First before getting into Market Analysis lets remind ourselves
what Integrated Master Planning is all about.
Integrated Master Planning - the
process of Orchestrating the
vast range of technical and professional disciplines in order to execute a
development. This includes marketing,
environmental analysis, programing, physical planning, economic planning,
social planning, execution and
operations planning.
In discussing each part of the Integrated Master Planning for Destination Development process, I
will use the same methodology which is answering the following questions.
1. What
is the objective of this phase of the process?
Assuming the reason for the development of the project is to make
a viable business or if it is done by a government and not to make a
profit, but merely to fill a need for a community we need to clearly
know what will satisfy this need. Usually it answers the questions about
how
much and how big which are both
directly related. It takes into account the present market condition of what is
being offered and also looks at affordability either by buyers income
either personal or business which ever the case may be.
It should also get into more detail such as features to be include for the size and price.
2. What expertise is involved in this phase of
the process?
Generally we are looking to real estate professionals,
but that can also be more specifically divided into residential, commercial and
hotel as well as other specialties such as golf or theme parks if applicable.
3. What are some of the common mistakes?
As a common practice I have seen developers generally do not
like to pay for research and the reason I usually hear is that it’s not worth
it. Yes you can do your own research to
a certain extent, but I find the main problem to be the developers do not
properly orchestrate the research. That
is clearly set out the scope and key questions they need answered. The term Market Analysis or Market Research
is too broad and can mean very little or be very comprehensive.
4. Any other issues that relate to this phase?
In addition the market research is too often done in isolation
and the research company has no interaction with the eventual design team to
explain or is ever part of the design process.
If orchestrated a good market research consultant can be a valuable part
of the design team. Go to previous parts of the series and look for future parts.
Part 1 – Need for a Methodology?
Part 3 – Market Analysis
Part 4 – Product Development
Part 5 - Physical Planning / Design
Part 6 - Cost Plan
Part 7 - Business Master Plan
Part 8 - Site Execution
Part 9 – Operations Management
Part 10 - Review and Revise
Jiwa Studio
Singapore, December 2011
http://jiwastudioweb.blogspot.com/
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