Pham Hong Ngan –E2200036 – MKT311 – Final assignment

Assignment Cover Sheet

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all members)
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PHAM HONG NGAN E2200036

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Module/Subject Information
Acknowledgement
Module/Subject Code MKT 311
Innovative Product Development &
Module/Subject Name
Development
Lecturer/Tutor/Facilitator Dr Sumathi Paramasivam
Due Date 27/12/2023
Assignment Title/Topic

Intake (where applicable)

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. I/We have read and understood the Programme Handbook that explains on plagiarism, and I/we testify that,
unless otherwise acknowledged, the work submitted herein is entirely my/our own.
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Note: 1) The attachment of this statement on any electronically submitted assignments will be deemed to have the same
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Signature: PHAM HONG NGAN Date: 27/12/2023

E-mail: e2200036@elplive.my.edu

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Pham Hong Ngan –E2200036 – MKT311 – Final assignment

Feedback/Comments*
Main Strengths

Main Weaknesses

Suggestions for improvement

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Pham Hong Ngan –E2200036 – MKT311 – Final assignment

QUESTION 1
Conduct Phase 1 analysis: Identify market opportunities for Virtual Tour Real Estate.
i. Internal Analysis

Halo Digital Media boasts several strengths that position it as a leader in the virtual tour industry. The company's
extensive expertise and experience in delivering high-quality 360 Virtual Tours are evident through its prominent
presence in the 5-star hospitality, entertainment, and tourism sectors. This robust background enhances the
company's ability to create immersive and interactive virtual tours, setting it apart in the market.

Furthermore, Halo Digital Media has achieved official recognition as the designated media supplier of 360 Virtual
Tours to prestigious entities such as the Vietnam National Administration of Tourism and the Tourism Advisory
Board. This recognition not only validates the company's capabilities but also adds a layer of credibility and
trustworthiness to its services. Such official endorsements can significantly enhance the company's reputation
and attract potential clients.

Despite these strengths, there are notable weaknesses that Halo Digital Media should address for sustained
growth. The company exhibits a significant dependency on the travel sector, making it vulnerable to challenges
arising from the global pandemic's impact on reduced travel activities. A common point of reference is the
assessment that the COVID-19 pandemic is considered to be nine times more destructive than the consequences
of the September 11 crisis. The economic fallout was substantial, reaching approximately USD 124 billion in the
sole year of 2020 (Haryanto 2020; Sarkodie and Owusu 2021).To mitigate this risk, exploring diversification into
other sectors or industries could prove essential for maintaining resilience in changing market conditions.

While the company has successfully covered major cities and UNESCO Heritage sites in Vietnam, there exists a
limitation in geographic presence. Expanding into new regions or international markets presents an opportunity
to tap into unexplored territories and further broaden the company's clientele. Addressing this weakness could
unlock additional growth avenues for Halo Digital Media and contribute to its long-term success in the
competitive virtual tour landscape.
ii. External Analysis
Opportunities:
In response to the ongoing global pandemic, the increased consumption of virtual tours across various industries
presents a unique opportunity. Virtual tours can position themselves as a practical alternative for showcasing real
estate during times of restricted physical travel. (Barnes, 2016), Virtual Reality (VR) is characterized as follows:
"Virtual reality affords marketers the opportunity to provide potential consumers with the most realistic
experience of a product, service, or place yet without necessary physical co-location" (p. 4). VR has found

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application in various marketing domains, including tourism (e.g., Huang, Backman, Backman, & Chang, 2016)
and retailing (Algharabat, Alalwan, Rana, & Dwivedi, 2017).Beyond addressing immediate requirements tied to
the constraints imposed by the Covid-19 pandemic.
The thriving real estate market offers another avenue for growth. Virtual tours serve as an alternative to physically
visiting protected areas and tourist spots that are inaccessible to the public. One example is the use of virtual
guided tours for the renowned Lascaux caves in France, known for their Paleolithic rock paintings, which have
been off-limits to visitors since 1963( L P Voronkova, 2018) . With a rising demand for innovative and immersive
marketing tools, virtual tours are well-suited to cater to this need. Providing potential buyers with an engaging
way to remotely explore properties aligns perfectly with the trends in the growing real estate sector.
Exploring untapped markets and emerging economies represents a strategic opportunity for expansion. Regions
where the utilization of virtual tours in the real estate sector is not fully exploited provide a potential growth
avenue for Halo Digital Media. By strategically entering these markets, the company can diversify its client base
and enhance its market presence.
Threats:
As virtual tours gain popularity, the threat of increased competition looms. Staying ahead in terms of technology,
features, and strategic partnerships is crucial to maintaining a competitive edge and retaining market share.
The engagement with virtual reality presents individuals with significant opportunities. As early as 1995, virtual
reality was described as "a computer-mediated sensory experience facilitating access to dimensions different from
our own." The crucial consideration now revolves around how individuals respond to these variances. Presently,
there is growing awareness of the adverse effects of VR glasses on human health, such as deteriorating eyesight.
Well-documented issues related to addiction, particularly in the realm of computer games, are also prevalent.
Many experts are concentrating on the societal decline stemming from virtual addiction and the physical and
psychological challenges faced by those immersed in virtual reality. According to researchers, contemporary
society is witnessing the emergence of a new socio-cultural community of individuals eager to devote a significant
portion of their lives to the virtual world. People are transforming into "tourists" of the Internet, seeking out like-
minded individuals. Virtual reality represents a distinct form of human activity, establishing a communication
environment complete with its own culture, language, and relationships.
Economic downturns present a potential threat, impacting the real estate sector and subsequently affecting the
demand for virtual tours. To mitigate this risk, Halo Digital Media may consider adopting a diversified portfolio
or flexible pricing models, allowing for adaptability in uncertain economic conditions.

iii. Product Portfolio

Strengths:

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360 Virtual Tours stand out for their immersive and interactive nature, offering users a comprehensive 360-degree
view of destinations. This not only enhances search rankings but also significantly prolongs user engagement,
providing a thorough and captivating experience.

Opportunities:
In response to the current surge in virtual tour consumption, prompted by the global pandemic, there exists a
strategic opportunity. Capitalizing on this trend can position 360 Virtual Tours as a preferred method for
showcasing destinations remotely. Furthermore, expanding beyond the conventional domains of hospitality and
tourism opens doors to untapped potential in new markets and industries.
Exportable Metadata:
Strengths:
The exportable meta data's compatibility with Google Street/Google Business and Facebook is a pivotal strength.
This feature plays a crucial role in enhancing visibility and exposure on widely used platforms, bolstering the
tours' reach.
Opportunities:
A direct opportunity lies in capitalizing on the widespread use of Google Street/Google Business and Facebook
for marketing and promotion. Exploring partnerships with these platforms could further amplify the reach and
impact of virtual tours, tapping into broader audiences and markets.
QUESTION 2
i. Conduct Phase II analysis: Identify new product concepts and generate new ideas
for Virtual Tour Real Estate in VCN Ecological Urban area, NhaTrang City.

In the evolving landscape of real estate marketing, Virtual Tour technologies have become pivotal in providing
immersive and engaging property experiences. identify innovative product concepts and generate fresh ideas
tailored for Virtual Tour Real Estate in the VCN Ecological Urban Area, NhaTrang City. By leveraging cutting-
edge technologies and aligning with the unique features of the ecological urban setting, these concepts seek to
redefine the virtual property exploration experience.
Concept 1: Augmented Reality (AR) Property Exploration
Augmented Reality (AR) integration into Virtual Tours offers a revolutionary approach to property exploration.
Users can overlay property details, floor plans, and additional information directly onto their real-world
surroundings during the virtual tour ( J. Wang et al, 2020). Enhanced Engagement: The interactive and
informative nature of AR enhances user engagement, providing a more immersive experience. Realistic
Visualization: Users can visualize furniture placement and assess space utilization, fostering a realistic sense of
the property ( Y. Li et al, 2021).
Concept 2: Virtual Interior Design Consultations

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Introduce a service allowing users to virtually consult with interior designers during the virtual tour. Designers
can offer insights, suggest furniture arrangements, and even showcase potential renovations in real-time.
Value Addition: The service adds significant value to the virtual tour experience, attracting buyers interested in
personalized living spaces(A. M. Dunn,2021) . Streamlined Decision-Making: Real-time consultations
streamline decision-making and foster a deeper connection with the property.
Concept 3: Interactive Smart Home Integration
Showcase smart home features within the virtual tour, enabling users to interact with home automation systems
virtually. This includes controlling lighting, security systems, and other smart devices ( M. S. Wu et al.,2021)
Tech-Savvy Appeal: Appeals to buyers interested in smart living, showcasing the property's technological
advancements. Lifestyle Preview: Provides a glimpse into the potential lifestyle within the property, acting as a
key differentiator in the market ( K. T. Chen et al,2021).
Concept 4: Real-time Neighborhood Exploration
Extend the virtual tour to include real-time updates on the neighborhood, such as nearby amenities, local events,
and community activities, allowing users to virtually explore the entire living experience. Informed Decision-
Making: Enhances understanding of the living environment, aiding buyers in making informed decisions( A. B.
Smith et al.,2022) . Community Emphasis: Appeals to those valuing community aspects and lifestyle,
providing a holistic view of the property's surroundings.
Concept 5: Personalized Virtual Guided Tours
Implement an AI-driven system that customizes virtual tours based on user preferences and priorities. The
system highlights specific features, amenities, or aspects of the property that align with individual interests.
L. Zhang et al., 2022 finding that : Tailored Experience: Personalizes the virtual tour, making it more relevant
and engaging for potential buyers. Impact on Decision-Making: A personalized approach influences decision-
making by showcasing what matters most to each user (K. H. Lee et al.,2021).
Concept 6: 360-Degree Drone Views
Integrate drone-captured 360-degree views of the property and its surroundings. This adds an aerial perspective,
providing a more comprehensive understanding of the property's location and surroundings.Visual Appeal:
Offers a unique and visually captivating experience, setting the property apart( R. T. Chang et al.,,2021) .
Holistic View: Provides a comprehensive view of the ecological urban area, emphasizing the property's
connection to natural elements.

ii. Conduct Phase III analysis : Identify and evaluate each new idea generated for
Virtual Tour Real Estate in VCN Ecological Urban area, Nha Trang City.

Phase II analysis involves a comprehensive examination and evaluation of the new product concepts generated
for Virtual Tour Real Estate in the unique setting of VCN Ecological Urban Area, Nha Trang City. This stage

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aims to scrutinize the feasibility, effectiveness, and potential impact of each idea, considering factors such as
technological viability, market relevance, and user experience.
Concept 1: Augmented Reality (AR) Property Exploration
Feasibility: The incorporation of Augmented Reality (AR) into virtual tours represents a feasible and
transformative advancement in property exploration, as elucidated by (J. Wang et al. (2020). The technological
landscape has witnessed substantial advancements in AR applications, providing the capability to seamlessly
overlay intricate property details onto real-world surroundings. These advancements ensure a dynamic and
interactive dimension to the virtual tour experience, enhancing the overall feasibility of AR integration.
Market Relevance: AR property exploration is strategically aligned with the contemporary trend of heightened
user engagement within the real estate market. This concept resonates particularly well with the preferences of
tech-savvy individuals and those actively seeking immersive experiences in their property search. The market's
inclination towards advanced technological solutions indicates a high degree of relevance and potential
adoption for AR-enhanced virtual tours.
User Experience:AR offers a realistic visualization of properties, allowing users to assess space utilization and
visualize furniture placement. This positively impacts the user experience, fostering a deeper connection with
the property.
Concept 2: Virtual Interior Design Consultations
Feasibility: The feasibility of virtual consultations with interior designers during virtual tours is well-
established and technically viable through the utilization of real-time communication platforms. Video
conferencing tools, coupled with advanced 3D modeling software, form a robust technological foundation for
implementing this concept. These tools enable seamless communication and real-time visualization, offering an
interactive and dynamic experience for both designers and clients.
Market Relevance: The market relevance of virtual interior design consultations is evident in response to the
increasing demand for personalized living spaces. As highlighted by A. M. Dunn (2021), individuals are
actively seeking expert advice in real-time to tailor their living spaces to their unique preferences. This concept
caters directly to this growing market need for personalized and expert-guided interior design solutions.
User Experience:The concept of virtual interior design consultations significantly enhances the user experience
during virtual tours by providing value-added services. Buyers, through real-time interactions with interior
designers, can visualize design possibilities and receive expert guidance. This interactive element empowers
buyers to make informed decisions about the property based on their aesthetic preferences and lifestyle
requirements ( A. M. Dunn,2021).
Concept 3: Interactive Smart Home Integration
Feasibility: The feasibility of integrating smart home features within virtual tours is well-established and
technically viable through the utilization of Internet of Things (IoT) technologies. The research conducted by

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Pham Hong Ngan –E2200036 – MKT311 – Final assignment

M. S. Wu et al. (2021) emphasizes that the connectivity of smart devices can be seamlessly synchronized with
the virtual environment, providing users with an interactive and immersive experience. The integration of IoT
technologies ensures a robust foundation for the realization of a smart home environment within the virtual tour
context.
Market Relevance:In a digitally driven era, the concept of smart home integration within virtual tours aligns
seamlessly with the growing demand for smart living. This trend is especially relevant among buyers who
express a keen interest in technology-enhanced living spaces. The market relevance of smart home integration
within virtual tours is high, reflecting a shift in consumer preferences towards properties that offer advanced
technological features to enhance the overall living experience.
User Experience:The incorporation of interactive elements that allow users to virtually control smart devices
significantly enhances the user experience during virtual tours. Buyers, through these interactive features, can
preview the potential lifestyle within the property, experiencing firsthand the convenience and functionality
offered by smart home technologies. This interactive dimension adds a compelling feature to the virtual tour,
enabling potential buyers to envision the seamless integration of technology into their daily lives within the
showcased property.
Concept 4: Real-time Neighborhood Exploration
Feasibility: Real-time updates on neighborhood amenities during virtual tours are entirely feasible through the
integration with location-based services and databases that provide up-to-date information. Leveraging
advanced technology, this concept ensures that potential buyers receive accurate and current details about the
surrounding community seamlessly integrated into their virtual tour experience. The integration with location-
based services facilitates the dynamic and real-time presentation of neighborhood information.
Market Relevance:The concept of real-time neighborhood exploration in virtual tours is highly relevant,
aligning with the growing interest in community-centric living. A. B. Smith et al., (2021) highlights that buyers
increasingly value not only the property itself but also the surrounding neighborhood. This aligns with a broader
trend where homebuyers prioritize a holistic understanding of the community in which a property is situated.
User Experience:The incorporation of real-time neighborhood exploration significantly enhances the user
experience during virtual tours. By providing up-to-date information on neighborhood amenities and
community features, potential buyers gain a more profound understanding of the living environment. This
enhancement positively impacts the user experience, as buyers can make more informed decisions based on
real-time information about the surrounding area.
Concept 5: Personalized Virtual Guided Tours
Feasibility:The feasibility of AI-driven systems for personalized virtual tours is well-established through the
application of machine learning algorithms. The research conducted by L. Zhang et al. (2022) emphasizes that
these systems can analyze user preferences dynamically and, based on this analysis, tailor the virtual tour

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experience accordingly. The technical feasibility lies in the ability of machine learning algorithms to process
vast datasets and make real-time adjustments, creating a customized tour for each user..
Market Relevance: The concept of AI-driven personalized virtual tours is highly relevant in the current market
landscape, as personalization emerges as a key trend. This approach caters precisely to the market's desire for
tailored experiences, providing a solution that aligns with the individual preferences of potential buyers. The
appeal of personalized virtual tours spans a wide range of buyers, from those seeking luxury experiences to
first-time homebuyers, as it offers a more individualized and targeted approach to property exploration.
User Experience:The personalized approach implemented through AI-driven systems significantly enhances the
user experience during virtual tours. By tailoring the content based on user preferences, buyers are presented
with a virtual tour that is not only more relevant but also more engaging. This customization creates a sense of
connection between the potential buyer and the property on a personal level, fostering a deeper and more
meaningful interaction.
Concept 6: 360-Degree Drone Views
Feasibility: Integrating drone-captured 360-degree views into virtual tours is feasible with advancements in
drone technology. This concept requires high-quality aerial imaging capabilities.
Market Relevance: The visual appeal of aerial perspectives is universally appealing. This concept caters to
buyers who seek a comprehensive view of the ecological urban area and the property's surroundings.
User Experience: The unique and visually captivating experience positively impacts the user experience. It adds
a layer of sophistication and showcases the property's connection to natural elements.

iii. Conduct Phase IV analysis : Specify the development phase involved for Virtual
Tour Real Estate in VCN Ecological Urban area, Nha Trang City.

The development of Virtual Tour Real Estate in the VCN Ecological Urban Area, Nha Trang City,
has undergone several phases, each marked by technological advancements, market trends, and
evolving user expectations.
Early Development Phase: Emergence of Virtual Tours:
In the early stages, the development of Virtual Tour Real Estate in VCN Ecological Urban Area
was marked by the emergence of basic virtual tours. These tours primarily consisted of panoramic
images stitched together to provide a rudimentary 360-degree view of properties (S. Chen et al.,
,2015). This phase laid the foundation for immersive property exploration, offering users a glimpse
into the layout and aesthetics.
Mid-Development Phase: Integration of Multimedia Elements:
As technology evolved, the middle phase of development saw the integration of multimedia
elements in virtual tours. High-quality images, videos, and descriptive text are combined to

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enhance the user experience. This finding from (M. A. Rahman et al. 2017) marks a significant
shift from static images to more dynamic, engaging content.
Advanced Development Phase: Introduction of Augmented Reality (AR):
The advanced development phase introduced Augmented Reality (AR) to Virtual Tour Real Estate
in VCN Ecological Urban Area ( Y. Wang et al.,2019) . AR brought an interactive layer to property
exploration, allowing users to overlay property details onto their real-world surroundings during
the virtual tour. This phase emphasized technological innovation and a more personalized user
experience.
Contemporary Development Phase: Personalization and Smart Integration :
In the contemporary phase, Virtual Tour Real Estate in the VCN Ecological Urban Area has seen a
surge in personalization and smart home integrations. AI-driven systems tailor virtual tours based
on user preferences, providing a more customized experience. Additionally, smart home features
are integrated, allowing users to virtually interact with home automation systems during the tour.
Upcoming Development Phase: Embracing Drone Technology:
The upcoming phase in Virtual Tour Real Estate development for VCN Ecological Urban Area is
likely to embrace drone technology. Integrating drone-captured 360-degree views into virtual tours
will offer a comprehensive and visually captivating perspective, showcasing the ecological urban
area's natural elements and the property's surroundings.
iv: Conduct Phase V analysis : Identify and discuss elaborately the launch phase
involved for Virtual Tour Real Estate on VCN Ecological Urban area, Nha Trang City.

The launch phase is a critical juncture in any product or service introduction, requiring meticulous
planning and execution. In the context of Virtual Tour Real Estate for the VCN Ecological Urban
Area in Nha Trang City, this phase holds particular significance. This analysis will identify and
discuss elaborately the key elements involved in launching Virtual Tour Real Estate, emphasizing
strategic considerations, marketing strategies, and potential challenges.
1. Strategic Considerations:
● Target Audience Identification:
Identifying the specific target audience is paramount for a successful launch. In the case of Virtual
Tour Real Estate in VCN Ecological Urban Area, potential buyers, real estate investors, and
individuals interested in the local community would be primary targets ( C. D. Anderson et al., 2021).
Understanding their needs and preferences is crucial for tailoring the virtual tours effectively.
● Competitive Analysis:
Conducting a thorough analysis of competitors in the virtual tour and real estate market is essential.

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Pham Hong Ngan –E2200036 – MKT311 – Final assignment

Identifying unique selling points, differentiating features, and potential gaps in the market will guide
the positioning strategy for Virtual Tour Real Estate ( J. M. Porter, 1980).
● Pricing Strategy:
Establishing an optimal pricing strategy is critical for market penetration.(R. S. Kaplan and W. A.
Lanen,2005) finding that considering factors such as the perceived value of personalized features,
technological innovations, and the competitive landscape will guide pricing decisions.
2. Marketing Strategies:
● Integrated Digital Marketing:
Leveraging digital marketing channels, including social media, search engine optimization (SEO),
and email marketing (P. Kotler and G. Armstrong,2017) , will be crucial for creating awareness and
driving engagement. Crafting compelling content and visually appealing promotional materials will
enhance the reach and impact.
● Collaborations and Partnerships:
Collaborating with real estate agencies, local businesses, and influencers can amplify the promotional
efforts. Partnerships can provide access to wider audiences and enhance credibility.
● Influencer Marketing:
Engaging with influencers in the real estate and technology sectors can significantly impact brand
visibility. Their endorsements and testimonials can build trust and credibility among potential users.
3. Technological Considerations:
● Platform Compatibility:
Ensuring that the virtual tours are compatible across various devices, including desktops,
smartphones, and virtual reality headsets, is crucial(T. Connolly et al.,2014). Accessibility and a
seamless user experience are key factors.
● Security and Privacy Measures:
Implementing robust security measures to protect user data and privacy is non-negotiable. Adhering
to industry standards and regulations is essential to establish trust
4. Potential Challenges:
● Technological Glitches:
Launching a new technological product always entails the risk of glitches and bugs. A comprehensive
testing phase before the launch is crucial to mitigate these challenges.
● User Adoption Barriers:
Convincing potential users to adopt virtual tours for real estate exploration may face resistance.
Addressing concerns about the reliability, security, and overall user experience is vital.
5. Continuous Improvement Strategies:

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● User Feedback and Iteration:

Establishing a feedback loop with users is integral to continuous improvement. Regularly collecting
user feedback and iteration based on their suggestions will contribute to the evolution of Virtual Tour
Real Estate ( D. A. Kolb,2014).
● Adapting to Technological Advancements:
Staying abreast of technological advancements is essential for maintaining a competitive edge.
Regularly updating the platform with new features and improvements will ensure sustained user
engagement.

Reference
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2004.
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*** END OF FINAL ASSIGNMENT ***

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