Ferrel, D. & Hartline, M. (2011).
Executive summary
Addressing problems and issues requires effective identification of the most relevant factors that should be addressed. With that, a comprehensive analysis involving a study on key factors that would affect the occupation level of the Lyric apartment is crucial in designing strategies to ensure full occupation. Thus, this report provides a study of the factors that are relevant to the occupation issue and recommends strategies that effectively address the identified needs and preferences. In that respect, it is identified that the apartments’ proximity to the University makes it more attractive to the students who are mainly youthful and seeking convenience. With that, the recommended strategies include the apartment’s positioning that suits the segment needs regarding design, safety, and convenience. Also, the apartment’s pricing should take into consideration that the students it targets are low-income persons while also charging a higher price for the value added features in some of the rooms. Finally, suitable promotions strategies such as social media advertising and occupation discounts are recommended as ways of attracting more students.
Introduction
Finding the best solutions to a problem requires understanding its parameters. That is because the parameters act as a guide regarding what is acceptable to the stakeholders and what may not be acceptable to them. With that, understanding the analytical problem solving is crucial as it would result in solutions that effectively balance the stakeholders’ interests. In that respect, this analysis uses the case of the Lyric Apartment that seeks the ways of attracting more residents. In that view, the report presents a summary of the methodology applied, the findings and conclusion as well as recommendations.
Report organization
Methodology
A study requires a suitable methodology that suits the needs of the researcher considering the issue at hand and the audience targeted by the final report. In that respect, this study seeks to apply a descriptive study of the Lyric apartment and the relevant target group. From the analysis findings, recommendations are then made regarding the most suitable strategies to attract more residents.
Organization Overview
Lyric Company is a housing company based in the US with properties across the various markets including the commercial and the residential market segments. The company seeks offer accommodation and office space for the US urban population with a focus on both the low and high-income market segments. With that, the business has grown its operations over years to include properties in various states.
Findings
Given the analysis of the Lyric apartments along the University way St Paul, this findings section has summarized the key issues regarding the property as well as the target market segment. The following table presents some of the parameters describing the property and the target market.
The analysis finding is that the potentials residents are people who are location and price conscious. Further, it is identified that the pricing of lyric apartment depends on the floor plan as well as the rooms’ features. Finally, the location is identified to attract mainly the University students.
The key apartment’s facilities include
Residence rooms
Study rooms
Recreational center
Available promotions channels around the St Paul include
Sign boards
Social media
Target segment’s traits
Youthful aged 15 to 30
Educated
Technologically savvy
Seasonal residents
Low income
The students’ needs include
Convenience
Proximity
Affordable accommodation
Recreation facilities
Conclusions
Given the above analysis, it is shown that the Lyric Apartment is located near the St Paul University where the residents are mainly students. With that, the potential residents of the apartments are students identified to belong to a segment with common traits. Thus, the apartment should seek to apply strategies that attract the segment given their needs and preferences.
Recommendations
With Lyric apartments being located along the University Way, St Paul, they have the proximity to the university community hence its key target customers are the various groups in the university. In that respect, the apartment’s attraction of more residents to achieve a full capacity would require the application of strategies that are sustainable and tailored to the targets customers’ needs. In that view, the proposed solutions include an effective marketing mix with the consideration that the location already addresses a key aspect of distribution with the near location that is just 7 minutes drive away being the key aspect. With that, the remaining recommendations relate to how a suitable mix can be achieved through appropriate pricing that suits the students’ ability and wiliness to pay, the apartment’s facilities that position it to serve the students’ needs and the application of suitable promotion strategies that ensures that the target segment is attracted to the apartment. In that respect, the following is a summary of a comprehensive marketing mix comprising of strategies relating to the property’s positioning, pricing, and promotion
Apartment’s positioning
The property positioning in the market should seek to serve the target segment’s needs with facilities that are relevant to their needs and traits. In that respect, the following is a summary of the means by which the Lyric Apartment property can enhance its image and attraction to the segment considering the segment’s traits (Kotler & Keller, 2006).
Youthful aged 15 to 30: The youthful segment comprises of persons who are energetic and who have some needs such as the need to keep physically fit and maintain a healthy lifestyle. With that, the apartment can provide a Gym space within the property. With that provision, the youthful segment would get an opportunity to exercise, interact and keep fit just within the property, hence enhancing its preference compared to the other apartments that would lack such facility. Further, the segment has a need for a place that looks stylish and one that they can identify with. In that respect, the Lyric Company can apply strategies such as making sure that the rooms have designs that appeal to the segment. The designs would include the stylish items within the apartment such as well designed and attractive pathways that are decorated. Finally, the apartment can provide a place for a healthy eating cafeteria. With that, the segment would have a preference for the property given that it would provide them with proximity to a facility that helps them remain healthy. In summary, the positioning to serve the youthful segment would involve the inclusion of a gym, health eating cafeteria, and attractive designs.
Educated: Considering that the segment comprises of educated persons; mainly the students, the apartment can seek to enhance its image by enhancing some aspects that would be of concern to an educated market. Such would include addressing issues such as property cleanliness, convenience, and safety.
Cleanliness would be a priority for the property management considering that the educated segment would have a preference for a place that is relatively custodians than the other surrounding apartments. That can be done by the company management ensuring that there is a caretaker within the property who keeps the facilities and the apartments clean on a daily basis.
Regarding the convenience, the caretaker would also be in a position to effectively address the property issues such as utility failure. That would include prompt reporting and repair of failures in utilizes such as water, gas and electricity. With that, the educated segment would find it more convenient to live in the apartment given that it would not interrupt their operations in a significant way that affects their studies and daily operations.
For safety, the property should seek to ensure that it is always safe for occupation. That can be achieved by ensuring key safety features such as adequate emergency and exit doors, and placement of safety equipment such as fire extinguishers in strategic locations. With that, the segment would feel safer to live in the apartments compared to the others that would be lacking in those facilities and features.
Technologically savvy: Considering that the segment comprises of the technologically savvy persons, the apartment could seek to serve their need by the placement of more features that they can identify with. That would involve the use of electronic sign boards within the apartment that would be necessary for communication between and among the residents regarding issues of interest to them such as safety and other announcements that the property management would want to make to their tenants. That would help attract the attention and interest of the segment that would easily find means to get communication through a more appealing and technologically advanced chanel. It would also help those responsible for taking care of the property to keep the residents well informed through an interactive platform that would ensure not only safety and convenience but one that identifies with their need for technologically driven solutions.
Pricing
Regarding the pricing of the apartment, the Lyric Company could seek to ensure that it balances between serving the low-income segment while also charging for the added value it offers some of its tenants. That would consider some of the following traits of the segment.
Low income: Considering the students as low-income segment would require a low pricing strategy. Thus, the apartment would attract more students by charging lower prices for some rooms with fewer facilities compared to the on-campus accommodation. In that view, the price range that provides for some low priced rooms at $600 would attract more attention given that the campus accommodations of $650 would be considered more expensive.
Need for Convenience: Given the convenience that the apartments would be offering with some added facilities in some of its floors, the apartment’s application of a wide range of price choices would be appropriate. That would include charging more for the rooms that have higher value facilities and designs and those offering an added value to the students. That would be catered for by the higher price range with the more convenient rooms and apartments commanding a relatively higher price than the rest.
Promotion
Promotion is a key aspect of the marketing of any goods and services as well as properties. Thus, attracting and ensuring that the apartment maintains full occupation capacity would entail strategic promotions ways (Doyle & Stern, 2006). The following would be some of the applied strategies applied in promoting the apartment.
Advertisement: Advertisement is a crucial aspect of informing the potential markets of the bout the apartment’s existence and availability of space within the apartment. With that, the Company should seek to employ advertisement means that target the right segment and through the most appropriate channels (Ferrel & Hartline, 2011). That would include advertising for the apartment space through the social media. With that, the technologically savvy segment could be easily reached and be promptly informed of any space availability. Also, the apartment could advertise the space availability in the University’s key strategic facilities such as electronic sign boards that attract more attention to the students.
Occupation discounts: Considering that many students attend their studies on a seasonal basis, the apartment could seek to ensure full occupation throughout the year with occupation discounts. That would involve offering some price discounts for the students who would choose to remain residents throughout the year. With that, more students would prefer long stay in the buildings for the purpose of qualifying for the occupancy discounts.
Works cited
Doyle, P. & Stern, P. Marketing Management and Strategy. New York: Financial Times Prentice Hall, 2006. Print
Ferrel, D. & Hartline, M. Marketing Strategy. 5th Ed. Boulevard: South-Western, Cengage Learning, 2011. Print.
Kotler, P. & Keller, L. Marketing Management. 12th Ed. New Jersey: Pearson Prentice Hall, 2006. Print.
