Stategies Adopted By Knight Frank Kenya To Increase Market Share

Abstract

Organization success is measured by its profitability, its increase and retention of market share and achievement predetermined goals of the organization. Increasing market share is not only associated with increased financial return of any organization but also increase clientele base, the growth of brand and visibility in the market. It is an objective that organization have to aspire and establish strategies of how to increase and sustain market share. The real estate firm environment is dynamic and an organization operating in this environment with an objective of increasing market share has to adopt strategies to support this objective. This study sort to establish which strategies has Knight Frank Kenya adopted to increase market share in the real estate market in Kenya. The researcher collected primary data through personal interviews of employees of Knight Frank Kenya at a corporate level. Ten members of the management team were interviewed and content analysis was used to analyze data collected. The finding indicated that the real estate market is dynamic and adoption of strategies to achieve organization goals and objectives is key. The study indicated that Knight Frank Kenya had adopted strategies that has enabled the organization to increase their market share in the real estate market. The findings of the study indicated that environmental scanning was critical in determination of the target market the organization would focus on and which strategies to adopt increase market share of target market selected. The environment scanning by the organization was in-depth evaluation of the internal and external environmental. Internal evaluation was primarily on the resources that the organization has which was a critical component that ensured increase of market share. The study established that the technological and human resource have enabled the organization deliver unique, real time and professional real estate management services. The automation of all the activities in the organization ensured seamlessness and transparency of activities in the value chain. The external evaluation enabled Knight Frank establish its market niche considering its resources. It also enabled Knight Frank establish the risk associated with increasing market share in the target market. The case study demonstrates that increase of market share has to be intentional and an objective for an organization in order to achieve it. Evaluation of the environment is key for selection of target market and strategies to increase market share in the real estate market in Kenya. Increase of market share has risks that have to be counted through constant evaluation of the market to ensure strategy continuity. The study recommends that further studies should be carried out on other real estate organization that have a different target market, to establish strategies adopted considering their resources in order to increase market share.