The M.J.

Bowen Real Estate Development Program: Marketing Plan

Joseph J. Giarmo III Central Michigan University

Agenda

Situation Analysis

SWOT Analysis

LCVP Analysis

Marketing Strategy

Recommendations

Future Implications

Execution of the Marketing Plan Project

Situation Analysis

Executive Summary

SWOT/LCVP

Future Implications

Marketing Strategy

Recommendations

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

University of WisconsinMadison Ohio State University DePaul University

Central Michigan University

Market Share

Indiana University

Situation Analysis: Competitor Promotion

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 Networking opportunities Curriculum Internship opportunities Faculty Unique in MI Opportunity for the program to grow Speaker series Real Estate Club and extra-curricular activities Weaknesses Newness of the program Unknown major Limited classes Few faculty and limited advising available Economy Housing market Number of networking opportunities available Public perception

Student trips Career opportunities available postgraduation

SWOT/LCVP Analysis
Opportunity Threat

Strength

Leverage

Vulnerability

Weakness

Constraint

Problem

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
Leverage Constraint Vulnerability
Problem
Strong marketing mix Destination program Ability to provide a full circle educational experience

Lack of substance Lack of resources Public perception

Market share Competition Perception

Competing for market share Uneducated consumers Lack of consumer awareness & promotion

Marketing Strategy

Promotion

Product

Price

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 programs 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?