The M.J. Bowen Real Estate Development Program: Marketing Plan

Joseph J. Giarmo III

Central Michigan University

Agenda

SWOT Analysis

LCVP Analysis

Marketing Strategy

Recommendations

Future Implicatio

ns

Execution of the Marketing Plan Project

Situation Analysis

SWOT/LCVP

Marketing Strategy

Recommendations

Future Implications

Executive Summary

Situation Analysis: Industry Overview

• In the U.S. alone, approximately 50% of all business investments involve real estate development

• International investment in the U.S. is projected to increase by 16% from $230 billion in 2009

• The top four cities in terms of global real estate investment include New York City, London, Washington D.C., and Paris

• In the U.S., the top five cities for investment include New York City, Washington D.C., Los Angeles, Seattle and San Francisco

Situation Analysis: Industry Overview

• Worldwide, many trends are affecting the real estate development industry– In Europe, demand for office and retail space has increased– In the Middle East, places like Abu Dhabi and Dubai have seen

unprecedented property development and expansion– Emerging economies such as Brazil and Argentina have

witnessed increases in property demand – In Japan, a strong economy and low inflation rates have attracted

international investors

• “Going green” and corporate social responsibility trends

Situation Analysis: Competitor Analysis

Market Share

Central Michigan University

Ohio State University

University of Wisconsin-

MadisonDePaul University

Indiana University

Situation Analysis: Competitor Promotion

Core Concepts of Marketing

Internal Marketing

Branding

Situation Analysis: Customer Analysis

• This analysis is based on a survey administered to students in the FIN 335 Real Estate Principles and Process course

• The survey was structured to obtain the following information– Demographic data– Motives for taking the course and/or pursuing the Real Estate

Development major– Career opportunities students plan on pursuing– Student perception of the program– Characteristics of the program students feel are the most marketable– Communication vehicles students feel are the best way to reach potential

students

• Please refer to Appendix E on page 75 to view the actual survey

Situation Analysis: Customer Analysis

• In all, 26 students were surveyed, though not every student responded to every question

• It is also worth noting that some questions merited more than one response, so in terms of ‘No. of students responded’ the results were somewhat different for each question.

• Please refer to page 37 in the report for a visual representation of the survey results

Student Stated Strengths and Weaknesses

Strengths Weaknesses

Networking opportunities Newness of the program

Curriculum Unknown major

Internship opportunities Limited classes

Faculty Few faculty and limited advising available

Unique in MI Economy

Opportunity for the program to grow Housing market

Speaker series Number of networking opportunities available

Real Estate Club and extra-curricular activities

Public perception

Student trips

Career opportunities available post-graduation

SWOT/LCVP Analysis

Vulnerability

Constraint ProblemWeakness

Strength

Opportunity Threat

SWOT Analysis: Strengths

Central Michigan University•Central location•Reputation

The College of Business Administration•Business Residential College•CBA Day & Summer Programs

The M.J. Bowen Real Estate Development Program•Unique in its specialization•Only program of its kind offered in Michigan•Ease of double majoring

SWOT Analysis: Weaknesses

The program is in its ‘infancy’

No formal alumni base and limited professional connections

Lack of a reputation

Public perception and uneducated consumers

Weaknesses specific to the program

SWOT Analysis: Opportunities

Craft a strong marketing message

Build a firm reputation

Establish a formal network of alumni

Connect with professional real estate communities

Expand the program & increase its presence on campus

SWOT Analysis: Threats

Competition

‘Copy cat’ programs

Misconceptions about the real estate industry

LCVP Analysis

• Strong marketing mix• Destination program• Ability to provide a ‘full circle’ educational experience Leverage• Lack of substance• Lack of resources• Public perceptionConstraint• Market share• Competition• PerceptionVulnerability

• Competing for market share• Uneducated consumers• Lack of consumer awareness & promotionProblem

Marketing Strategy

Promotion

Price

Product

Place

Recommendations: 1 year action plan

• Make better use of online media– Improve the Real Estate Development Program

website– Utilize Facebook to promote the Real Estate

Development Program– Send informational emails to prospective students

Recommendations: 1 year action plan

• Utilize direct mailings– Send an informational letter to high school seniors– Send informational packets to Michigan high

schools

• Conduct on-campus Marketing

Recommendations: 1 year action plan

• Improve the M.J. Bowen Real Estate Development Program conference– Improve the conference itinerary– Improve marketing, public relations and promotion

for the conference

Future Implications: 2-5 year Recommendations

• Develop an M.J. Bowen Real Estate Development Program scholarship to be competed for by high school seniors.

• Hire more faculties dedicated to the M.J. Bowen Real Estate Development Program.

• Expand the program’s elective course offerings to include classes in architecture, construction management, and design.

• Offer the M.J. Bowen Real Estate Development Program online and at CMU off-campus locations, specifically Grand Rapids, Lansing, Southfield and Troy.

Future Implications: 2-5 year Recommendations

• Develop a conference planning committee, and expand the M.J. Bowen Real Estate Development Program conference to the entire weekend (Friday-Sunday).

• Establish a formal alumni network.

• Lobby Central Michigan University and the College of Business Administration for resources that will be needed to build and expand the M.J. Bowen Real Estate Development Program into a true destination program.

Questions?