Aspects of Principles of Marketing

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This article refers to the story of Doris and Glenn Phillips who have founded Lake Homes Realty, a brokerage service and an online marketplace. In the present day, it may be regarded as the largest lake-focused real estate company in the United States (Harvey, 2021). Before the company’s foundation, Doris and Glenn have already been experienced entrepreneurs with a strong work ethic and commitment to work responsibilities. However, during a business accelerator, Doris’s mentor Zane Tarence introduced a business idea dedicated to the creation of a real state that would perform via a website and an application. Thus, in 15 months, Lake Homes Realty was launched (Harvey, 2021). In the present day, it functions as other brokerages, however, with fewer agents and without offices. At the same time, it connects thirty-three states, hundreds of lakes, and thousands of properties.

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In general, in this article, the principles of marketing that constitute the marketing mix are addressed in order to demonstrate how a successful business should be launched and developed. The core of any business is a product that should address customers’ needs and expectations. In the case of Lake Homes Realty, the Phillipses have taken a niche tying together a fragmented market similar to the mountain and beach estate agencies (Harvey, 2021). At the same time, they offer their product in a unique way to the target audience, including people who want to buy a lake home, people who have an opportunity to work from home, and people who are going to retire. In addition, the company addresses people’s wishes by proposing them an opportunity to escape the big city and rest near a lake.

From a personal perspective, the real estate agency has chosen the most appropriate physical evidence and information distribution and sales channels. Although it has agents and consultants, the main volume of work refers to online sources. In other words, customers are provided with the largest database of lake homes, which they can access anytime regardless of their location. The company’s website is comfortable to use and this way of promotion and sales is especially efficient in the pandemic when physical contacts should be avoided. The efficiency of this strategy is proven by the fact that the lake business and Lake Homes Realty in particular remain steady regardless of economic challenges connected with COVID-19. Finally, the company ensured a smooth business process as it excluded potential barriers related to the peculiarities of every lake area. For this, it has expert agents who are ready to provide all necessary information concerning a lake to a customer once a home is found online. Thus, Lake Homes Realty may be regarded as an example of a successful following the main principles of marketing.

The article introduces Antoniu Panait who is a Managing Director at Vastint, a real estate developer. It goes without saying that the pandemic has already affected the global economy and every single industry. It keeps generating considerable issues related to projects’ planning and execution due to the absence of face-to-face communication. Thus, multiple organizations, including Vastint, have faced numerous restrictions due to COVID-19. At the same time, Antoniu Panait is full of optimism and informs that the company continues its development regardless of a slower pace expecting that the situation will improve in the future. In particular, he shares organizational plans connected with the office segment and the residential sector while the main technical specifications – sustainable air supply and healthy air conditioning – will be saved and improved (Cristea, 2021). In general, due to the pandemic, a major transformation in the construction will be observed.

As a matter of fact, Vastint is a company that demonstrates a strong commitment to the principles of marketing. First of all, it has a well-organized process characterized by a great preparedness for the company’s projects due to which it is able to perform efficiently even in periods of economic challenges. At the same time, Vastint pays particular attention to its customers and their differences, needs, and expectations. In addition, the company adapts its product to the demand of the target audience (Palmatier & Crecelius, 2019). For instance, it considers the reorganization in the residential sector of Bucharest as people require more comfortable and larger spaces due to the pandemic that has forced them to spend more time at home working and relaxing (Cristea, 2021). However, Vastint keeps targeting the business sector as well and does not redirect all its attention towards the development of residential projects.

Antoniu Panait informed that his real estate developer stayed pragmatic and maintains its original plans. According to him, the office market will remain stable as offices will be always required regardless of global challenges (Cristea, 2021). Furthermore, he admits that the company will address companies’ changed work habits and new recommendations related to the epidemiological situation. From a personal perspective, following the marketing principles of people and product may be regarded as highly efficient. When a company monitors the market, considers people’s needs, and may adapt its product matching these needs, it will raise its brand awareness and customer commitment.

References

Cristea, M. (2021). Vastint Romania sticks to its plans even as pandemic lingers. Business Review.

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Harvey, A. (2021). Lake Homes Realty connects clients with the water. Business Alabama.

Palmatier, R. W., & Crecelius, A. T. (2019). The “first principles” of marketing strategy. AMS Review, 9, 5-26.

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BusinessEssay. 2022. "Aspects of Principles of Marketing." September 15, 2022. https://business-essay.com/aspects-of-principles-of-marketing/.

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