Marketing Strategy Design for Housing Property Company Using Structural Equation Modeling and Strategic Management Approach
Keywords:
Structural Equation Modeling, Strategic Management, Marketing, Property, Real Estate
Abstract
This study aims to analyze the most influential factors in the decision-making process of home purchases by consumers in the Jabodetabek area and formulate marketing strategies for a real estate company in South Jakarta to remain competitive and maintain sales value. The data for this research were collected using questionnaires for the data processed using the partial least squares-structural equation modeling (PLS-SEM) method, and in-depth interviews were conducted with company representatives to formulate a marketing strategy. Based on the findings of this study, the factors influencing house purchase decisions were identified as trust, environment, characteristics, attitude, and legality. Additionally, five alternative marketing strategy proposals were suggested, including enhancing brand equity, improving project facilities, introducing new promotional schemes, and collaborating with external parties.
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Numraktrakul, P., Ngarmyarn, A., & Panichpathom, S. (2009). Factors Affecting Green Housing Purchase. 17th International Business Research Conference.
Opoku, R. A., & Abdul-Muhmin, A. G. (2010). Housing preferences and attribute importance among low-income consumers in Saudi Arabia. Habitat International, 34(2), 219–227. https://doi.org/https://doi.org/10.1016/j.habitatint.2009.09.006
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Zhang, Y., Wang, C., Tian, W., & Zhang, G. (2020). Determinants of purchase intention for real estate developed on industrial brownfields: evidence from China. Journal of Housing and The Built Environment, 35(4), 1261–1282. https://doi.org/10.1007/s10901-020-09741-9
Armaini. (2006). Quantitative risk analysis of real estate investments in the city of Denpasar. Department of Civil Engineering, University of Udayana.
Chia, J., Harun, A., Wahid, A., Kassim, M., Martin, D., Kepal, N., Tun, U., & Onn Malaysia, H. (2016). Understanding factors that influence house purchase intention among consumers in Kota Kinabalu: An application of buyer behavior model theory. Journal of Technology Management and Business, 3(2).
Clapp, J. M. (1988). Real Estate Market Gap Analysis: An Application to the Office Market. Real Estate Market Analysis: Methods and Applications.
David, F. R., & David, F. R. (2012). Strategic Management: A Competitive Advantage Approach, Concepts and Cases. https://opac.stan.ac.id/index.php?p=show_detail&id=8721&keywords=
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer Nature. https://doi.org/10.1007/978-3-030-80519-7
Hong Sharon Yam, L., & Stanley McGreal, W. (2010). House‐buyers’ expectations with relation to corporate social responsibility for Malaysian housing. International Journal of Housing Markets and Analysis, 3(2), 132–145. https://doi.org/10.1108/17538271011049759
Kamal, M., & Pramanik, S. A. (2015). Factors Affecting Customers to Buy Apartments in Dhaka City. Daffodil International University Journal of Business and Economics, 9(2).
Keller, K. L. (2001). Building Customer-Based Brand Equity. Marketing Management.
Kotler, P. (2000). Marketing Management, Millenium Edition. www.pearsoncustom.com
Le-Hoang, P. V. (2021). Behavior Intention To Purchase Real Estate: An Empirical Study In Ho Chi Minh City. Independent Journal of Management & Production, 12(1), 080–094. https://doi.org/10.14807/ijmp.v12i1.1262
Le-Hoang, P. V., Ho, V. T., Phan, N. T., & Le, T. T. T. (2020). Factors affecting the intention to purchase townhouse. Independent Journal of Management & Production, 11(6), 1899. https://doi.org/10.14807/ijmp.v11i6.1099
Merrie Ivana, & Asnan Furinto. (2022). Marketing Strategy to Enhance Brand Awareness and Purchase Initiation For Real Estate XYZ. South East Asia Journal of Contemporary Business, Economics and Law, 26(1).
Muka, I. W. (2021). Risiko Pengembangan Properti. In Qiara Media.
Numraktrakul, P., Ngarmyarn, A., & Panichpathom, S. (2009). Factors Affecting Green Housing Purchase. 17th International Business Research Conference.
Opoku, R. A., & Abdul-Muhmin, A. G. (2010). Housing preferences and attribute importance among low-income consumers in Saudi Arabia. Habitat International, 34(2), 219–227. https://doi.org/https://doi.org/10.1016/j.habitatint.2009.09.006
Phungwong. (2010). Factors influencing home purchase intention of Thai single people. International graduate school of business, University of South Australia, Adelaide, Australia.
Rafitas, A. B. (2005). Kiat Sukses Bisnis Properti. PT Bumi Aksara.
Schumacker, R. E., & Lomax, R. G. (2010). A beginner’s guide to structural equation modeling. In A beginner’s guide to structural equation modeling (3rd ed.). Routledge/Taylor & Francis Group.
Tan. (1998). Property Development in Malaysia. A Vantage Point. Salient Issues in Project Management Urban Design, Architecture and Landscaping.
Thanaraju, P., Mentaza Khan, P. A., Juhari, N. H., Sivanathan, S., & Md Khair, N. (2019). Factors affecting the housing preferences of homebuyers in Kuala Lumpur. Planning Malaysia Journal, 17(9). https://doi.org/10.21837/pmjournal.v17.i9.593
World Bank. (2022). Indonesia Economic Prospects December 2022.
Yoke, C. C., Mun, Y. W., Peng, L. M., & Yean, U. L. (2018). Purchase Intention of Residential Property in Greater Kuala Lumpur, Malaysia. International Journal of Asian Social Science, 8(8), 580–590. https://doi.org/10.18488/journal.1.2018.88.580.590
Zhang, Y., Wang, C., Tian, W., & Zhang, G. (2020). Determinants of purchase intention for real estate developed on industrial brownfields: evidence from China. Journal of Housing and The Built Environment, 35(4), 1261–1282. https://doi.org/10.1007/s10901-020-09741-9
Published
2023-09-11
How to Cite
Pratama, N. R., & Hamid, M. F. A. (2023). Marketing Strategy Design for Housing Property Company Using Structural Equation Modeling and Strategic Management Approach. European Journal of Science, Innovation and Technology, 3(4), 317-330. Retrieved from https://ejsit-journal.com/index.php/ejsit/article/view/261
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Copyright (c) 2023 Novandra Rhezza Pratama, Muhammad Farrel Alonzo Hamid
This work is licensed under a Creative Commons Attribution 4.0 International License.
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