Final presentation

PROJECT REPORT ON

NEW PRODUCT LAUNCH IN DIGITAL SPACE FOR PUNE REAL-ESTATE SECTOR

PREPARED BY: HARSHITA GEMAWAT

BIMHRD HRD1310171

INTRODUCTION OF THE COMPANY

MANTRA MEDIA PVT.LTD.

Co-create value for our constituents on a sustainable basis and make a positive difference."

Founded by: UDAY ZOKARKAR in December of 2008

• Mantra Media is a Digital Business Consulting company that provides end to end solutions leveraging.

1. Internet

2. Mobile media platform

• Mantra Media deals in B2B market some of its clients are:

OBJECTIVE

PRIMARY RESEARCH OBJECTIVE (PRO’s)

• To validate the working of my portal and also to find out errors & rectify.

• Analyze probable market conditions for the launch of new property portal in real estate sector.

SECONDARY RESEARCH OBJECTIVES (SRO’S)

• To analyze real estate sector with regard to digital space.

• To carry out market study with different builders with the help of

questionnaire to interpret their response towards the new portal.

• To determine the effect of current changes in real estate sector and to

overcome them.

RESEARCH AND METHODOLOGY

Data Source : Primary & Secondary Data

Sampling Units : Members of CREDAI

Research Instrument :Questionnaire

Sampling technique :Systematic Sampling

Contact Method : Personal/Direct

Sample Size : 16

1st PART OF PROJECT

• To test the website and upload the project as builders and brokers.(Objective: Primary objective 1)

PRODUCT

“mypuneproperty.in”

Home page

Projects Uploaded into the portal

Testing of the portal

Working with super admin

MARKETING MODEL

POTER’S 5 FORCE MODEL

There is no rivalry among

existing competitors, as

there are no close

competitors

One of the most emerging sector Less market barriers. Less competition in small sector

The product is customized and it is for B2B sector, so the buyers have bargaining power

Currently the biggest threat is of substitutes:

Newspapers Headings Also some big companies design

there own websites, they don’t outsource it.

Presently there are less number of competitors in small sector so suppliers also have bargaining power.

They develop unique and customized product.

2nd PART OF PROJECT Objective: Primary objective 2

• To conduct market analyses by using questionnaire and interview technique.

• To collect the relevant information from builders and giving strategic and product recommendation to the company.

DATA ANALYSIS USING SPSSSecondary Objective 1

Problem 1: TOPIC:

Relation between the number of years in real-estate sector and projects completed.

NULL HYPOTHESES:

Number of project completed is independent of number of years in real-estate sector

Chi-Square Tests

Value df Asymp. Sig. (2-sided)

Pearson Chi-Square 20.907a 9 .013

Likelihood Ratio 21.711 9 .013

Linear-by-Linear Association 8.695 1 .013

N of Valid Cases 16

a. 16 cells (100.0%) have expected count less than 5. The minimum expected count is .38.

CONCLUSION:The significance value in chi square test is .013 which is less than .05 so we reject the null hypotheses .So we can conclude that since our null hypotheses is reject so project completed is dependent on number of years completed in real-estate business. Since the phi correlation coefficient, Cramer’s V and contingency coefficient significance value is same, chi square test is valid.

Problem 2:TOPIC:

Relationship between years completed in real-estate sector and builders attending virtual fair.

NULL HYPOTHESES:

Builders attending the virtual fair are independent of the years completed in real-estate sector.

Chi-Square Tests




Linear-by-Linear Association .244 1 .290

N of Valid Cases 16 a. 8 cells (100.0%) have expected count less than 5. The minimum expected count is .88.

CONCLUSION: The significance value is more than .05 so we accept the null hypotheses. We can conclude that since our null hypothesis is accepted so builders attending the virtual fair are independent of the years completed in real-estate sector. Since the phi correlation coefficient, Cramer’s V and contingency coefficient significance value is same, chi square test is valid.

Problem 3:TOPIC:

Relationship between projects completed in real-estate sector and builders attending the virtual fair.

NULL HYPOTHESES:

Builders attending the virtual fair are independent of the project completed in real-estate sector.

Chi-Square Tests

Value Df Asymp. Sig. (2-sided)

Pearson Chi-Square 7.486a 3 .050Likelihood Ratio 9.735 3 .050

Linear-by-Linear Association 5.174 1 .050N of Valid Cases 16 a. 8 cells (100.0%) have expected count less than 5. The minimum expected count is 1.31.

CONCLUSION: The significance value is .05 so we reject the null hypotheses .So we can conclude that since our null hypotheses is reject so builders attending the virtual fair are dependent of the project completed in real-estate sector. Since the phi correlation coefficient, Cramer’s V and contingency coefficient significance value is same, chi square test is valid.

Problem 4:TOPIC:

Relation between the number of projects completed in real-estate sector and expenditure done by builders on E-Marketing.

NULL HYPOTHESES:

Expenditure done by the builders on E-Marketing is independent of the projects completed in real-estate sector.

Chi-Square Tests




Linear-by-Linear Association .515 1 .013

N of Valid Cases 16 a. 16 cells (100.0%) have expected count less than 5. The minimum expected count is .25.

CONCLUSION:The significance value is less than .05, we reject the null hypotheses .So we can conclude that since our null hypotheses is reject so expenditure of builders on E-Marketing is dependent on the number of projects completed. Since the phi correlation coefficient, Cramer’s V and contingency coefficient significance value is same, chi square test is valid.

DATA ANALYSIS

13%

31%

13%

44%

Since how many years are you in real estate business?

a. Less than 5 yearb. 6 - 10 yearsc. 11 - 20yearsd. More than 20 years

Weighted average = 14 years

More than 20 years

13%

19%

13%

56%

Number of projects completed till date

a. Less than 5

b. 6 - 10

c. 11 - 20

d. More than 20More than 20 projects

Weighted average

= 21 projects

a. News paper b. Hoadings c. TV d. E-Marketing e. Any other

16 15

1

12

1

100% 94%

6%

75%

6%

Types of media used to attract potential cus-tomers

No of the builder Percentage

a. Less than 50000

b. 60000 - 300000

c. 400000 - 1000000

d. 1000000 and above

Total

7 6 2

0

16

44% 38% 13%

0%

100%

Monthly spending on E-Marketing


Weighted average =Rs. 166000

a. magicbriks.com b. 99acres.com c. makan.com d. indiaproperty.com e. Any other

63% 56%13% 38% 31%

10

9

2

6

5

In which property portal you are registerdPercentage No of the builder


800%

50%

800%

50%

1600%

100%

Have you participatedin any virtual/online fairs?

a. Yes b. No Total

bad average good very good excellent Total1

21

4

0

8

13%

25%

13%

50%

0%

100%

Rating of satisfaction level on the scale of 1 to 5 from bad to excellent.


14

11

16

88%

6%6%

100%

Are you interested in lead based /enquiry based model?

a. Yes b. No c. Don't know Total

a. Mobileb. Tab

c. Laptop/Computer

7

2

16

44%13%

100%

The source you use to access the property portal


• In which all areas of Pune would you like to invest?

FINDINGS

After analyzing all the primary and secondary data collected through various means, the following observation can be drawn.

• It was found that 44% of the developers are in this business for more than 20 years, followed by 31% developers who are for 6 to10 years.

• The average time for which the Real Estate developers are in this business is 14 years.

• 9 developers have completed more than 20 projects which corresponds to 56% of the sample size. It is followed by 3 developers between 6 to 10 completed projects.

• Average number of projects completed by the developers is 21.

• All the developers use more than 1 mode of advertising. Newspapers are preferred mode (100%) followed by hoardings (94%). TV has not been widely accepted as mode of advertising.

• 12 out of 16 respondents go for e-marketing to promote their projects which

corresponds to 75% of the sample. (Objective: Secondary objective 1)

• 7 out of 16 i.e. 44% builders invest less than Rs.50000 monthly on e-marketing followed by 38% invest between Rs.60000- Rs.300000. (Objective: Secondary objective 1)

• Average monthly expenditure of Real Estate Developers on e-marketing is

166000 rupees. (Objective: Secondary objective 1)

• Though all the developers opt for more than 1 property portals for advertising, www.magicbricks.com is the most preferred property portal by the developers (63%) followed by www.99acres.com (56%). . (Objective: Secondary objective 2)

• 88% of the builders are interested in revenue lead based model. ( Objective: Secondary objective 2)

• Personal Computers are the choice of device to 100% of the users to access website while mobile (44%) is also an option for some builders. Mobile app is not popular for accessing property portals.

• 8 developers have participated in the virtual property fair which corresponds to 50% of the sample size.

• Online/Virtual fair is a new concept. Majority of the people rate it good on satisfaction level.

• Mean score of satisfaction level is 3. The developers participated in the virtual/online property fair are satisfied with the property fair.

.

CONCLUSION

• The final outcome of the project is that “mypuneproperty.in” is brilliant move by mantra media as we have seen that real estate industry is booming day by day and there are many property portals in digital space but none of them is specifically for the Pune market, in such a situation launching a property portal specifically for Pune market is a right decision.

• As Mantra Media has organized real-estate virtual fair along with CREDAI in past, so it has a fair experience of real-estate sector and also has a good data base of the builders who attended the fair which can be helpful in the launch of “mypuneproperty.in”.

• With the launch of the portal, launch of mobile app is indispensable. It will be convenient for both builders as well as customers. Even though in current scenario most of the builders are using laptops and computers for accessing the internet but still with the youth entering in real-estate sector mobile app is a must.

RECOMMENDATIONS

Strategic Recommendation

As slightly less than half (44%) of the builders use mobile phone to

access property portals and also keeping the market of mobile apps in

the mind, “mypuneproperty.in” should come up with mobile app to meet

the requirement of builders.

Product Recommendations

1. Google map: Google Map can be installed for a quick view of the areas of and around the project.

2. Price Trends: The current price trends of properties in various areas of Pune should be provided to common users.

3. Lease: Along with the option of buy, sell and rent, option of lease should also be provided to commercial customers.

5. Financing: Financial facility can also be provided to the customers

interested in buying of properties. This will also generate a brand name and goodwill in the market.

6. NRI Option: A separate NRI section should be there for the sell and purchase of properties as they are not aware of areas and price range.

7. Country Code: While registering in the portal names of many countries are there and I have to select from them but while putting in mobile number there is no option for country code which should be there.

8. Multiple mobile numbers: Should be able to give multiple mobile numbers while registering and select on which number I want to receive SMS alerts.

9. Landline number: Can give option for land line number during registering.

10. Transgender: While registering in gender there is only option for male and female but there should be option of 3rd gender "Transgender" as Supreme Court recognized it as third gender.

11. EMI calculator: Can introduce home loan calculator for calculating EMI.

12. Verification: There can be various verification stages before getting registered for the security purpose, stages such as mobile verification by sending OTP (One Time Password).

I will strongly recommend Mantra Media to go ahead and launch the product in the digital space as 88% of the builders are interested in revenue lead based model.

KEY LEARNING

• There is a large customer base for the revenue lead based property portal.

• Builders of Real estate sector in Pune use newspaper for advertising of their projects even though e-marketing is cheaper.

• Virtual property fair is a new concept, and is gaining its popularity amongst builders.

LIMITATIONS

a. It was observed that different builders answered differently to the questions. Their answers varied, and analysis was made according to that.

b. Time Constraints: As we had to understand the real estate sector and analyze the different players of the same, we got 10 days time for the research and market survey.

c. Inaccessibility: Appointments with the builders was difficult task.

d. Data limitation: The secondary data available was limited (200 builders where listed in CREDAI).

e. It was very difficult some time to meet with marketing head or the owner of the company as they were not available in the city.

THANK YOU ANY QUESTIONS?

Final presentation

Recruiting & HR

real estate sector

forb2b sector

emerging sector

number of project

primary objective

number of years

b2b market

market analyses