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Marketing Strategy for DAMAC

Introduction

DAMAC Properties is a Dubai based company established in 2002. It is an exclusive, commercial and leisure programmer with "iconic" improvements and improvements in staggering areas in significant metropolitan communities in the centre East has helped DAMAC develop image and repute to make lavish and alluring properties. Previously DAMAC Properties has long its network within a few years of success, directly into parts of North Africa, Qatar, Jordan, Lebanon and Saudi Arabia.

Since its establishment in 2002, DAMAC has conveyed 9, 318 models to date and as of this moment has an progress arrangement of in excess of 25, 000 systems at different stages of progress and arranging conveying DAMAC's vision of extravagance living with amazing private, accommodation, and leisure and business improvements. In the centre of the Group's contemporary society sits the yearning to mention this vision for its clients, with the business's c. 1, 400 employees dealing with the whole process - from the persistence of improvement accomplices, for example, designers, organizers and foremen, the length to the handover of secrets.

To guarantee improvements are conveyed to the most increased conceivable procedures, DAMAC gives the privilege working environment to ready workers chooses just the privilege accomplices and creates endeavors in leading areas. Continually at the bleeding border 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 noticeable private condo and manors and the Trump Firm for the growth and operations of the Trump International Golf Course, Dubai and the Trump Estates inside the AKOYA by DAMAC improvement. As DAMAC retains on innovating and bring new ideas to the business sector, the business is resolved to broaden on its convincing execution to date. With vision and energy, DAMAC is building the becoming more popular era of Middle East extravagance living.

The Company granted Global Depositary Receipts (GDRs) which are documented on the London Stock Exchange. Citibank N. A. goes about as the depositary for the GDR.

The assignments by DAMAC Properties include; Marina Terrance, Professional Levels, Lake View, Lake Terrance, The Waves, Smart Levels, Recreation area Towers and DAMAC Maison, The Summit. These tasks deliver an extravagance and undergo desire for design and quality.

Mission:

DAMAC says its quest as "delivering value to its customer". Basically it aims to deliver. DAMAC means that the trends and establishments of buildings are sent with the highest possible specifications from the creative employees, architecture and contractor and designers. Since its history beginning with 2002, it offers maintained a record of building delivery using its vision of luxury trends.

Market Explanation:

Market acts as a medium for interaction of buyer and owner. It could be highly unpredictable. Across the world market with the perspective of buyer differs from seller's perspective. Market changes daily whereas from business point of view it creates an everyday challenge. Across the world, organizations are confronting the challenge of global rivalry and with the effects of globalization on political, financial, monetary and society; habits of buying and offering are evolved.

The organizations in worldwide business sector are trying to profit by the good circumstances which have been made because of globalization. In this present amount of globalization the organizations are attempting to execute progressed creativity so as to expand their main competency and business yields. Because of immense rivalry in worldwide business associations are selecting competitive employees and executing a few amazing marketing techniques.

The organizations ought to be discovered enough about different components of promoting process to demonstrate the understanding of overseeing marketing. You can find diverse the different parts of marketing process and proper implementation of these processes, for example, strategic arrange for marketing mix execution, strategies for concentrating on, segmentation, positioning predicated on focus and affordable methodologies.

Market segmentation is used to identify the various segments of consumers with respect to different product line. (Kotler, 2009)Targeting strategy can be used to recognize the prospective audience for the particular products. Product placement is used to recognize the region where the products will compete in market place. These different elements of marketing process are elaborated in this review in order to understand controlling marketing.

Dubai is a significant and attractive marketing hub and because the advancements in Arab nations and Muslim world, opportunities for business ventures are growing higher. The global recoveries in 2003 of Dubai, the economical conditions of Dubai region are better with a rise of GDP. This recovery has led to benefit the enclosure scheme and real estate industry around Dubai where people has an obvious change in their way of life. The market changing perspectives of Dubai housing and building strategies are recognized in this report by using marketing strategies used by DAMAC Company. DAMAC Properties release and objective is also reviewed recently, further the survey will discuss about its current marketing details and future marketing programs.

Strategic Implementation:

DAMAC business strategy and objectives are aligned to its vision of leading and creating technology thus its strategy revolves around the center steps the following:

  • Buy: DAMAC recognizes the gold opportunities of premium lands and purchase the property. It reviews the monetary and favorable business opportunities far away beyond Dubai.
  • Create: DAMAC creates an extremely valuable and luxurious and innovative lifestyle through its buildings and value added assignments.
  • Sell: It sells the superior quality property while creating business organizations and connections with the primary housing and hotel brands.
  • Build: DAMAC has built efficient assignments through proper usage of proper planning, budget controlling and increasing the profits.

Marketing Mix

Marketing mixture of anorganizationis the backbone of any organization's promoting system. Each proceeding association must take a look at the showcasing combine productively keeping in mind the end goal to do the technique development (Jobber, 2012)

Product: DAMAC presents the innovative and luxurious residences and properties. Its tasks are alliances of other leading brands such as Paramount Hotels. DAMAC's projects include Marina Terrance, Professional Heights, Lake View, Lake Terrance, The Waves, Smart Levels, Area Towers and DAMAC Maison etc. AKOYA is a luxurious villa, and another business plan of DAMAC.

Price: DAMAC has arranged premium charges for its products and services. One reason include its target market i. e. , highly impressive and lifestyle oriented. Other reason is the opportunity of housing and building strategies in Dubai. In long haul, the business enterprise could take advantage of the increasing rates and opportunities of development. In 2020 the prices are expected to show increasing craze for housing jobs in Dubai.

Place: DAMAC has located the areas of Middle East, North Africa yet others with a significant hub in Dubai. It has a geographical focus on worldwide opportunities. Largely it functions in domestic sector but it also aspires to create market in commercial development and co-brands of hotel and flats. It includes international and nationwide offices for interacting and other things.

Promotion: It uses face to face market tools through its existence in Dubai Department stores. In addition, it uses technology and electric media because of its promotion.

Target Customer:

DAMAC has targeted the customer with; innovative lifestyle and luxury seeking attribute. It has focused mainly on the high income that will not trouble to pay high for their topic requirements.

Market Segmentation

There are severalkeyelements in marketing strategies. Market segmentation is one of those key elementsthat have been put in place in maximum time.

Behavioral Segmentation: Based on behavioral segmentation, Customer action include the luxury and laid back life-style, need of casing style such as western nations. The business has built jobs with top quality and luxurious way of life and a constant experience.

Profile Segmentation: A customer who is well cultured and has a good educational history with higher profits level comes under this section. Trade and commerce related track record people are top most targeted customers. Young maried people and old ones are usually targeted.

Geographic Segmentation: On the foundation of geographic segmentation, it includes eyed after the regions of premium and worthy lands which can create a desire in people who want a typical and top quality lifestyle.

Psychographic segmentation: DAMAC has targeted the customers of middle years; young families with energy and fun component seeking for hanging out with high long lasting tastes and beliefs depending upon public class. Old aged based on their living style of being esteemed and with high specifications.

Market Opportunities: Consumer Behavior

The consumer behavior analysis depends on the relationship of people with the help of marketing mix. Also, pay level of individuals and socio-cultural factors assume a huge part on purchasing conduct of consumers (Pride & Ferrell, 2011). In term of revenue, business of DAMAC can result in rise as the buyer needs of luxurious life style as used by European culture has increased in Dubai and Midsection East. Since this desire, the marketing for middling ranged income group is another possibility to look frontward. Since DAMAC target of superior price, it must also look forwards and create luxury life-style chance for affordable range. In future, casing structure 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 accounts for 2013 shows its gains and success, thus the development continues to go up. (DAMAC Annual Statement, 2013) The graph below presents the current leading situations to opportunities for development in hoteling and related requirements. Because Dubai is a major hub for many international occasions, people will seek the facility of hoteling for stay such as for happenings like Dubai expo. Towards the finish of 2020, design for hoteling and property system shows an upwards trend.

Source: (Dubaitourism. ae)

Market Research:

Secondary Research: All the info is gathered from the sources available on world wide web, the journals, information and annual article of the company. Also the ideas from scholarly options are also show less difficult the marketing survey.

Primary Research: Primary research is conducted on the basis of survey. The respondents were chosen and their response is accumulated through the designed questionnaire present in the Appendix A by the end.

Bibliography

DAMAC Annual Article. (2013). Retrieved from http://www. damacproperties. com/en/general/download/file/damac-real-estate-development-limited-annual-report-2013-final?id=12200&type=report.

Dubaitourism. ae. (n. d. ). Retrieved December 25, 2014, from www. dubaitourism. ae

Jobber, D. (2012). Concepts and Practice of Marketing. NY: McGraw-Hill Education. http://oro. open up. ac. uk/36359/

Kotler, P. (2009). Ideas of Marketing. Pearson Education India. http://books. yahoo. com. pk/literature?hl=en&lr=&id=KN6PqQMnFBAC&oi=fnd&pg=PR34&dq=Kotler, +P. +(2009). +Ideas+of+Marketing. +Pearson+Education+India. &ots=UhHdTbDNHz&sig=CYs0TJTf7gnth-JsooXTBZ2R3Fg

Pride & Ferrell. (2011). Marketing. . Stamford: Cengage Learning. http://books. google. com. pk/catalogs?hl=en&lr=&id=3dp0cR45FZcC&oi=fnd&pg=PR3&dq=Pride+&+Ferrell. +(2011). +Marketing. +&ots=OwFuTk_15T&sig=WQxHkWpC6oD22ezjFSdPU1spd4o#v=onepage&q=Pride & Ferrell. (2011). Marketing. &f=false

Appendix A

Questionnaire:

Demographics: (Essential)

  • Name:
  • Age:
  • Occupation:
  • Income:

Question

Strongly Agree

Agree

Moderate

Disagree

Strongly Disagree

  1. The changing tendencies and globalization has impacted the approach to life of men and women in Arab countries, more especially in Dubai?
         
  1. The market need of customer is changing scheduled to increasing development of social category and culture standards
         
  1. The upsurge in income is one source of change looking for life style.
         
  1. Present market conditions claim that there's a need to focus on housing developments and styles
         
  1. Luxury is a need to today's world.
         
  1. How convinced is a middle income person to buy an extravagance life-style:
  • Greatly
  • Moderately
  • Depends upon his income
  • Depends on his needs
  • Depends on his income and other sociable factors
  1. Why would you prefer, an extravagance home in attractive location:
  • Due to increase in income
  • Due to societal movements and need of criteria and lifestyle
  • Other Factors:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Open Finished Questions:

  1. What do you consider about DAMAC and its success? Have you ever been to or a customer at DAMAC Properties?

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  1. How far DAMAC Properties has fascinated the clients based on its perspective of delivering luxury?

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