Concept evaluation study for Real Estate
Our client has a land parcel near Mumbai (150Km) and wished to set up a resort which can become an option for outbound activities for corporate and HNIs in Mumbai. For this they have drafted 2 concepts for their upcoming resorts.
To find out the following:
Feasibility of opening a resort.
Customer preferences and expectation
Key factors that differentiate a resort from others
Desired facilities in such a destination
Acceptance of different concepts that appeal to the discerning consumers in Mumbai.
Market Search India conducted a series of face to face structured interviews with target respondents. Target group were High Net worth Individuals and corporate houses who arrange / go for outbound activities.
From the study insights, we were able to estimate future demand & supply, which helped the client to decide whether the opportunity present was attractive enough to invest or not. Our study provided the price sensitivity of the market, which allowed the client to accurately estimate the finances and take a considered decision.
In addition to all this, we were able to identify the customer preferences and expectations from the resort. We also provide information on consumer behaviour towards visiting resorts. i.e Important factors they consider before finalising the resort, typical duration, price per night and the various activities they would like to do in the resort. Which concept they found more appealing to the discerning consumers in Mumbai.