Question

Scenario: you are the manager of this new project and whant to market a home to the future.The year is 2040. The demographics and psychographics have changed since 2017 and so the home industry has had to adapt. What will this house of the future look like? What will it realtors sell? How will it operate?

Create a new and unique (not already offered) product or service the company will be launching. Where would be the best places to sell?Identify and describe the top three real business industry competitors for your company and how your company's brand is positioned in comparison. Cite a minimum of one peer-reviewed source

Answer 1

Product chosen- Green homes

Below is the target customer segmentation, Product Attributes and Benefits for the consumers along with recommended strategies:

• Consumers are becoming more concerned about cost savings in the longer run. They do understand that they could reduce their electricity and water bills by investing in the energy efficient constructions in the long run.
• Rising challenge of sustainability- Today every business is talking about steps towards sustainability. Hence, sustainability is becoming part of every individual’s life, respective to working or living life. Hence, this chance must be tapped.
• Replicable and Scalable model- Green features are actually the add-on features to houses or buildings, which provide advantages of being eco-friendly in addition to a living space or working space for an individual. The advantages like saving of energy, reduced temperature, waste management etc. is quantifiable to check the performance.
• Unique branding adds value to a company’s existing brand image- Company can go green are able to generate more brand equity than before and reinforce the existing brand image among the stakeholders.
• Rising purchase potential among the Middle class- the salary levels of the middle class and upper class societies have grown significantly in couple of years. Simultaneously, people, living abroad, have been generating good capital and keep investing in the country. Real estate sector has always been one of the favourable sectors for these people. Hence, they can be educated and lured towards the Green building benefits
• Focus on LOHAS customers (Lifestyles of Health and Sustainability), a market segment focused on health and fitness, the environment, personal development, sustainable living, and social justice
• Use Eco-labelling on products which enables to identify a green product from a traditional product. It will also reinforce the existing brand image of company
• Integrate all functions and people across the entire value chain to optimize the overall productivity of the firm

• Adherence to quality standards in product development is a must, throughout the Product lifecycle
• Green Buildings will be in demand and offer cost-effective opportunity for savings as they also are capable of generating energy, thus leading to ‘Zero Energy’.

• Higher premium cost (3%-5%) can be involved to cover well profit margins

• Product features like efficient solar water heaters, reducing green house emissions by natural cooling solutions, energy efficient- star rated Air conditioners, bulbs, electricity appliances, sewage treatment plants etc. can be added to Green homes