Scribd
Upload
56 views5 pages

GBMT1011 Assignment 2

The document is a market research report submitted by Tejasvi Soni to Professor Isha Verma assessing the UK housing market and what home buyers want. It discusses how PRX identified an opportunity in affordable housing outside of London due to rising costs. PRX conducted market research through DelQuest to understand consumer preferences for shared ownership models. DelQuest used interviews and focus groups collecting demographic data to understand various consumer perspectives. Additional research on market segments, competitors, financials, and customer experience would have helped determine suitability of PRX's product.

Uploaded by

shrey barot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
56 views5 pages

GBMT1011 Assignment 2

The document is a market research report submitted by Tejasvi Soni to Professor Isha Verma assessing the UK housing market and what home buyers want. It discusses how PRX identified an opportunity in affordable housing outside of London due to rising costs. PRX conducted market research through DelQuest to understand consumer preferences for shared ownership models. DelQuest used interviews and focus groups collecting demographic data to understand various consumer perspectives. Additional research on market segments, competitors, financials, and customer experience would have helped determine suitability of PRX's product.

Uploaded by

shrey barot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

GBMT1011 Assessing the U.K. Market: What do Home Buyers Want?

Submitted By:

Tejasvi Soni (200575447)

Georgian Ilac College

Assessing the U.K. Market: What do Home Buyers Want?

Submitted to:

Professor Isha Verma

January 25, 2024


Ques 1: Was it a problem or opportunity that PRX identified that led it to initiate market

research? Provide details.

Ans 1: It was discovered by PRX that first-time homebuyers were finding it harder to buy a

property because London and its surrounding areas were experiencing rising housing costs,

which were exacerbated by stagnant income levels. Many people were prevented from becoming

homeowners due to this affordability disparity. Many people were prevented from becoming

homeowners due to this affordability disparity. In addition to identifying a market opportunity,

PRX also identified a trend among purchasers to seek affordable housing outside of London. In

addition to identifying a market opportunity, PRX also identified a trend among purchasers to

seek affordable housing outside of London. This program aims to increase PRX's property

portfolio while addressing affordability issues by allowing consumers to purchase property

shares via low-interest loans. To understand consumer preferences, views, and adoption hurdles,

a market research study was conducted. A market research study was conducted to understand

consumer views, preferences, and adoption hurdles.

Ques 2: What research questions did PRX want answered in the original qualitative research

project?

Ans 2: PRX's inaugural qualitative research project attempted to explore consumer attitudes,

preferences, and impressions of the HomeShare International concept in depth. They tested

preconceptions about property ownership to get insight into prospective purchasers' willingness

to consider shared ownership possibilities. PRX also wanted to know how successfully
marketing materials affected customer acceptance and understanding of shared ownership and its

financial mechanisms.

Analyzing preferences for price options—such as initial "rent-free" periods vs. immediate rent

payments—indicated in marketing materials was a crucial factor. Views about joint ownership

were influenced by a few demographic factors, including age, family size, work status, ethnicity,

gender, and income level.

PRX also sought to determine how well HomeShare International handled affordability issues

and whether it gave prospective buyers—especially first-time homeowners—a sense of

perceived value. The goal of the research was to provide strategic suggestions for choices related

to product development, marketing, and communications that would ensure alignment with

customer expectations and preferences in a housing market that is always evolving.

Ques 3: Which data collection techniques did DelQuest use?

Ans 3: DelQuest gathered information for PRX's HomeShare International concept utilizing a

variety of data collection techniques. They conducted ten one-hour interviews with potential

homebuying couples, as well as ten focus groups of seven to eight people each. These

methodologies recorded a variety of views and nuances in consumer attitudes and perceptions,

allowing for individual and group insights. DelQuest ensured demographic diversity among

participants by considering criteria such as domicile status, employment, age, ethnicity, gender,

family size, and income level. This technique offered a thorough understanding of the

perspectives and preferences of various consumer groups about joint ownership. DelQuest used a
thorough data collection strategy that included focus groups and interviews while taking

demographic variation into consideration.

Ques 4: What additional research data would have helped PRX determine the suitability of its

product for the target market?

Ans 4: PRX should have employed additional research data in a variety of critical areas to ensure

that their product was suitable for the intended market. To begin, doing extensive market

segmentation research would have enabled PRX to identify certain audience groups that were

most likely to be interested in the HomeShare International concept. Assessing the competitive

landscape would provide information on competing offers, pricing tactics, and consumer

satisfaction levels, allowing PRX to distinguish and improve its approach. A thorough financial

feasibility analysis would have shown the HomeShare International model's long-term

sustainability and profitability, including revenue predictions and cost structure. Participating in

customer experience surveys would give valuable insights about satisfaction levels, pain points,

and areas for improvement, leading PRX's refinement efforts. Monitor market trends and

regulatory developments to guarantee compliance with changing consumer preferences and

industry standards.

Ques 5: If PRX decides to fund another round of research to better understand its difficulties,

decide whether primary or secondary research should take precedence and explain why.

Ans 5: Primary research is more important than secondary research in PRX's additional efforts. It

allows for the collecting of firsthand knowledge on the obstacles faced by the HomeShare
International concept. PRX connects with their target market via surveys, interviews, and

experiments, personalizing approaches to acquire context-specific information. Unlike secondary

research, primary research provides new insights that reflect consumer perspectives and current

trends. Customized approaches provide faster data gathering and analysis, hence confirming

findings and increasing trust. PRX maintains data quality control, ensuring accuracy while

minimizing biases. HomeShare International's emphasis on primary research, which gives deeper

insights into consumer preferences, market dynamics, and strategic prospects, is critical to the

company's success.

You might also like