1. What is the market that is being served? Determine the size, age, gender, education, amount of disposable income, and psychographics of the current marketplace.
2. What is the current market share for your client? What does the sales history tell you? How and when does the client’s product(s) fall into the decision-making process and the FCB Grid.
3. What methods of distribution are used by the client? What is the current pricing strategy? What is the current promotional strategy of the client?
The Journey Home Strategy
In recent years, it has been analyzed that most of the individuals are facing the issues of homelessness. The furthermost often detailed aim in the year 2018 PIT Count for housing loss was incompetence to emolument the fee. Moreover, 12% of persons stated a damage of employ, as well as 3%, stated ability to discovery cover as their aim for the damage of housing (Latimer et al., 2017). The Journey Home Strategy is Kelowna’s five-year plan to address the homelessness with a focus on ensuring every individual has a place to call the home. For running such a strategy over 2000 points of contact with the community combined to shape such a strategy (Rezansoff et al., 2016). The journey to build such strategy began with a recognition that an effective community response needed to be grounded in approaches that are proving to be successful. Kelowna is one of the attractive communities with an excellent climate as well as has a strong economy that attracts maximum migration as well as frequently driving the demand for both the rental as well as ownership housing (Schaepe, 2018).
In the following report, there will be a detailed analysis of the environment that may affect the overall performance of the company at a certain level.
Canada is one of the founding members of the United Nations as well as it is one of the powerful countries. The country maintains healthy relationships with the other utmost influential republic in the domain which is the USA. They also maintain a healthy relation with France, the United Kingdom and further republics in the world. Such a country enjoys a stable political environment that supports The Journey Home to continue their business in such an environment in an effective and efficient manner. The government supports the society to promote their business to provide a home to homeless people.
Canada is considered as the 10th largest economy in the world as of April; 2018. They have a association in the Organization for Economic Co-operation and Development, The World Trade Organization, the G20 as well as the Common Wealth of Nations. Approximately, 70% of Gross Domestic Product is subsidized by its facility segment that employs over 75% of the population of country. With a strong as well as dynamic economy, diverse as well as business individuals, world-class substructure as well as one of the best banking systems in the world, the country magnets the courtesy of the stockholders as well as industries around the world that create an opportunity for the company to expand their business and target their consumers for home rentals and purchases in an effective and efficient manner (Laycock et al., 2017).
Canada's Political and Economic Environment
Canada is considered as a 2nd largest country in the world by the area, however, their populace is not that large than other countries. It is a varied republic. In fact, variety has played a great role in the Canadian History as well as numerous persons call the republic a county of strangers that represent that the percentage of migration in such country is high as a comparison to another country that creates the issue of living in such country. It increases the demand of both rentals as well as ownership housing in such country that provides a great platform for the company to target such consumers in a more effective and efficient manner (Clark, Moonen & Carr, 2017).
The technology plays a vigorous role in the economy of Canada. In fact, technology is one of the firmest rising segments in the country. The individual of Canada makes usage of technology for numerous drives, most particularly education, businesses as well as freedom. It delivers high disbursing works that attract maximum migrants towards such country. Such development is also obvious in the vagrant populace that has been challenging local services breadwinners notwithstanding the current coordinate efforts to enhance the entrée to service, lodging as well as cover (Barr, Mizrach & Mundra, 2015).
The threat of new entrants is neutral to unfavorable for the company. Such a situation is explained in below points
- Legal Authorization: No special Legal Authority is required to enter in such business, as most of the non-property companies find it easy to attractive to simply out of interest.
- Technology: the expertise of technology in such an industry is not particularly high. Design, name as well as a concept can all be copied as such is less able to protect these through the process of patent or any other copyright.
- Capital: Capital is also considered as a fence frequently for the huge scale specialize projects. The aptitude to attain banking financing also bound the minor players from surmounting up their plans.
The intensity of competition among the developers in residential development is relatively low. In recent, the supportive housing market in Canada is highly fragmented with no single entity that controls more than 6.0% of the market. The three largest providers of supportive housing in Canada are Revera, Chartwell, and Extendicare. Such companies control over 13.5% of the roughly 422,000 supportive housing in such country. It is a rough overview of the competitive landscape within the highly fragmented Canadian supportive housing market (Shen, Zhang & Long, 2017).
The cost of the substitute for the supportive product of housing industry is neutral. It is more intangible than tangible for instance, the responsibilities as well as physical demand of home ownership as well as maintenance. However, for those who are either unable or unwilling to pay the intangible price of home ownership the services of the supportive housing industry are available for a fee. For such reason the threat of substitution is low.
The bargaining power of the consumers is low in such a situation. As the number of migrates in such country is high that increase the number of the requirement of shelter that bound the bargaining power of the consumers in such an industry.
Ownership and Rental Housing Demand
There are four key suppliers in such industry that are a seller of land, construction contractor, manufacturers as well as capital providers. Therefore, their bargaining power is low due to the reason there is high competition among the suppliers of such industry that force them to control over their prices that give a benefit to the company to control over their cost in an effective manner (Kharub & Sharma, 2017).
- The main strength of such community is their contribution towards the uplift of society. They have a great leadership power that made them competitive market in the market.
- The government of the country supports such community that made them stronger in the market in an effective manner.
- They work together to shore up the gaps that identified, embrace innovation as well as actively engage with growing willingness to work collaboratively as a community.
- The community is facing the issue of the fund from the market. As it requires a huge amount that creates the biggest challenges for them.
- Somewhere there is a lag of coordination among the members of the community that create one of the major weaknesses for the community at a greater level.
- In recent, the number of migrates increases that create an opportunity for the community to provide the accommodation to individuals in an effective manner.
- Due to use demand of shelter in the market, give an opportunity to the community to expand their business in such a market in a more effective manner.
- High competition in the market between private companies increases the cost of accommodation in the market that creates a threat for the community towards the cost of the company.
- The overcrowding homelessness also creates a threat to the community at a greater level. They would not able to support all the required individuals due to the increase in the number of migrants. It will create a major challenge for the company (City of Kelowna, 2019).
From the above analysis, it can be concluded that the migrants in Canada are increases day by day that create an issue for them to stay in such a country. One of the communities The Journey Home in Kelowna City has introduced their strategy to provide a home to the homeless people in such country. Their main motive is to support all the people who are homeless. The political and economic environment of the country is stable and healthy that will support the community to expand its business in a more effective manner. Moreover, there is a high requirement of home to the homeless people due to an increase in the number of migrants in such country. They can use their strength to cope up with the challenge of threat and can grab the opportunity to cope up with the challenge of weaknesses in an effective and efficient manner.
Barr, J., Mizrach, B., & Mundra, K. (2015). Skyscraper height and the business cycle: separating myth from reality. Applied Economics, 47(2), 148-160.
City of Kelowna. (2019). Journey Home. Retrieved from: https://www.kelowna.ca/our-community/addressing-homelessness/journey-home
Clark, G., Moonen, T., & Carr, D. (2017). The Role of Real Estate Development in Urbanizing Cities. LEADERS, 216.
Kharub, M., & Sharma, R. (2017). Comparative analyses of competitive advantage using Porter diamond model (the case of MSMEs in Himachal Pradesh). Competitiveness Review: An International Business Journal, 27(2), 132-160.
Latimer, E. A., Rabouin, D., Cao, Z., Ly, A., Powell, G., Aubry, T. & Veldhuizen, S. (2017). Costs of services for homeless people with mental illness in 5 Canadian cities: a large prospective follow-up study. CMAJ open, 5(3), E576.
Laycock, D. P., Pedersen, P. K., Montgomery, B. C., & Spencer, R. J. (2017). Identification, characterization, and statistical analysis of mudstone aggregate clasts, Cretaceous Carlile Formation, Central Alberta, Canada. Marine and Petroleum Geology, 84, 49-63.
Rezansoff, S. N., Moniruzzaman, A., Fazel, S., Procyshyn, R., & Somers, J. M. (2016). Adherence to antipsychotic medication among homeless adults in Vancouver, Canada: a 15-year retrospective cohort study. Social psychiatry and psychiatric epidemiology, 51(12), 1623-1632.
Schaepe, D. (2018). It's a Family Affair: Stó: l? Experiences in Repatriation. BC Studies: The British Columbian Quarterly, (199), 27-32.
Shen, L., Zhang, Z., & Long, Z. (2017). Significant barriers to green procurement in real estate development. Resources, Conservation and Recycling, 116, 160-168.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2020). The Journey Home Strategy And The Housing Market In Canada. Retrieved from https://myassignmenthelp.com/free-samples/buad-266-advertising-and-marketing-communication-for-excellent-climate.
"The Journey Home Strategy And The Housing Market In Canada." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/buad-266-advertising-and-marketing-communication-for-excellent-climate.
My Assignment Help (2020) The Journey Home Strategy And The Housing Market In Canada [Online]. Available from: https://myassignmenthelp.com/free-samples/buad-266-advertising-and-marketing-communication-for-excellent-climate
[Accessed 23 February 2024].
My Assignment Help. 'The Journey Home Strategy And The Housing Market In Canada' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/buad-266-advertising-and-marketing-communication-for-excellent-climate> accessed 23 February 2024.
My Assignment Help. The Journey Home Strategy And The Housing Market In Canada [Internet]. My Assignment Help. 2020 [cited 23 February 2024]. Available from: https://myassignmenthelp.com/free-samples/buad-266-advertising-and-marketing-communication-for-excellent-climate.