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MKT345 Allegretti Position Paper.docx - Joseph Allegretti...

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Joseph Allegretti3-24-21Cabrina PakMKT345: Marketing ManagementThe topic that I have chosen to research is within the industry of residential real estate. Ithink that it is important before beginning this position paper to lay out more specifically what Iwill be researching and analyzing in the industry that I have chosen. In the industry of residentialreal estate, I am going to research what is the optimal value proposition specifically for Chicagoarea homebuyers and realtors. This research will deal with how the target market, which is thehomebuyer in the Chicago area, understands value while purchasing a home. I think this is verycrucial for real estate companies in Chicago so that they can better understand how to createvalue for homebuyers.Before continuing to outline and give context to my research question, I think it isimportant to define what is meant by value. The reason I think this is important is preciselybecause Chernev states that, “Marketing is first and foremost about creating value.”1Accordingto Chernev, value is defined as, “a strategic concept that defines the benefits and costs thatparticipants receive from the market exchange.”2I would say that this is a very basic definitionthat Chernev presents, but I would add on that the, “value proposition defines the value that anoffering aims to create in a given market.”3This value proposition needs to be understood in lightof the value exchange which happens between the relevant market bodies, which, namely are; thetarget customer, the company, the company’s collaborators, and the company’s competitors.4This1Chernev, Alexander.Strategic Marketing Management: the Framework. Chicago, IL: Northwestern University,2019. 52IBID. 6.3IBID. 7.4IBID. 171
value for market bodies is actualized through the market value principle.5The market valueprinciple is what encompasses the company’s value proposition.6The market principle considersthe values of the company’s customer, collaborator, and company.7The offering that satisfiesthese three things is then considered to have an optimal value proposition.8The point of thisposition paper then will be to answer and determine what is the optimal value proposition forhomebuyers and realtors in the Chicagoland area.In order to determine the optimal value proposition and provide an answer to my researchquestion, it is important to identify and state the target market which is, “the market in which acompany aims to create and capture value.”9Depending on the certain market and the situationof that market determines the kind of value and one can also see the optimal value for theparticular market. The target market, according to Chernev, can be defined by five factors,namely, customers, company, collaborators, competitor(s), and context.10The customers, in lightof my research questions, would be people, or potential homebuyers in the Chicago area who arelooking to buy a home that creates value, and thereby, has benefits and satisfies their needs. Thecompany, or companies, would be real estate companies that are located within the Chicago area.

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Term
Spring
Professor
icantremember
Tags
Chicago metropolitan area, Long Reality

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