Marketing Strategy for DAMAC

mart placeing Strategy for DAMACIntroductionDAMAC Properties is a Dubai based caller-out established in 2002. It is a private, mercenary and leisure developer with iconic improvements and developments in staggering aras in signifi bottomt urban communities in the center of attention eastern hemisphere has helped DAMAC construct image and repute for making lavish and alluring properties. previously DAMAC Properties has extended its network within a a few(prenominal) years of success, in to regions of North Africa, Qatar, Jordan, Lebanon and Saudi Arabia.Since its establishment in 2002, DAMAC has conveyed 9,318 units to date and as of directly has an growth arrangement of in excess of 25,000 units at assorted phases of advancement and arranging conveying DAMACs stack of extravagance living with amazing private, accommodation, and residual and business improvements. At the heart of the Groups society lies the yearning to convey this resource for its clients, with the fami liaritys c.1,400 workers dealing with the whole process from the determination of improvement accomplices, for example, designers, planners and foremen, the distance to the handover of keys.To see improvements argon conveyed to the most elevated conceivable measures, DAMAC gives the privilege working surroundings to capable workers chooses just the privilege accomplices and creates ventures in prime beas. 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 Trump governance for the advancement and operations of the Trump International Golf Course, Dubai and the Trump Estates at bottom the AKOYA by DAMAC improvement. As DAMAC keeps on innovating and bring new ideas to the business sector, the beau monde is resolved to expand on its compelling execution to date. With vision and energy, DAMAC is construct the up and coming era of Middle East extravagance living.The Company issued Global Depositary Receipts (GDRs) which ar recorded on the London pains Ex vary. Citibank N.A. goes about as the depositary for the GDR.The projects by DAMAC Properties embroil Marina Terrance, Executive Heights, Lake View, Lake Terrance, The Waves, Smart Heights, leafy vegetable Towers and DAMAC Maison, The Summit. These projects deliver a naughtylife and infrago desire for design and quality. heraldic bearingDAMAC states its mission as delivering value to its customer. Basically it aims to deliver. DAMAC ensures that the developments and establishments of constructions ar delivered with the highest possible standards from the creative employees, architecture and contractor and designers. Since its history starting from 2002, it has maintained a record of building delivery with its vision of sumptuousness developments.Market expositionMarket serves as a medium for interaction o f purchaser and seller. It can be highly unpredictable. Throughout the world market with the status of buyer differs from sellers point of view. Market changes daily whereas from business perspective it creates a daily challenge. Throughout the world, organizations are confronting the challenge of global emulation and with the effects of globalization on political, financial, economic and society patterns of purchasing and offer are changed.The organizations in worldwide business sector are attempting to put on by the gilt circumstances that learn been made because of globalization. In this front period of globalization the organizations are attempting to execute progressed innovation so as to expand their core fencency and business yields. Because of immense rivalry in worldwide business associations are selecting competitive workers and executing a few extraordinary merchandising techniques.The organizations ought to be learned enough about different components of promotin g process to exhibit the understanding of overseeing trade. There are diverse components of marketing process and strategical implementation of these processes, for example, strategic plan for marketing mingle implementation, strategies for targeting, segmentation, positioning based on center on and cost effective methodologies.Market segmentation is used to identify the different segments of consumers with respect to different carrefour line. (Kotler, 2009)Targeting strategy is used to recognize the target audience for the particular products. ingathering positioning is used to identify the region in which the products allow for 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 investitures are growing higher. The global recoveries in 2003 of Dubai , the economic conditions of Dubai region are meliorate with a growth of GDP. This recovery has led to benefit the housing purpose and real estate business around Dubai where people has a glide by change in their life styles. The market changing perspectives of Dubai housing and building systems are identified in this discover with the help of marketing strategies adopt by DAMAC Company. DAMAC Properties introduction and mission is also 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 thus its strategy revolves around the core locomote 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 outside of Dubai.Create DAMAC creates a highly valuable and luxurious and innova tive life-style through its buildings and value added projects. swop It sells the premium quality property while creating business associations and relationships with the leading housing and hotel brands.Build DAMAC has make efficient projects through proper utilization of strategic planning, budget controlling and maximizing the profits.Marketing MixMarketing scuffle of anorganizationis the spine of any organizations promoting system. Each heading association take ups to analyze the showcasing blend productively keeping in mind the end cultivation 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 pr ices for its products and services. hotshot reason include its target market i.e., highly innovative and lifestyle oriented. separate reason is the scope of housing and building lineations 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. manoeuvreDAMAC 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 side to face market tools through its presence in Dubai Malls. It also uses engineering 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 twit to pay high for their niche requirements.Market SegmentationThere are severalkeyelements in marketing strategies. Market segmentation is one of those key elementsthat have been implemented in maximum time. styleal 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 finish experience.Pro buck SegmentationA customer who is well cultured and has a good educational background with higher earnings level comes under this segment. Trade and commerce related background people are screen most targeted customers. Young married couples and old ones are mostly targeted. geographical SegmentationOn the behind of geographic segmentation, it has eyed upon the regions of premium and worthful lands which can create a desire in people who desire a standard and premium lifestyle.Psychographic segmentation DAMAC has targeted the customers of middle age girlish couples with energy and fun element seeking for spending time with high enduring tastes and values depending upon social kind. 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 ( soak 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 group 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 affordable 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 downstairs 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 hinderance 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 Research wholly the data is collected from the sources available on net, the journals, news and annual report of the company. Also the theories from scholarly sources are also present to back up the marketing report.Primary ResearchPrimary research is cond ucted on the basis of survey. The respondents were selected and their response is collected through the designed questionnaire present in the appendage 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. New 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=WQxHkW pC6oD22ezjFSdPU1spd4ov=onepageq=Pride Ferrell. (2011). Marketing.f=falseAppendix AQuestionnaireDemographics (Mandatory)NameAgeOccupationIncomeQuestionStrongly conditionAgreeModerateDisagreeStrongly DisagreeThe changing trends and globalization has impact the lifestyle of people in Arab nations, more particularly 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 in that location 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 stylegreatlyModeratelyDepends upon his incomeDepends on his needsDepends on his income and other social factors wherefore would you prefer, a luxury home in attractive location delinquent to increase in incomeDue to societal trends and need of standards and lifestyleOther Factors Open Ended QuestionsWha t do you think about DAMAC and its success? take on you ever visited or a client at DAMAC Properties?How far DAMAC Properties has mesmerized the clients based on its vision of delivering luxury?