Influence of Marketing Strategies on Performance of Real Estate Business in Namobi, Kenya

Abstract

Due to competitions and changing business environment in the domestic and global markets, strategies have remained the only strategic tool that companies adopt to realize success in the market. To survive and perform in the competitive business environment, real estate development companies have to differentiate themselves using marketing strategies in order outsmart their rivals in the real estate development industry. The research objective was to identify marketing strategies adopted by real estate development companies in Nairobi and establish the relative importance of the marketing strategies on real estate performance in Nairobi. Primary data was collected using semi-structured questionnaires with both close-ended and open-ended questions. The respondents of the study were Sales and Marketing Managers of the 30 real estate development companies. Collection of secondary data was achieved through published materials. Descriptive statistics was used to analyze data. The analyzed data was presented using measures of central tendency such as mean scores and measures of dispersion such as variance and standard deviation. The data collected was presented in the form of tables, frequencies and percentages. The study found out that strategic marketing practices were adopted on a small extent by the real estate companies sector in Kenya due many challenges that included; inadequate capital, high operational costs and inadequate training among real estate companies. Therefore, the researcher recommended various policies that would be implemented to minimize the problem like provision of adequate capital and adequate training, by the Government among the real estate companies in Kenya.