Importance of Research in Property Market Business

Question: Discuss about the Importance of Research in Property Market Business. Answer: Introduction Market research can be defined as an activity which involves collecting information and data with the aim of identifying the ability of a service or product to satisfy consumer needs. This research assists in gaining information about the companys competitors, market trends, population and the spending habits of the consumers. It also helps in identifying the market patterns in a particular business niche.1 Therefore market research is necessary to practice for every business that needs to grow. In any given business organization, market research is very critical in order to achieve set objectives. The research should be done in the initial stages then frequently so as to keep up with the increasingly changing day to day trends. The key aspects that must be dealt with in any kind of business include competition, demand versus supply, expected profit margin, customer experience as well as a sales technique. All these factors must be addressed when conducting a market research analysis so as to be able to identify gaps in the niche chosen with the aim of establishing and maintaining a brand name. Product definition is a crucial phase since it determines the success or failure of a product at this stage effective research work and engineering are fundamental as it results in high product performance in meeting the market demands. This applies to business organizations in the field of provision of service as well. Thus, it is very critical to develop an appropriate business research model suitable for the business to be explored. Aim and objectives of the study The purpose of this study is to clearly address the gaps in the Australian property market, with the aim of providing substantive information to real estate developers, property development agencies, investors and other interested parties. A contemporarysurvey conducted by the Organization for Economic Cooperation and Development (OECD) on the property market reveals a myriad of challenges, which if not addressed through research will have a negative impact on the economy as well. The paper will also address possible solutions majorly in terms of pricing efficiency. The paper will establish current trends in comparison to customer preferences, market demand and projected cash flow, with the aim of building a brand. There is no market which is absolutely efficient, and this applies to the property market as well since the prices are not determined by and in the market. Research methodology This section of the study presents the research methodology used in the study. Basically, it will present research design and explain why it is suitable for this specific study over other research design. The study population, sampling, and the sampling procedure will be discussed. In addition data collection methods, data analysis and data presentation method are also presented here. Research design presents the ideology of how the research problem will be studied. It contains animportant section of the research such as research questions, propositions, unit of analysis and the relationship between them and the procedure of interpreting findings.6The suitability of the research design will be guided by the fact that the issue at hand will be guided by questions. The interview and questionnaire methods will be adopted in this case to provide personal experience and future expectations. An appropriate sample will be selected for this study Descriptive survey suits this study since data gathered through an interview is both qualitative and quantitative. Quantitative data is preferred because it will cover and address a wide range of issues satisfactorily. Achieved by carrying out a wide range of surveys including face to face (interviews), paper, online, careful observations, and literature review Besides surveys, a structured questionnaire will be developed consisting of closed and openended questions issued to selected sample population for first-hand information. The open-ended questions will be incorporated to allow respondents to freely express their views. Descriptive research design will be used throughout the research process to examine the importance of managing the dive rseworkforce. This will include studying the behaviors, attitudes, feelings and choices and there will be no alteration of the results whatsoever. Survey method suits this particular study due to the nature of information required as the study will mostly be seeking for qualitative data such as attitudes of the respondents towards the property market now compared to before including bringing up what concerns them. Qualitative data analysis (QDA) is normally described as a series of processes or procedures of understanding and interpreting qualitative data related to the study.7 The analysis will make use of online surveys, statistical data and information from various articles in journals. References Stark, John, Product Lifecycle Management: 21st Century Paradigm for Product Realisation. Springer. (2004). Malkiel, Burton, Efficient Market Hypothesis, The New Palgrave: A dictionary of Economics, (1987) v2, pp120-23 (1987) Mugenda, o and Mugenda A.G, Research methods: Quantitative and qualitative Approaches (2003) Nairobi: African Centre for Technology Studies. Taylor, Celia and. Graham Gibbs, What is Qualitative Data Analysis (QDA)? (2010) https://onlineqda.hud.ac.uk/Intro_QDA/what_is_qda.php Poon, J and Brownlow M Competency expectations for property professionals in Australia. Journal of Property Investment Finance, (2014). 32(3) 256-281. https://doi.org/10.1108/JPIF-12-2013-0068 Lizieri, C The property Market in a Changing World Economy. Journal of property Valuation and Investment, (1991). 9(3), 201-214. https://doi.org/10.1108/14635789110030912 Boyd Terry, Property Market Analysis-the key to looking forward.PRRES2014: Property Market Analysis. (2014).