Question

- Write a Report about moving business and, describe the challenge, and explain why it is a problem. Describes and substantiates a trend that impacts business. (250 - 300 words) Provides recommendations (at least three) for how moving can respond to the trend to become more competitive. After you have developed Moving company recommendations, conduct primary research which recommendations you think will be most effective in helping moving companies become more competitive. The report should include your objectives, methodology, findings, conclusions, and final recommendations

You are required to present a minimum of three (3) credible sources in your report. At least two (2) of the sources must be dated from within the last two years. You are to use APA format

Answer 1

Solution:

Following are the key findings of the Moving services industry:

• According to analysts, the moving services market in the US is projected to grow at a CAGR of 3.75% during 2017-2021.

---------------------

Challenges:

• One challenge in the industry is the high costs involved with relocation services. Relocation, whether residential or corporate, costs a large amount of money. It costs, even more, when a relocation service operator is hired to do the job. Although relocation services provide an estimate for the cost of relocation, the actual cost figures at the end are always 35%-40% higher than the estimated cost.
• Also, the damage of equipment/personnel belongings results in extra costs. Any damage caused during relocation can increase lease payments. The cost estimated by clients for intrastate movement is around $800-$900, and the cost of moving between states is around $4,000-$4,800.

---------------------

Opportunities:

• The revival of the housing market from 2010 to 2016 in the US has improved the real estate scenario, which has, in turn, driven the growth of relocation services in the region. The existing home sales since 2010 increased by $4.45 billion to $ 5.56 billion in 2016, due to strong hiring rates and job sales across the US.
• The overall housing market is expected to grow at a moderate to fast pace during the forecast period. The increase in buyer interest, better credit rates, and overgrowth in sales will drive the market for relocation services. Through affordable housing loans, buyers are investing in houses, which will increase the real estate market in the US. Subsequently, it will drive the market for relocation services.

---------------------

Recommendations to increase competitiveness:

1. One key trend in the Moving services market is the implementation of Customer Relationship Management (CRM) and engagement analytics, which combine to increase overall customer experience.
2. Many buyers would be looking for quotes on their mobile devices. Hence, moving companies can develop simple mobile apps to provide instant quotations for their services.
3. Bring in greater transparency in the estimation process and introduce a maximum variance between quote and actual subject to terms and conditions.

---------------------

APA Style References:

PRNewswire. (May 2017). US Moving Services Market 2017-2021. Retrieved from https://www.prnewswire.com/news-releases/united-states-moving-services-market-2017-2021---research-and-markets-300460685.html

Businesswire. (August 2018). Global Moving Services Market 2018-2022. Retrieved from https://www.businesswire.com/news/home/20180828005402/en/Global-Self-storage-Moving-Services-Market-2018-2022-Growth

Moversdev. (July 2020). Moving trends and Relocation industry analysis. Retrieved from https://moversdev.com/moving-trends-analysis/