Marketing Plan for Apartment Complex to Increase Occupancies in South Carolina

Situational analysis Abberly Village is an apartment complex company that operates within the US. Over the years that it has been in operation, the firm has managed to attain an optimal market position by offering luxurious apartments. Additionally, the firm offers a variety of apartments which include one-bedroom, two-bedroom and three bedroom apartments (Abberly Village, 2011, para. 2).Advertising We will write a custom coursework sample on Marketing Plan for Apartment Complex to Increase Occupancies in South Carolina specifically for you for only $16.05 $11/page Learn More In an effort to increase its occupancy rate, the firm has effectively designed its apartments. One of the ways through which the firm has achieved this is by ensuring that its facilities are clean and up-to-date. Additionally, Abberly Village has a well trained staff that ensures that the clients are well served. The recent economic recession has made the US housing industry to be v ery challenging. For example, the cost of purchasing a home has become prohibitive. This is due to the fact that it has become hard to access credit finance from the financial institutions. This has stimulated potential homeowners to consider alternative means. One of the alternatives which they are considering entails renting apartments. In an effort to attain an efficient market position, Abberly Village management team is committed at increasing its occupancy rate. Market Summary The US apartment industry is a core component of the country’s Gross Domestic Product. Approximately 30.6% of all US households live in rented houses. According to National Apartment Association (n.d, p. 2), the annual revenue collected from the apartment industry averages $ 155 billion which is equivalent to 2% of the country’s total GDP (National Apartment Association, n.d, p. 1). Over the past few years, the US apartment industry has experienced significant growth. In February 2011, the national occupancy rate was 93.6% (Wood, 2011, para. 3).Despite the adverse effects of the 2007 economic recession, it is expected that the apartment industry will grow with a rate of 5.5% in 2011 (Wood, 2011, para. 4). The growth is expected to arise from improvement in the country’s economy (Foong, 2011, para. 1). Foong (2011, para. 8) asserts that the growth in the US apartment industry is determined by the level of employment. Over the past few years, the US job market has undergone a modest growth. It is also expected that it will take a number of years for the US to recover the 8 million jobs lost. This means that the market growth will be relatively slow.Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Despite these changes, there has been emergence of a positive perception towards rental housing in the US in the recent past. According to Haevens (2007, para.1), a signifi cant proportion of potential home buyers in the US are considering renting apartments rather than buying a home. A survey conducted by Harris Interactive in 2010 revealed that 76% of US consumers prefer renting an apartment compared to buying a home. This represents an increment with a margin of 5% compared to 2008 (National Apartment Association, 2011, p. 3). This trend is mainly common amongst the young consumers. One of the factors that have led to this trend relates to the adverse effects of the 2007 economic recession on the US housing industry. Considering these effects, a large number of consumers are valuing renting apartments compared to home buying. In order to meet the demand for rental homes in the United States, it is estimated that approximately 300,000 units should be constructed annually (National Apartment Association, 2011, p. 3). The apartment industry in the US is undergoing a rampant evolution. One of the trends that characterize the industry relates to the high rate at which firms are undertaking technological advancements in their apartment complexes. Additionally, firms in the industry are also undertaking continuous improvement of their apartment complexes in an effort to increase occupancy rate. There is also a high probability of the US apartment industry experiencing an increment in rent levels. In 2010, the national vacancy rate in US declined from 7.8 % to 7 % (Foong, 2011, para. 9). It is estimated that the average vacancy rate will decrease to 5.8% in 2011. This will result into an increment in rent with a margin of 5.94%. This makes the apartment industry to be very lucrative. By the end of 2011, it is estimated that apartment occupancy rate in the US will be more than 95%.Advertising We will write a custom coursework sample on Marketing Plan for Apartment Complex to Increase Occupancies in South Carolina specifically for you for only $16.05 $11/page Learn More Product offering According to Kotler and Scheff (2006, p.189), product offering refer to the ability of a product to meet the customers’ needs. This means that the customer should benefit upon consuming the product. In its operation, Abberly Village is committed at ensuring that its customers attain a unique experience. To achieve this, the interior and exteriors of the apartment complexes are well designed. This has been achieved by integrating a wide range of amenities which include unique floor plans, spacious porches and generous oval soaking tubs, dryer and full size washers, maple cabinets, expansive windows to allow flow of natural light, elevators and detached garages. The firm has also adopted effective apartment management strategies. The apartment complexes also have a cyber cafà ©, coffee bars, a business center, cutting-edge fitness center and entertainment area, lively clubhouse which are fitted with large screen television, wireless internet in the clubhouse and the pool area and gated entry. The firm also allows pets within its apartments. Competitive analysis The apartment industry in South Carolina is characterized very competitive. This arises from the fact that there are numerous firms within the industry. In its operation, Abberly Village apartments face intense competition from a number of firms. The main competitors include Lauren Ridge, West Winds, Greenhill Parish Crossing, West Vista, Greenbrier Apartments, The Haven At Lake Murray, Lullwater At Saluda Pointe, The Ashton, Quail Run Apartments, Landmark, Tanglewood and The Arbors At Windsor Lake (Abberly Village, 2011). These firms have effectively positioned themselves in the apartment industry in South Carolina. The firms also offer a wide variety of apartments in order to meet the customers’ needs. Considering the dynamic nature of the apartment industry in the US, most of Abberly Village competitors are increasingly being concerned with developing their competitiveness. One of the strategies which they are incorporating entails undertaking proper maintenance of and remodeling of their apartment complexes in order to deliver a unique experience to their customers (Causey Contracting Incorporation, 2011, para. 1-4).Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, Abberly Village competitors are also reformulating their pricing strategies in an effort to attain price competitiveness. These firms are also installing a wide range of facilities in their apartments. Abberly Village also faces competition from other firms within the hospitality industry such as restaurants. Therefore, it is paramount for the firm to enhance its competitiveness. SWOT analysis The chart below illustrates Abberly Village apartment strengths, weaknesses, opportunities and threats. Strengths Market recognition- The firm has attained sufficient market recognition in South Carolina The firm has effectively designed its apartments and fitted them with current technologies such as internet to meet the customers’ demands. A strong public image -The firm has a qualified apartment management team The apartment is surrounded by a strong neighborhood that has a wide range of facilities which include recreational facilities, hospitals, shopping center, r estaurants and an airport (Abberly Village, 2011, para. 1). Weaknesses The firm has not sufficiently diversified its scale of operation. Currently, the firm mainly operates in West Columbia in South Carolina. Opportunities The change in perception towards renting apartments compared to homeownership amongst the consumers presents a feasible market opportunity for the firm. The real estate industry is undergoing a significant transformation as a result of the high rate of technological innovation. Firms within the industry are able to design and construct attractive apartments. Integrating these technologies will enable the firm to appeal a large number of potential renters. The current economic growth in US presents an opportunity for growth of the apartment industry due to an increment in the number of potential buyers. Threats The lucrative nature of the industry will result into increment in the degree of rivalry as more firms venture the industry. Occurrence of another econ omic recession presents a threat to firms within the apartment industry. This arises from the fact that the recession may lead into loss jobs amongst the consumers hence reducing their purchasing power. The recession may also lead into an increment in the rate of interest thus making it costly for the firm to use external finance such as bank loans to improve its apartments. Key Success Factors According to Kotler and Keller (2009), the success of firms in different economic sectors is dependent on a number of factors which are referred to as the key success factors. To increase the occupancy rate, Abberly Village apartment management team will integrate a number of marketing strategies. The firm will incorporate the 4ps concept in its marketing strategies. To ensure that a large number of customers are aware of the firm’s existence in the market, the management team will incorporate the concept of Integrated Marketing Communication. This will entail using emerging and tra ditional marketing communication techniques and tools. Additionally, the firm will also ensure that there is a continuous evaluation of its marketing efforts. This will enable the firm to make the necessary adjustments in its marketing plan. Critical issues Considering the fact that the success of firms in the apartment industry is dependent on the nature of relationship established with the tenants, Abberly Village management team will integrate effective customer relationship management techniques. To reach its customers, the firm will also incorporate different strategies in its distribution strategy. One of these strategies will entail use of the internet whereby the customers can be able to view the interiors of the apartments virtually. Additionally, the firm will also use agents in its distribution strategy. The agents will be charged with the responsibility of ensuring that the customers’ access comprehensive information regarding the apartments. One of the issues tha t the agents will focus on relates to the amenities offered in the apartment complex. Additionally, the firm will design a model of the apartment which will be shown to clients. To get a better view of the apartments, the clients will be shown around by the agents. This will enable the client to make an informed decision. Reference List Abberly Village. (2011). Neighborhood: Apartments in West Columbia, SC.  Web. Causey Contracting Incorporation. (2011). Virginia remodeling contractor. Web. Foong, K. (2011). Promising predictions for the 2011 apartment industry. Web. Haevens, A. (2007). Apartment industry benefiting from housing downturn. Web. Kotler, P., Keller, K. (2009). Marketing management. New York: Pearson Education. Kotler, P. Scheff, J. (2006). Standing room only: Strategies for marketing the  performing arts. Boston: Harvard Business School. National Apartment Association. (2011). The US apartment industry: Key federal  issues. Washington: National Apartment Associ ation. National Apartment Association. Apartment industry careers. Web. Wood, C. (2011). Apartment industry trends towards record rent growth. Web. This coursework on Marketing Plan for Apartment Complex to Increase Occupancies in South Carolina was written and submitted by user Rene K. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Training and Development in the Internationally Operating Organisation

Training and Development in the Internationally Operating Organisation The work of the human resource management in internationally operating organisations is focused on the effective training and development of employees in order to increase the workers’ qualification and create the professional teams in all the departments of the company in spite of their location.Advertising We will write a custom assessment sample on Training and Development in the Internationally Operating Organisation specifically for you for only $16.05 $11/page Learn More From this point, internationally operating organisations develop specific training and development programs which are oriented to improve the employees’ performance and productivity along with contributing to the positive atmosphere at workplace. To guarantee the employees’ career development and professional growth, it is possible to use training and development programs which are retained centrally or handled locally. Thus, on-the-job and online training and deve lopment programs along with the cultural awareness programs are effective when they are handled locally, and workshops and seminars can be conducted centrally as well as the specific programs of assessment developed to receive the information about the definite employees’ abilities, achievements, and preferences. Training and development programs are used in companies to increase the employees’ potential and job satisfaction which often results in improving of job performance and productivity (Porter Tansky 1999). These programs are necessary to provide the employees with the opportunity to develop their career and avoid the significant gap in the employees’ qualification with the help of the appropriate training (Al Ariss 2010). From this perspective, those programs which are oriented to the unification of the work of all the international company’s departments should be conducted centrally. Internal specialists can conduct theoretical lectures and prac tical seminars and workshops in order to provide the multinational specialists with the knowledge of the specifics of the company’s work. The employees’ results and achievements should be also assessed centrally. Moreover, specific assessment programs which are conducted centrally are necessary to examine the employees’ competencies and skills with references to the company’s standards and requirements (Sims 2007). If the necessary training and development programs are not based on the company’s central office, employees do not receive the necessary knowledge about the requirements and standards followed within the organization.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Much attention should be paid to the cross-training activities and expatriate training. The focus on the international assignments as the component of the development p rograms is effective for improving the work of the local company’s departments (Bennett, Aston, Colquhoun 2000). Before receiving the training retained centrally, the employee should also complete the pre-departure training conducted locally. Moreover, all the specialists who are prepared to work in the other country should be provided with the necessary pre-departure training in spite of their position and specialization. The programs oriented to the work with the foreign language and culture are important. The role of the local training and usage of the development programs is important because of the specifics of working in the international companies. It is a difficult process to organise the participation of the majority of employees in seminars and training programs which are retained centrally. Specialists are often invited to participate in such types of the career development and training programs. However, many training programs can be available for employees local ly. On-the-job training which is conducted by the foreign specialists is effective because employees improve their knowledge and skills without interrupting their working process (Dowling, Festing, Engle 2008). According to Suutari, much attention is paid to the development of the workers’ practical abilities (Suutari 2001). The task of the human resource management is to develop the effective schedule, choosing the relevant subject for the program and appropriate number of hours for the programme’s realisation. It is also important to focus on the aspects of cross-training and job rotation as the effective methods to develop the employees’ skills and abilities. If the results of cross-training involving specialists from different departments of the international company can be assessed after the completion of training with references to the employees’ practical usage of the acquired skills, the effects of job rotation cannot be assessed immediately (Sim s 2007). Sims also states that job rotation as the effective development program is the prolonged activity (Sims 2007).Advertising We will write a custom assessment sample on Training and Development in the Internationally Operating Organisation specifically for you for only $16.05 $11/page Learn More Those persons who exchange their positions develop new competencies and skills. It is important to note that job rotation can be based on the local resources of the company as well as to be international, referring to the needs of the company (Goergen, Brewster, Wood 2009; Wang McLean 2007). Thus, many leaders of the international organizations practise job rotation among the specialists from different countries in order to develop the competencies and abilities of employees working in the multinational corporations. Training and development programs can be implemented in international corporations centrally or locally depending on the company’s needs , resources, and associated costs. From this point, those programs which are implemented locally are discussed as more profitable when the programs retained centrally more contribute to the increase of the employees’ qualification. That is why, the many international companies use both the types of programs to respond to the corporate needs. References Al Ariss, A 2010, ‘Modes of engagement: migration, self-initiated expatriation, and career development’, Career Development International, vol. 15 no. 4, pp. 338-358. Bennett, R, Aston, A, Colquhoun, T 2000, ‘Cross-cultural training: A critical step in ensuring the success of international assignments’, Human Resource Management, vol. 39 no. 2, pp. 2-3. Dowling, P, Festing, M, Engle, A 2008, International human resource management: Managing people in a multinational context, Thomson Learning, London.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Goergen, M, Brewster, C, Wood, G 2009, ‘Corporate governance and training’, Journal of Industrial Relations, vol. 51 no. 4, pp. 461-489. Porter, G, Tansky, J 1999, ‘Expatriate success may depend on a learning orientation: Considerations for selection and training’, Human Resource Management, vol. 38 no. 1, pp. 47-60. Sims, R 2007, Human resource management: Contemporary issues, challenges and opportunities, IAP, USA. Suutari, V 2001, ‘Role of on site training and support in expatriation: Existing and necessary host company practices’, Career Development International, vol. 6 no. 6, pp.298-311. Wang, X, McLean, G 2007, ‘The dilemma of defining international human resource development, Human Resource Development Review, vol. 6 no. 1, pp. 96-108.

Financial analysis project guidelines Research Paper

Financial analysis project guidelines - Research Paper Example The first market is the Americas market segment. The second is the Europe market segment. The third is the Middle_East & Africa market segment. The last major market segment is called China/Asia Pacific (Starbucks, 2015). Starbucks’ financial statement ratios firmly describe the company’s viable two year financial performance. The above table 1 shows the abstract of the financial performance of Starbucks for 2013 and 2014. In terms of the current asset financial statement ratio, the company’s 2014 financial performance was better than its prior 2013 financial performance. In terms of the Debt to Equity or leverage financial statement ratio, the company’s 2013 financial performance was better than its 2014 financial performance. In terms of the Net Profit Ratio financial statement ratio, the company’s 2014 financial performance was better than the 2013 financial performance. In terms of the Return on Equity financial statement ratio, the company’s 2014 financial performance was significantly better than its previous 2013 financial performance. The company’s return on total assets financial statement ratio, the company’s 2014 financial performance was better than its prior 2013 financial performance. The above table 2 shows the current ratio financial statement performance of Starbucks for 2014 and 2013. The 2014 current assets, $ 4,168.70 million figure represents 137 percent of the 2014 current liabilities, $3,038.70 million. The 2013 current assets, $ 5,471.40 million amount is 102 percent of the 2013 current liabilities, $5,377.30 million. Clearly, the company’s 2014 current ratio financial performance is significantly better than the 2013 current ratio output. The two years’ performance shows there are more than enough current assets available for the payment of the current liabilities (Epstein, 2011). It is highly recommended that Starbucks branches should further increase its current ratio financial