Case Study Marketing 301 PDF

Preview

Summary

Case study...

Description

In order to better understand the apartment options available to renters near Main Street in Amherst, MA, our team researched and compared three apartment complexes: Aspen Chase, Kendrick Place, and Olympia Place. We examined the net cost of the various units available for rent at these complexes, as well as their floor plans, amenities, locations, and other qualitative factors. Then, we evaluated which option provides the best value, and which we would rent. Certain values such as the square footage for Olympia Place were not listed online, but when we called Amherst Innovative Living, Brittany -whose last name we are unaware of-, kindly confirmed the unknown data and all of our other data from both Kendrick Place and Olympia Place. Our data on Aspen Chase was confirmed over the phone by Ashley Speckerman. Each apartment complex has 3 or 4 unit options for renters, grouped as floor plans by number of bedrooms. In general, Aspen Chase has the cheapest options, with Kendrick Place and Olympia Place being very comparable. This is the case when looking at net cost per apartment and per bedroom/per person. In terms of size and cost per square foot, Aspen Chase apartment units are on the small side, especially multi-bedroom ones, while Olympia Place units tend to be similar in square footage to Kendrick Place units, which are generally the largest. Olympia Place is somewhat more expensive per square foot than Aspen Chase and Kendrick Place, which are similar. Notably, a 3 bedroom floor plan at Kendrick Place is especially inexpensive, square footwise, while a 1 bedroom at Olympia Place is especially expensive. In short, Aspen Chase is the least expensive, while Olympia Place is the most expensive. While all three apartment complexes include all utilities, they are fairly varied in the amenities that come with them. A couple of the amenities Aspen Chase includes are on-site laundry and a basketball court. Kendrick Place offers in-unit washers and dryers and floor to

ceiling windows. Olympia Place is similar to Kendrick Place, with full furnishings, a community living room and study areas, a breakout room, and a fitness center added to its offerings. In terms of location, Aspen Chase, Kendrick Place, and Olympia Place are all ideal for students in Amherst due to their proximity to both UMass and Amherst College. Aspen Chase sits on Main St., about half a mile from the Amherst College campus and a 1.5 miles from Isenberg. Buses bring students to campus in about 11 minutes. It’s located near two gas stations, a liquor store, a car mechanic, a Dunkin Donuts, and a Subway. Kendrick Place is located on East Pleasant St., under half a mile from Isenberg, which makes it the closest of the three to Isenberg. It is a 9 minute bus ride to campus and is in downtown Amherst, which has many entertainment and dining options, plus a couple of banks. Olympia Place is the farthest of the three at 1.8 miles from Isenberg, and is about a 12 minute bus ride. Olympia is the only one out of the three that is not next to any stores or any places of business; the closest things to it are the Fire Dept. and UMass Police Station. We found that Olympia is the worst option due to its distance from Isenberg as well as its remoteness from local businesses. The reputations of each apartment complex vary a bit due to differences in location, aesthetic, and pricing. Kendrick Place has a reputation for being a high-end, socially oriented building due to its proximity to Amherst’s downtown bars and restaurants. It is an ideal location for UMass looking to enjoy a night out on the town (and save money on Uber rides). It is also the newest of the three buildings, which can be an attractive feature to potential tenants. Olympia Place also has a high-end reputation due to its similarly-priced monthly rents and its several amenities. It has a similarly modern aesthetic to Kendrick; they were developed by the same company. Reputationally speaking, however, it pales in comparison to Kendrick due to its distance from downtown Amherst. Aspen Chase has a solid reputation for being within a short

bus ride and even walking distance of downtown. It does not have the same modern aesthetic as Olympia and Kendrick, though, and it lacks appealing on-site amenities, such as a gym or in-unit washers and dryers. As undergraduate Isenberg students, our team found Kendrick Place (specifically the 3 bedroom configurations) to be the most attractive choice and the best value for a number of reasons. Being geographically located near the heart of downtown Amherst allows for easy access to Amherst nightlife, dining, and retail, as well as proximity to Isenberg. In addition, being the newest of the apartment complexes, it offers very similar amenities and atmosphere to Olympia Place, while being physically closer to important destinations for students. In the 3 bedroom configuration, each renter would pay $783.33/month, including utilities and amenities. Value-wise, this is among the most attractive of prices, while still offering top of the line amenities and included utilities and conveniences. For these reasons, our team would choose to live in a 3 bedroom unit at Kendrick Place. While our perspective is that of Isenberg students, it is easy for our team to see the appeal of any of the Main Street area properties- Aspen Chase, Kendrick Place, and Olympia Place- depending on renters’ interests....