subject: Product Differentiation Of Residential Real-estate Projects At Greater Faridabad [print this page] Product differentiation means a deliberate and well considered attempt to incorporate certain features or elements in a product which sets it apart from the others of similar nature. Product differentiation is important to create since it gives the unique selling propositions for the products and also helps in beating the competition in a highly competitive marketing. This differentiation also becomes a part of the branding exercise. For the prospective customers as also for the builders, the use of product differentiation is to make comparisons among the different properties with respect to the amenities and features. What are the key parameters of this product differentiation?
Before these parameters are listed, it is important to note that this distinction can be done at a project level as well as at the unit level. So, the parameters are listed according to this classification:
Project Level Distinction Parameters
1.Green spaces and covered areas: Different projects are spread over different expanses of area. Further, within these areal limits, different proportions of the areas are covered by the buildings and the green vacant spaces. People do take note of area coverage of the project on overall basis and also for various specific purposes.
2.Number of floors: The number of floors for a particular type of apartment is also distinguishing criterion. Some projects are low raise, some others such as SRS Royal Hills are multi-storey ones. More floors and towers mean a higher density of population living per unit of the area and enjoying the amenities provided by the project.
3.Amenities: Amenities being provided in the various projects such as SRS Royal Hills Faridabad are one of the main criteria of distinguishing one project from the other. Some basic level projects do not offer much amenities except the parking space and gardens or parks. Some others might also be providing the club houses, swimming pool, spas, sporting facilities, health-oriented facilities and other higher-end luxurious amenities.
4. Layout of project: This parameter refers to the way the whole elements of the project are positioned within the project area. Whether the residential towers are close by or are far off. Whether swimming pool or garden or other such feature is close to some towers than the others. So, layout of the project details can also be used as distinguishing criteria.
Apartment Level Distinction Parameters
1.Sizes of apartments: These are the places where the people have to live. So, how much is the carpet or the living area is also one of the prime differentiation criteria. More area obviously means more cost. The builders come up with the project of different unit areas depending on the market segment which they are targeting.
2. Interior finishing and furnishing: The type of material used for flooring, the nature of paint used for walls and ceilings and a number of similar elements which can create the distinctiveness in interiors are also used as comparison parameters.
3.Interior design and layout of different rooms: How practical is the layout of the rooms? How is the interior design of the unit? These and other considerations also act as distinguishing factors which make one project or unit different from the other.
