Marketing strategies used by real estate industry in times of recession with context to The Centaurus

Abstract

Pakistan like the global economy has been undergoing severe recession. The impact of recession is magnified due to other problems such as terrorism, political unrest, law and order situation as well as severe electricity shortages.

Our research hinges on how The Centaurus will develop its marketing strategies, adapt to the changing environment & implement them. It also highlights the influence of the down turn on the real estate industry of Pakistan & on future investments by potential investors. Our research will provide clarity to stakeholders regarding the current market situation & the generic & specific strategies to be used in such times along with effective solutions to marketing dilemmas.

We used both primary & secondary research to acquire data related to the selected target market i.e. Elite/upper class, foreigners, & overseas Pakistanis. We conducted primary research through zoom intercepts, questionnaires, personal observations & in-depth interviews of PGCL employees & secondary research through different journals & research papers.

Our conclusions were based on how the management team at Centaurus should adapt their marketing strategies in the current scenario & how potential investors & the real estate industry should react to recessionary pressures. Our major concern at the end of this study was the maintenance of quality and operational management of the complex due to its sheer magnitude as this would remain a prime challenge. Even though Centaurus has kept all these factors in mind but will still have to adapt more in order to win new customers and our research points out exactly that.