Here is several terminology about market;
- Mass market: there is no specific segmentation for a company that follows the mass market elements as the organization displays a wide view of potential clients.
- Niche market: customer segmentation based on specialized needs and characteristics of its clients.
- Segmented: a company applies additional segmentation within existing customer segment. In the segmented situation, the business may further distinguish its clients based on gender, age, and/or income.
- Diversify: a business serves multiple customer segments with different needs and characteristics
- Multi-sided market: for a smooth day-to-day business operation, some companies will serve mutually dependent customer segments.
This canvas can be divided into two namely product and customer. Under product, there are 3 elements that need to be considered such as benefits, features, and experience. On one hand, customer consists of wants, needs, and fears.
Several questions need to be asked in the value proposition canvas. For example:
- What your product do?
- What does it feel like to use your product?
- How does your product work?
- What are the hidden needs?
- What are the emotional drivers of purchasing?
- Risks of switching to your product?
- What are the rational drivers of purchasing?
- What do people currently do instead?
Marketing process can be found in two conditions. They are:
1. Traditional physical process sequence (OLD):
Under this category, two phases involved namely make the product (design product, procure, make) and sell the product (price, sell, advertise/ promote, distribute, service).
2. Value creation and delivery sequence (NEW):
This category can be divided into 3:
a) choose the value (strategic marketing): customer segmentation, market selection/ focus, value positioning.
b) provide the value (tactical marketing): product development, service development, pricing, sourcing, making, distributing, servicing.
c) communicate the value (tactical marketing): sales force, sales promotion, advertising
Facilities Management Formulation refers to strategies that consider peoples’ needs in existing place with better value (workable lower cost).
Here are 6 Facilities Management Roles:
- Event management
- Cleaning services
- Support services
- Property services
- Catering services
- Security services
The examples of Facilities Management services include:
- Academic institution
- Public spaces
- Sport facilities
- Religious centre
Source: S. Arivagara Pavithran (2020), CEO Maxwell Cfm International Sdn. Bhd. and Maimunah Sapri (2020), UTMCRES
Facility Management and Space Management
There are 4 main elements in providing a conducive living environment:
- Support for people (identify the people to support the needs and functions.
- Upkeep the place and uplift the facilities (repair, maintenance, cleaning, etc.)
- Process (procedure of works to use space)
- Technology (integrated technology)
Source: S. Arivagara Pavithran (2020), CEO Maxwell Cfm International Sdn. Bhd.
How to assess value of a property amidst uncertainty?
Here are seven steps to measure the value:
- Find out the actual asking prices and rentals from few sources.
- Analysed the yields an returns, and the projected growth.
- Observe the changes in the market trends.
- Check the occupancy rate in the immediate vicinity.
- For shophouses, assess the ratio of shops to occupied resiential units. The higher the ratio, the better (eg: 1:20 to 1:30).
- For offices, find out if the tenant intends to move out and if possible, the profitability of the tenants.
- Net selling prices of development project [eg: after all rebate, discount, freebies ( buy one unit free one Myvi car) etc.]
Source: James Tan (2020). Raine & Horne