Marketing Plan And Strategies For JLL Company

Recommend a Marketing plan for JLL

The primary aim of this paper is to outline and explain the significance and roles of the marketplace to struggle with competitors in the marketplace. Here is also discussion about JLL Company ‘s operations and activities because the company has decided to explore the business widely. The marketing plan plays a vital role in initiating the business activities and operations in other countries. The paper also explains and discusses the key target audience and competitors for introducing new and innovative services globally. The internal and external analysis is done by JLL Company. The paper also depicts ample of information related to real estate services and products. Beside this, strategic capabilities, VRIO, and value chain analysis are done by the company to reach its maximum level of outputs. Moreover, monitoring and controlling is done by JLL Company to carry out the functions and activities of the business. More detail of the task has been elaborated below.

A marketing plan is an inclusive document or blueprint that explains a business marketing and advertising efforts for the coming years (Westwood, 2013). It also includes the business activities that are involved in attaining specific marketing goals and objectives within a given time period. The key factors of marketing plan include market research, target market, positioning, competitive analysis, budget, market strategy and metrics (Kolb, 2013). SWOT analysis and pestle analysis are done by the company to make a unique and effective marketing plan in the marketplace (Morgan, Vorhies, and Mason, 2009). The marketing plan helps the firm to expand and flourish the business activities and operations globally (Krishna, 2011). The marketing plan for JLL has been discussed below.

The market is one of the significant factors of the marketing plan. The market research is any formulated effort to collect information about the key target audience and markets as well. It is a significant and effective element of business strategy (Chen, Fay and Wang, 2011). Along with this, market research includes social ideas and research and it is a systematic process of gathering information about organizations and individuals as well (Wiid and Diggines, 2010). It also uses statistical techniques and methods to get supporting material and data. It is noted that the United States is the largest countries in the world therefore, people demand for properties in a large extent. Hence, it is essential to conduct market research and survey for analyzing and evaluating the demands and requirements of the key target audience (Verhoef, Reinartz and Krafft, 2010). The market research plays a significant and vital role in the expansion and development of the business across the globe. It has been found that JLL provides ample of services to the customers in the international market (Vorhies, Morgan and Autry, 2009). It also helps the company to increase and improve its efficiency and effectiveness by rendering unique and dynamic real estate services to the customers in the competitive market (Crouch and Housden, 2012). To analyze and evaluate the market, SWOT analysis and pestle analysis are done by JLL Company. The strengths and weaknesses of JLL Company have been detailed below.

• The company has reliable and faithful suppliers.
• High skilled and talented workforce used by the firm.
• Strong and unique dealer community and effective free cash flow.

• High erosion rate in the workforce.
• There is high and intense competition in the global market (Fernfortuniversity, 2018).

Market research

It is the second element of the effective and dynamic marketing plan. It helps in determining and analyzing the financial position and brand image in the global market. There is high and immense competition in the real estate industry (Compatably, 2018). Therefore, high and intense competition would be faced by JLL Company. The main competitors of JLL Company include Cushman & Wakefield, Colliers international, Knight Frank, HFF, SVN and Marcus and Millichap. All these competitors may affect the business activities and operations of JLL Company (Compatably, 2018).

If JLL Company wants to become a leader in the real estate industry then it should make unique and effective marketing strategies globally. Along with this, the company is investing a huge amount in the training and development coaching of the workers to gain competitive benefits in the international market. The training and development coaching also helps in improving and enhancing the performance and effectiveness of the workers (Compatably, 2018).

Along with this, advanced and innovative technologies and resources are used by the firm to attract and retain a maximum number of clients in the international market. By using innovative and advanced technologies, JLL Company has been able to provide attractive and luxurious services to the clients globally. The firm makes unique and innovative strategies, policies and plans to compete and strive with competitors in the marketplace. It also uses a differentiation strategy to distinguish its services from the competitors (Compatably, 2018). This will help the firm to make a dynamic image in the minds of the customers. Along with this, the firm needs to take effective and dynamic actions to beat the competitors in the international market. It will also help the company to strive with rivalries in the global market. It is essential for the company to hire qualified, talented and skilled workers to perform tasks and duties in a hassle-free manner. In this way, JLL has been able to make a strong position across the globe (Compatably, 2018).

The marketing strategy is one of the empirical strategies to overcome the competitors in the marketplace. The marketing strategy includes advertisement and promotion sessions, seminars and programs. By using marketing strategy, JLL Company has been able to accomplish the desired goals and objectives in the competitive market (Kumar and Shah, 2009). It is suggested to the company to use promotional and advertisement strategy to capture the entire market across the globe (Sánchez-Fernández and Iniesta-Bonillo, 2007). The promotional and advertisement strategy includes direct marketing, website promotions, public relations, trade shows, traditional and non-traditional sources (Kanagal, 2009). This strategy helps in increasing awareness among the people in the marketplace. The advertisement and promotional strategy help JLL Company to accomplish the long-term targets and goals (Keller, Parameswaran and Jacob, 2011).

The goals and objectives play a fundamental role in carrying out the business activities and operations successfully and effectively. It is stated that marketing objectives are widely interconnected or interlinked with the promotional and advertisement strategy (Gulati, 2010).  The main mission of the company is to build and develop a reciprocal relationship with the target audience and further, the company wants to increase and enhance profitability and revenue. The vision of JLL Company is to build a better and bright future for the clients. Along with this, the organization wants to be a world leading professional service company by creating spaces, cities, and buildings where everyone can thrive. The company is spreading awareness among the clients related to the attractive and unique services globally (Gulati, 2010). 

Strengths

SMART objective is one of the important parts of effective and unique marketing plan. Firstly, the company should evaluate and analyze the SMART objective to attain rivalries benefits in the market (Foray and Goenaga, 2013). It is recommended that JLL Company should ensure and analyze the desired goals and objectives to attain the maximum level of output. Further, it also helps in improving and enhancing the progress and growth of the company (Foray and Goenaga, 2013). The SMART goals for JLL Company have been discussed below.

Specific: It is stated that goals and objectives which are set by the company should be specific and unique in order to gain competitive benefits. The goals and objectives must be established by the company after considering the needs and requirements of the business. It will help the firm to satisfy the needs and wants of the customers. The SMART objectives of JLL Company are to deliver superior performance and develop and execute investment strategies that meet the specific objectives of the clients. Further, the company also wants to deliver uniformly high levels of services widely (JLL, 2013).

Measurable: After setting the long-term objectives, the company measures and evaluates these objectives and goals. Some standards and benchmarks are set by JLL Company to attain the desired goals and targets (Foray and Goenaga, 2013). The top management and leaders compare the new standards and benchmarks with existing standards and benchmarks within the organization. If there is any variation found then effective and unique measures are taken by the company (Foray and Goenaga, 2013).

Attainable: The goals and objectives that have been set by the top management at JLL Company should be attained in the given time period. The company should focus on the realistic goals and objectives to increase efficiency and effectiveness. Unrealistic goals and objectives that cannot be attained by the firm should be ignored (Foray and Goenaga, 2013). It is stated that JLL should identify and measure the strengths and weaknesses to build and develop effective and dynamic goals and objectives. In today’s era, the company is making unique and dynamic policies and strategies to attain desired objectives and goals.

Realistic: One of the significant aspects of SMART goals is realistic. After considering and analyzing the performance and productivity, realistic and suitable objectives and goals are built by JLL Company (Foray and Goenaga, 2013). If the goals and objectives are realistic then it will help in improving and enhancing the brand image and goodwill of the firm. Further, it also helps in gaining rivalries advantages in the international market.

Time specific: Time-specific plays an effective role in attaining the desired goals and objectives. The objectives and goals should be accomplished in the given specific time period. The specific time period has been fixed by JLL Company to accomplish the long-term objectives and goals (Foray and Goenaga, 2013).

After setting the SMART goals and objectives the company can introduce new services and products in the global market (Evans, 2010). Aside this, it is recommended that JLL Company should focus on marketing mix strategies to make aware the key target audience globally Conzemius and O’Neill, 2009). The company is finding various ways to be a global leader in the real estate industry. By using marketing strategies and SMART goals, the firm has been able to meet the needs and demands of the customers. It also helps in differentiating its products and services from the rivalries (Conzemius and O’Neill, 2009).

Weaknesses

The marketing mix plays an empirical and fundamental to cope up with rivalries in the international market. Furthermore, it also helps in standing out against the various competitors in the market. The marketing mix for JLL Company has been discussed below.

Product: One of the significant strategies that can be initiated by the company is product strategy. The company should focus on the services while expanding and flourishing the business in a large extent. The company needs to provide a service to buyers by educating them throughout their effective and dynamic decision-making process. The firm should also provide local property sales data and various tools such as marketing updates to the customers across the world. In this way, JLL Company can attract the customers to buy the services and products globally (Bruhn, Schoenmueller and Schäfer, 2012).

Price: It is a price that paid by the customers for the product and service. It is stated that property prices may also fluctuate constantly. Understanding and measuring the seasonal sales cycles and rental migration patterns are significant because it helps in providing suggestion to the clients as when they demand and want. Therefore, the company needs to conduct research and survey regularly in order to get ample of information about the market and clients as well (Lehtinen, 2011).

Place: It is a location where the service or product is made available to the customers in the market. It can be either a digital presence or physical location but it is noted that real estate is a combination of the two. Place plays a vital role to establish a market leading or growing real estate brand.

Promotion: It is an effective effort of a business to promote and encourage the popularity of the product and services in the market (Dominick, 2010). Digital marketing, online promotion, advertisement are done by JLL Company to encourage and promote the products and services in the global market (Mulhern, 2013).

People: These are people who directly or indirectly involved in the brand of the product or service. JLL Company conducts training and development sessions and programs for attracting the maximum number of clients in the international market. Apart from this, a positive and favorable culture is maintained by the firm to encourage people in fulfilling the roles and responsibilities (Gensler et al, 2013).

Physical evidence: The Company puts the standardized processes to reduce and eliminate the various types of errors and mistakes. It helps the firm to track the effectiveness and efficiency of spend across multiple channels and ensure the results for programs and campaigns (Huang and Sarigöllü, 2014).

Process: These are the processes and procedures that JLL Company should take to deliver or offer a product and service to the customers (Weinberg and Pehlivan, 2011). By using an effective and unique process, the company can capture and attract various types of the customers (Mulhern, 2013).

Budget is the most significant part of the marketing plan. The company cannot make an effective marketing plan without setting the appropriate and unique budget for the activities and operations. Budget is a major part that used by the firm in marketing strategies and programs. The budget is set by JLL Company for advertisement, promotions, social media channels and events.

Competition in JLL Company

The marketing goals are significant part of the marketing plan. The new goals or objectives of JLL Company are discussed below.

• Rising sales by 15% in the first 3 months of execution of marketing plan
• Rising customer base by 22% in the first 6 months of implementation of the marketing plan
• Targeting to all the customer segments.
• Enhancing and promoting customer satisfaction
• Fulfilling the needs, wants and expectations of the customers in the international market.
• Attaining competitive benefits by providing innovative and unique services to the customers across the world.
• To attain long-term mission and vision in an effective manner.

The last stage of a marketing plan is monitoring and controlling. After making an effective and innovative plan, the company needs to monitor and evaluate the activities and operations. It is very significant to enhance and improve the organizational performance and effectiveness (Rothaermel, 2015). By monitoring on the activities and operations, the company has been able to measure and identify the threats and opportunities of the market. Aside this, it is also essential to identify and assess the effectiveness and efficiency of the strategies and approaches in the global market (Rothaermel, 2015).

If the company uses assessment techniques, models and methods, the firm has been able to eliminate the future challenges and risks of the market. The monitoring and control by JLL Company are successfully and effectively carried on through the balance control card methods and techniques concentrating separately on the following four perspectives:

• Customer perspective
• Financial perspective
• Internal perspective
• Learning and innovation perspective

The evaluation or assessment techniques and methods help JLL Company to maintain a dynamic and exclusive brand position in the marketplace (Rothaermel, 2015).

The strategic management is the managerial responsibility or authority to attain competitive benefits by optimizing the internal resources and capabilities while capturing external opportunities and ignoring external threats (Hyken, 2011). It is noted from the various studies that JLL Company uses ample of internal strategies for aiming the development and expansion of the business globally (Küng, 2008). The company maintains an effective code of conducts and ethics to run the activities and operations across the globe. Furthermore, it is also needed to analyze and identify the core values, competencies, weaknesses and strengths in the competitive market (Park and Hwang, 2016). With the help of internal strategies, the organization can introduce new and innovative services in the international market (Ramdani et al, 2018). VRIO analysis and value chain analysis are done by the company to grow and survive the business actions in the global market. It also helps in satisfying the expectations and desires of the customers in a large extent (Najib Razali and Mohd Adnan, 2012).

The core competency is a significant concept in the management theory. It may be defined as a harmonized combination of multiple skills, talents, and resources that differentiate a company in the workplace and further, it also helps in overcoming the rivalries globally (Ljungquist, 2007). The core competency is an essential part of JLL Company that helps in attracting a maximum number of the employees and customers as well (Enders et al, 2009). The core values of the company include dignity, ethics, teamwork, collaboration, respect, patience, accountability, and dedication. The core values and competencies help the firm to sustain the wide range of customers across the world. Apart from this, the core competencies also provide support to enhance and increase the base of the customers widely. VRIO analysis is used to evaluate the circumstances inside the organization. Further, it also helps in identifying competitive implementation and possible potential for improvement in the given area or for a given resource (Kozlenkova, Samaha and Palmatier, 2014). VRIO is one of the significant framework or tools used by JLL Company that has been discussed below.

• It renders unique values to the customers across the globe.
• Services are fulfilled the expectations and needs of the key target audience.

• JLL Company provides extra value added services to the customers in the marketplace.
• Innovative services and products are considered the rare capabilities that help in striving with competitors globally (Mathur, Jugdev and Shing Fung, 2007).

• It is essential for the firm to provide innovative services to the customers and further JLL Company is also responsible to analyze and identify the key target audience in the global market.
• Inimitable capabilities are very costly and complex to imitate. Therefore, unique and strict measures or actions must be taken by the company to gain competitive advantages and accomplish the targets and goals (Mathur, Jugdev and Shing Fung, 2007).

• The characteristics of VRIO include rarity, value, and inimitability that can be handled and managed by the company to enhance and improve the performance and efficiency of the employees in the international market.
• It has been found that organizational support is much needed to attain sustainable competitive benefits in the marketplace (Lazzarini, 2012).

Marketing strategies

(Source: https://managementmania.com/en/vrio-analysis)

The value chain analysis is a strategic tool or framework to analyze and evaluate the internal firm activities. It defines the various categories through which the company has been able to produce products and services effectively (Osterwalder and Pigneur, 2010). The primary aim of the value chain analysis is to improve and enhance the performance and productivity of the firm and employees as well. It also helps in developing an effective and unique brand image and loyalty among the customers (Osterwalder and Pigneur, 2010). The primary activities of the firm include marketing, sales, outbound activities, inbound activities and various types of operations. On the other hand, support activities include technology development, human resource management, infrastructure, and procurement (Osterwalder and Pigneur, 2010).

All these activities help in attracting and retaining the key target market and attaining rivalries advantages. It also helps in capturing a competitive advantage and maximizes the company’s overall profits and returns (Gawali and Nare, 2014). To capture the competitive benefits, JLL Company maps out its specific activities within the five generic value chain activities and seeks ways to generate effectiveness and efficiency (Lin et al, 2012).  Capacity utilization and economies of scale can be done with the help of value chain analysis. Apart from this, a cost advantage can be pursued by reconfiguring the value chain analysis effectively. It also makes easy the delivery of the products and services in the international market (Richardson, 2008).

It has been noted that JLL Company is trying to accomplish the desired goals and targets and further it also wants to attain rivalries benefits. For this purpose, the firm is focusing and determining the strategies, actions, and plans of the rivalries in the international market. The company is struggling with competitors to enhance and maximize the revenue, sales, market share, profitability and outputs (Chaffey and Ellis-Chadwick, 2012). The top management and leaders are accountable to achieve the high outcomes and returns and along with this, they are also liable to focus on the activities and actions of the competitors. They also analyze and identify the quality, and features of the competitor’s services and products to retain in the market (Bhamra, Dani, and Burnard, 2011). The top management and managers provide guidance and suggestion to the workers to perform tasks and duties successfully and efficiently. Moreover, strategic capabilities concentrate on the market position, business process, resources and assets of the company. To analyze the strategic capabilities, VRIO analysis, value chain analysis, and porter five analysis are done by JLL Company across the globe. In this way, strategic capabilities play an enormous role in the international market (Helfat et al, 2009). The company uses various resources such as plant, equipment, land, financial, physical resources, and human resources. On the other hand, the core capabilities include company’s ability, experience, and reputation that help in creating value for their customers across the globe (Helfat et al, 2009). 

It is recommended that JLL Company should focus on the management and strategies to expand and explore the business widely. Furthermore, it must also analyze and identify the business level strategies and corporate level strategies to overcome the competitors. Along with this, effective and unique advertisement and promotional strategies shall be used by JLL Company to encourage and improve the real estate services and products. It is stated that the organization should focus on the leadership to direct and assist the workers in the workplace. Moreover, favorable working environment shall be built by the firm to maximize the profitability and productivity.

Marketing objectives

Conclusion

From the above-mentioned study, it is concluded that JLL is a real estate company that provides various services related to the property and investment. To overcome the competitors, the company analyzes and evaluates the internal and external capabilities as well. These core capabilities also help JLL Company to measure the strengths, weaknesses, threats, and opportunities of the market and competitors as well. In addition, here is the discussion about the dynamic and effective marketing plan that helps in flourishing the business in the marketplace. The marketing plan is a significant and basic part of each and every company to implement the business activities and operations in the new market. Apart from this, the above-mentioned analysis shows that how strategic capabilities, strategies, VRIO framework and value chain analysis helps to sustain competitive benefits and to achieve the set goals and objectives.

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