scheme shows an upward trend.Source (Dubaitourism.ae)Market ResearchSecondary ResearchAll the data is sedate from the sources available on net, the journals, news and annual report of the company. overly the theories from scholarly sources are also present to back up the marketing report.Primary ResearchPrimary research is conducted on the basis of survey. The respondents were selected and their response is collected through the designed questionnaire present in the Appendix A at the end.BibliographyDAMAC Annual Report. (2013). Retrieved from http//www.damacproperties.com/en/general/download/file/damac-real-estate-development-limited-annual-report-2013-final?id=12200type=report.Dubaitourism.ae. (n.d.). Retrieved December 25, 2014, from www.dubaitourism.aeJobber, D. (2012). Principles and Practice of Marketing. smart York McGraw-Hill Education.http//oro.open.ac.uk/36359/Kotler, P. (2009). Principles of Marketing. Pearson Education India.http//books.google.com.pk/books?hl=enlr=id=KN6PqQMnFBACoi=fndpg=PR34dq=Kotler,+P.+(2009).+Principles+of+Marketing.+Pearson+Education+India.ots=UhHdTbDNHzsig=CYs0TJTf7gnth-JsooXTBZ2R3FgPride Ferrell. (2011). Marketing. . Stamford Cengage Learning.http//books.google.com.pk/books?hl=enlr=id=3dp0cR45FZcCoi=fndpg=PR3dq=Pride++Ferrell.+(2011).+Marketing.+ots=OwFuTk_15Tsig=WQxHkWpC6oD22ezjFSdPU1spd4ov=onepageq=Pride Ferrell. (2011). Marketing.f=falseAppendix A hesitancynaireDemographics (Mandatory)NameAgeOccupationIncomeQuesti onStrongly AgreeAgreeModerateDisagreeStrongly DisagreeThe changing trends and globalization has impacted the lifestyle of people in Arab nations, more especially in Dubai?The market need of customer is changing due to increasing trend of social class and society standardsThe increase in income is one source of change in need of life style.Present market conditions suggest that there is a need to focus on housing trends and stylesLuxury is a need to todays world.How convinced is a middle class person to buy a luxury life styleGreatly cleanDepends upon his incomeDepends on his needsDepends on his income and other social factorsWhy would you prefer, a luxury home in attractive locationDue to increase in incomeDue to societal trends and need of standards and lifestyleOther Factors Open Ended QuestionsWhat do you think about DAMAC and its success? Have you ever visited or a client at DAMAC Properties?How far DAMAC Properties has fascinated the clients based on its vision of delivering lu xury?