7th International Project and Construction Management Conference (IPCMC2022)

Yildiz Technical University, Faculty of Civil Engineering, Department of Civil Engineering, İstanbul, Turkey

CONSUMER BASED PERCEIVED QUALITY

in
REAL ESTATE 4.0

Ç. Karabağ
İstanbul Kultur University, Department of Architecture, İstanbul, Turkey
[email protected]
1
G. Özkaptan Alptekin
İstanbul Kultur University, Department of Architecture, İstanbul, Turkey
[email protected]

Abstract

It is important to perceive the quality and evaluate the service outputs in the competitive
environment in the real estate sector. Since the quality perceived by the consumer has a
subjective conceptual structure, it is very difficult to define and measure. In consumer-
oriented perceived quality, which is characterized as the relationship between expectations
and alternatives, pre-purchase expectations, service process experiences, and after-sales
services are considered as a whole. Perceived quality creates a reason to buy for customers
and provides value to customers by differentiating the existing branded product from its
competitors. In this context, various methods are used in the measurement of perceived
quality with a consumer approach. In the study, the perceived quality principles of the
“Consumer (behavior) Based Brand Equivalence” model, which is used frequently among the
measurement methods of consumer-based perceived quality, can be evaluated within the
scope of Real Estate 4.0, developed by David A. Aker in 1991, and in addition to the
principles of Real Estate 4.0. has been integrated. Determined perceived quality principles
were questioned by a survey of 204 people, specifically for the XX brand, which is one of the
leading companies in branded housing projects in the real estate sector. With the analysis of
the answers to the questions created as a result of the analysis of the concepts and
approaches corresponding to the perceived quality components of the XX brand, it was
determined which criteria were primarily perceived by the consumer, and the results were
discussed.

Keywords: Brand Value, Consumer Based Brand Equality, Perceived Quality, Real Estate
4.0., Real Estate.
 Introduction

As change accelerates and intensifies with globalization, the importance of information

technologies is gradually increasing. The level of information technologies is defined by the
concept of Industry 4.0 with the integration of the internet into the industrial value chain
(Kartal & Şentürk, 2020). This concept, which is the new paradigm of production, covers
many fileds as finance/investment, business management, law, construction, marketing, etc.
(Yıldırım, 2020). These transformations also affected lifestyles, demands, tastes, and habits.
Worldwide communication opportunities, increasing consumer expectations, and a large
number of actors in the construction market increase competition. The competitive
environment of the real estate sector has led to the emergence of branded real estate projects
(Yetkin & Coşkun, 2021). Functional, innovative, and technological approaches, which put
user profiles at the forefront and which are realized for changing needs, gained value
(https://blog.kpmg.lu/four-tech-upgrades-featured-in-real-estate-4-0/). High demand for the
real estate projects, has been a driving force for being recognized, to be chosen, and brought
mix use projects and other typologies have brought quality within the competitive
environment. The reflections of industrial revolutions in the real estate sector are evaluated
under the concept of Real Estate 4.0, which has just started to be mentioned
(https://yapidergisi.com/mimarlik-ve-endustri-4-0-eslesmesi/). In this context, it is become
important for companies to understand the "consumer trends" both on a global scale and local
scale, and to make their investment-related analysis and planning in the light of these data
(Öztürk, 2016). For this purpose, companies make investments more than before for their
corporate and project-based brands in order to maintain their position and increase their
market shares. It is of great importance that the marketing studies start from the planning and
programming phases within the scope of feasibility studies during the initiative phase, the
correct determination of the project scope, and the creation of brand value (Kotler, P.,
Kartajaya, H., Setiawan, I. 2017). For the companies developing real estate projects;
classification of the customers according to geographical, demographic, psychographic, and
behavioral features is seen as one of the most important factors affecting project sales and
consumer approaches. In recent years the majority of the investments consist of housing
projects, and competition is increasing especially under the "Branded Housing" projects for
the middle and middle-upper user group (Çınar & Çako, 2012).

The new marketing strategies that emerged with Industry 4.0 require focusing directly on
consumer needs and putting forward innovative solutions for these needs (Yaprak, 2021). In
the case of Real Estate 4.0, it has gained importance to have the advantage of consumer/user
satisfaction, brand assurance, sales, and after-sales services, and national/international brand
competition. Especially in the housing sector, the fact that quality has special importance
brings to the fore the housing brands that are compatible with modern technology, have
earthquake safety, will protect/increase their economic value, and are presented as investment
tools. In this direction, being in the mind of the consumer/user has become a great necessity
for companies (Dönmez, 2008). Branding and brand management, which is a professional
field of work, should be applied consciously to real estate companies and projects by
analysing market conditions, consumer behaviour/demands, positioning in the market, and by
creating studies that will provide individual and social benefits (Öztürk, 2016). In this
context, the concept of perceived quality has gained importance in the emergence of different
concepts with the effects of brands on consumers' minds. Companies achieve quality when
they can offer reliable, robust products/services that meet consumer expectations. By this
way, trust, utility, function, and value are provided to the consumer (Marcouse, Anderson,
Black, Machin ed seq., 2016).
Quality is an identifiable and measurable variable. Quality management is primarily based on
the creation of a system that responds to consumer expectations (Nelson, 2006). By using the
conceptual models in the literature, the effect of the brand and brand value on the quality
perceived by the consumer can be measured in the real estate sector as well. In 1991, David
A. Aaker's "Consumer (behavior) based brand equity model" gained importance in this
dimension as one of the important factors in transforming the consumer's choice in favor of
the company. However, although there are many scientific studies carried out on brand value
in companies in different sectors, sufficient studies have not been found in the real estate
sector yet. In this context, the study aims to reveal the factors affecting the 'perceived quality',
which is one of the dimensions of brand value, and to reveal the evaluations of the consumers
on the subject by exemplifying the counterparts of the factors through an exemplary real
estate firm and the projects it produces.

Branding in Real Estate 4.0

In the real estate sector, companies trying to manage their marketing and brand management
processes by considering issues such as competition, quality, perception management,
retention, and association (Gül & Acar, 2014). The brand concept, which consumers are
familiar with in all areas of life, entered the construction industry later. The opportunities
offered by Industry 4.0 for strategic marketing have triggered a significant transformation in
Real Estate 4.0 in the competitive environment in the sector (Önder, 2021). Among the
reasons why product and service-oriented branding works enter the construction sector much
later than other industrial production sectors and different service sectors, various problems
caused by the internal dynamics of the construction sector arising from project-type
production, multi-stakeholder, and multi-stage fragmented structure, and the control of the
service and production process are among the reasons. Challenges related to the building are
the high demand for the building and the large number of small-scale and non-
institutionalized contractors in the market (Karabağ, 2021). However, the rise in user
expectations and the efforts to exist in the competitive conditions in the global market has
been the driving force for brand studies in the construction industry. The willingness to lead,
to leave the competition behind, and to give the best to employees and customers are cited as
the most important reasons for companies to benefit from branding (Wheer, 2013).
Nowadays, due to the increase in user expectations and competition conditions in the market,
real estate projects, developed for the middle, upper-middle, and upper- income groups, need
to be nourishing with some abstract values beyond traditional expectations in order to
prominent in the market and meet with the right consumers. At this point, the major values
are directing the consumer perception, memorability, and building trust. These values also
constitute components of the concept of “brand” (Kocatürk, 2017). In this context, it is
necessary to plan marketing and sales strategies based on branding in real estate projects that
are prominent with their investment value today. While it is known that traditional
management approaches bring traditional results, creative, developing and innovative
solutions are expected from brands, avoiding prejudging with more instinctive behavior,
believing in the spirit of the brand with corporate employees, working with empathy, and
being intertwined with the brand.
Real estate investments strive to establish a long-term trust relationship with the user by
prioritizing the benefit/value and satisfaction of the consumer/user, who has gained brand
value or is advancing rapidly towards branding. Depending on changing lifestyles and
evolving needs, conversions take place on the axis of the consumer/user (Ertuğrul & Deniz,
2018). Quality construction for the consumer is related with meeting expectations such as
performance, functionality, reliability, durability, utility, aesthetic requirements in physical
dimension (Sümer, Şiranlı & Bulut, 2015); also includes abstract values such as socio-cultural
environment, status, image, reputation, value and psychological factors in the perceived
quality dimension.

Brand Value and Consumer Based Brand Equity

Brand value is a remarkable marketing concept for practitioners and researchers, as it offers
companies the advantage of differentiation with high sales and profit margins, and provides
the opportunity to develop products/services and protect the brand from competitors (Taşçı &
Baş, 2018; Keller, 2003). After the concept of financial valuation, which first came to the
fore during company acquisitions or mergers, the increase, and protection of brand assets, etc.
are measured for different reasons (Çelik, 2006). Thus, brand consumers; create a value
proposition centered on functional, emotional, and personal benefits. The brand value
increases brand preference and plays an active role in making the product/service affordable
in consumers' minds. Brand equity is also considered an important marketing strategy that
companies focus on, with the brand loyalty provided by ensuring trust in the brand,
perceiving the products and services as high quality, and reducing all the perceived risks
associated with it (Koçoğlu, 2017).

The dictionary definition of “Brand equity” is; In addition to the physical features purchased
by the consumer, it is expressed as a brand that is built with an emotional connection,
personality, and a satisfying mixture (Aktuğlu, 2011). In terms of brand value measurement,
a common measurement model has not been developed yet, since it has a complex structure
that combines abstract and tangible elements. The concept of "brand value", which is one of
the most critical areas of marketing management, is measured through financial, consumer
(behavior) based, and mixed methods. Financially based brand equity means the financial
returns of the brand. Consumer-based brand equity, on the other hand, includes abstract
components that cover what the consumer learns, hears, sees, and thinks about the brand in
the process (Atıgan, 2017; Tosun, 2017). Brand value is the ultimate goal that is desired to be
achieved as a result of branding studies. Many factors create brand value. These factors are
listed as; brand loyalty, brand awareness, perceived quality, brand associations, owner assets,
and competitive advantages (Aktuğlu, 2011). The main source of brand value is consumers.
At this point, the brand value taken into consideration is evaluated based on individual
consumers (Avcılar, 2008).

Evaluations from the consumer's point of view form a basis for the qualitative assessment of
brand equity (Uyar, Oralhan & Bayırbaş, 2018). In the literature, the consumer (behavior)
based brand equity model put forward by D. A. Aaker (1991); consists of four components:
brand awareness, brand association, perceived quality, and brand loyalty (Figure 1).
 Figure 1: Aaker, A. David (1991) Consumer based brand equity model

Brand awareness, perceived quality, brand associations, and brand loyalty that are located in
the minds of consumers are all combinations of positive and negative thoughts and feelings.
(Biyan, 2019). Today, one of the foundations of the success of companies with high brand
value is that the products or services of the brand are perceived as high quality by consumers.
The increase in perceived quality, which expresses the quality perception of the consumers,
increases the brand value of the companies, as well as the increase in the purchase intention
of the consumers, the market share, and profitability of the companies shows the perceived
quality importance (Kocatürk, 2017). In this context, the study is examined in terms of
perceived quality and dimensions.

Perceived Quality in Consumer Based Brand Equity Model

The perceived quality phenomenon, which is characterized as the relationship between

expectations and alternatives, can be defined as the general quality perception of the
consumer (Aaker, 1991). The concept of quality is a subject of interest these days, and also
concerns all companies. However, quality and perceived quality are different concepts from
each other. While quality is objective or product-based, perceived quality is subjective and
customer-based. This situation has led companies to intangible benefits that create value and
include cognitive and emotional leading associations rather than concrete benefits in
providing a competitive advantage (Toksarı & İnal, 2012). It is quite difficult to determine
and measure the quality, the reason of subjective concept, and differentiation according to
perceptions. Therefore, it is seen that companies attach importance to consumer-focused
quality (Atıgan, 2017). Perceived quality is also expressed as a concept that is suitable for the
wishes and requirements of the target audience and meets their expectations (Sağlam, 2014).

For many brands, perceived quality defines the competitive environment and their position in
it (Aaker, 1996). Consisting of the total perception, quality includes judgments about what is
substantial to the customer. Perceived quality is different than attitude. Many low-quality
products can generate a positive attitude, as they are not expensive. Therefore, perceptions of
quality are subjective (Erdil ve Uzun, 2010). In the measurements of perceived quality which
are answered by consumers; The use of the X brand is comfortable/easy/hassle-free, the X
brand is reliable and durable/robust, the X brand is of high quality, the maintenance service of
the X brand is very good, the answers to the questions are taken and the measurements take
place.
Perceived quality creates a reason to buy for customers and provides value to customers by
differentiating the existing brand from its rivals (Sağlam, 2014). For the reason perceived
quality can not be determined objectively, it includes consumer judgments about what is
important and what is not (Aaker, 1991). For brands, perceived quality defines the
competitive environment and their position in this area D. A. Aaker (1991); Five key factors
increase the value of perceived quality (Figure 2).

Figure 2: Perceived quality in consumer based brand equity model

 Reason to buy
Perceived quality is directly related to purchasing decisions. Perceived quality becomes the
center of the consumer when consumers do not have knowledge about the product/service or
do not have the source and ability to obtain the information (Aaker, 1991). In this case, the
perceived quality of the brand, rather than the actual quality of the brand, can be transformed
into purchasing behavior by the consumer. The perceived quality of the brand significantly
affects the purchasing decisions of consumers. When consumers make their final decisions,
they choose the option that offers the highest benefit and acts in this direction. As long as this
choice can afford consumer expectations, it affects customer satisfaction and the probability
of the customer's repurchase (Kotler & Keller, 2018).

 Differentiate/Position
The fundamental positioning feature of a brand is its position in the perceived quality
dimension, regardless of the product/service definition (Aaker, 1991). Thus, the brand
differentiates itself from its opponents and is positioned in a distinct place in the minds of
consumers. Functionally brand positioning targets to create the desired perception in the
consumer's minds. It is the work of creating a positive effect, feeling, and story in the mind of
the potential customer regarding the product/service. It is hard to create a positive effect on
consumers' perceived quality with the not perceived differentiation and looks similar to
others. In this context, in a heavily communicative society, positioning can be defined as, a
set of ideas that take communication problems seriously (Reis & Trout, 2019). Brands are
expected to look different from others, and to position based on difference.

 Price
Perceived quality presents advantageous pricing and options to sell the product. This price
difference increases profits, and they can be used in research development activities. This
resource provided also strengthens perceived quality (Aaker, 1991). Due to the high
perceived quality of the brand, selling the product at a high price creates a price difference
from its competitors (Sağlam, 2014). The perception of high quality provided to the
consumers justifies the price of the product/service and also ensures prestige and social status.
Particularly in housing projects, the concepts of status, image, and value are important
concepts in the perception of the brand. With different project concepts, the perception that
the price is due to the difference in the project can be an important basis for price
comparisons among consumers. At the same time, working with well-known
designers/architects creates the impression on the consumer's side that the price is deserved.

 Chanel member interest

Perceived quality creates importance for retailers, distributors, and other companies. Thus,
channel members help distribution channels to win (Aaker, 1991). Channel members also
prefer existing brands that were requested by the consumers. In this direction, it contributes to
acquiring a distribution advantage for the company. In the real estate sector; real estate
advisors, real estate sales sites on the internet, print media, TV shows, social media project
promotions, etc. fields can be defined as the channels of the sector. Channel members prefer
to have the brand that consumers want. Thus, in new project promotions, the quality
perception of the brand can take place in different channels. Thus, in new project promotions,
the quality perception of the brand can take place in different channels.

 Brand extension
Brands that have strong in terms of perceived quality can achieve a higher chance of success
by expanding further (Aaker, 1991). By using the brand name with high perceived quality in
other product/service groups, it takes advantage of the existing brand name and saves the cost
of new brand promotion (Erdil & Uzun, 2010). Companies can create value by using the
perceived quality of their brand in different products and services. At the point of responding
to rival moves, brands, hold a place in the minds of potential customers with a “single-
location” strategy rather than a multi-brand strategy (Reis & Trout, 2019). In this way, they
can use the same quality perception in other products/services by taking advantage of the
existing brand name.

Search Methods

The brand value obtained as a result of branding, in the real estate construction sector
significantly affects consumer’s purchasing decisions. The general quality perception of the
consumers/users can be evaluated as the superiority of the product/service compared to its
alternatives and its suitability for usage expectations (Keller, 2019). Brand value of the real
estate projects are interrelated with the brand value of the construction company by which
they are developed. In order to analyze the factors affecting brand value, perceived by the
consumers for the real estate projects, a survey is prepared. The survey is designed to gather
information according to a particular real estate company, considering its projects at all. For
this reason, a real estate company with the brand XX is selected because of its branding
approach and success both in corporate level and project level, at home and abroad. Survey
questions were formed on the dimensions of "Perceived Quality" developed by David A.
Aaker for the XX brand in the consumer (behavior) based brand equity model.

Consumer Based Brand Equity Analysis of Brand XX

The determination of brand value and its degree could be determined by the values which
existed formed in the mind of the consumer. In this context, survey questions regarding the
XX brand were asked within the framework of the components of D. A. Aaker's consumer-
based perceived quality model, for people who have heard/seen the XX brand at least once.
The surveys have been reached via e-mail and a short message (SMS) from the business
environment, the close circle, and social media. In the survey, a total of 253 people accessed
and 204 participants answered the questions. XX brand, which included David A. Aaker's
consumer (behavior) based brand equity measurement model components with the; Perceived
quality, the reason for purchase, positioning, price difference, channel member interest, and
brand extension have been analyzed on a company-specific basis.
In the first part of the survey, questions have asked to determine the demographic
characteristics of the participants, and in the second part, to reveal the consumer-based
perceived quality value. Questions oriented to consumer-based brand equity components were
asked with a 5-point Likert scale, and while calculating the weighted averages, the option I
strongly disagree with was multiplied by 0 and not included in the mean. It is weighted by
‘Disagree’ 1, ‘Partially agree’ 2, ‘Agree’ 3, and ‘Strongly Agree’ 4 points. Analysis of the
results has shown with weighted average tables and graphics. Tables that contain weighted
means, for easy reading of the positively and negatively weighted scores, the highest score
has shown with a color code starting from dark blue and the lowest score being white.
In the survey study, primarily the findings related to the demographic characteristics of the
participants were evaluated. The findings related to gender, age, education level, and
occupations have given in Table 1. 51% (130 people) of the participants are mostly men. In
the age group part, 32% of the participants (68 people) are in the 46-55 age range. The
participants’ average age has been detected as 46. Regarding the education status question,
participants; 58.02% (123 people) university graduates and 50.47% (107 people) stated as
doctors/engineers/architects.

Figure 3. Demographic characteristics of survey participants

Primarily, when 204 participants were asked to indicate the first three words that came to
their minds about the XX brand; The word "brand" took first place with a rate of 65% (127
people). While “High price” was in second place with a rate of 42% (81 People), “Different
architectural design” was in third place with a rate of 38% (74 People), (Table 1). In this
context, since the additional price that consumers are willing to pay in return for the product
and service is an evaluation of perceived quality, XX brand, provides the perception of
quality with the values in "brand" and "high price" concepts. Another approach to perceived
quality is the judgment of consumers that the quality of a high-priced product will also be
high. At this point, the company takes the first place with its brand concept and high price
proportions. The concept of different architectural designs and luxury also supports the
perceived quality of the company. There is a direct relationship between the companies that
produce luxury goods and services and the perceived quality of the brand (Atıgan, 2017). On
the other hand, it has been seen that the patent designs and foundation works, which the
company prioritizes in its promotions, lag in creating perception/awareness on the consumer
side.

Table 1. Evaluations of the first three concepts that come to mind with XX Brand
WHAT'S ON YOUR MIND ABOUT BRAND
FREQUENCY PERCENT
XX WİTH THE FIRST THREE WORDS
Brand 113 68,48
High price 70 42,42
Different Architectural Design 64 38,79
Luxury 45 27,27
Investment/Value 43 26,06
Social Environment Facilities 29 17,58
Patented design concepts 20 12,12
Reliability 16 9,70
XX Foundation 10 6,06
Status 9 5,45
Spokes person 9 5,45
Advantageous Price 7 4,24
Social Responsibility Projects 4 2,42
XX Production Workshops for women 0 0,00

The average weight evaluations of the questions regarding the brand position in the minds of
consumers and the perceived quality model adapted to the sector are given in Table 3,4,5,6,7.
Evaluation that constitutes the reason to the buy of XX brand, "XX brand uses quality
building materials" scored 59.92 points above the average (Table 2).

Table 2. Reason to purchase in Consumer Based Perceived Quality in XX Brand

Reason to buy
Weighted
The Weighted
average
number Strongly Disagre Partially average
Agree Strongly of
of disagree e agree of
%(3) agree responses
responden %(0) %(1) %(2) responses
%(4) (out of
ts (out of 4)
100)
XX brand uses quality
179 1,68 8,94 44,69 37,43 7,26 2,40 59,92
building materials
When I evaluate XX,
the concept of quality 177 3,39 14,69 37,85 34,46 9,60 2,32 58,05
is in the top 3.
XX brand produces
projects with famous
175 2,86 13,71 44,57 30,86 8,00 2,27 56,86
architect and designer
groups
AVERAGE 58,27

The average positioning value of the XX brand is 61.02 points. “The images of the projects
presented by the XX brand are of high-quality” expression received the highest weighted
avarage value with 67.12 points (Table 3).

Table 3. Positioning in Consumer Based Perceived Quality in XX Brand

 Positioning
Weighted
The Weighted average
Strongly Disagre Partially
number Agree Strongly average of of
disagree e agree
of %(3) agree responses responses
%(0) %(1) %(2)
respondents %(4) (out of 4) (out of
100)
XX is a high-quality
179 2,23 10,61 46,37 34,08 6,70 2,32 58,10
brand
XX brand produces
projects in
169 2,37 7,69 52,07 31,95 5,92 2,31 57,84
accordance to
consumer demands
Project images
provided by XX are 165 1,82 8,48 29,70 39,39 20,61 2,68 67,12
of high quality
AVERAGE 61,02

In the ranking of the first three words that come to mind about the XX brand, brand and
quality are seen as the priority value, while the rate of participation in the statement "I accept
to pay a higher price than other projects in order to have a project with XX brand quality"
received a score below the average with 41.52 (Table 4). As a result, it has been observed that
while consumers perceive XX company as high quality with its brand value, they do not
accept to pay high prices for the brand in particular.

Table 4. Price in Consumer Based Perceived Quality in XX Brand

Price
Weighted
The Weighted
Strongly Disagre Partially average of
number Agree Strongly average of
disagree e agree responses
of %(3) agree responses
%(0) %(1) %(2) (out of
respondents %(4) (out of 4)
100)
I agree to pay a
higher price than
other projects in
168 13,69 31,55 34,52 15,48 4,76 1,66 41,52
order to have a
project in the XX
brand
AVERAGE 41,52

Channel member interest in consumer-based perceived quality has got a 58,21 average value.
The statement "XX brand advertisements and promotions create a high quality connotation"
received 64.27 points, and it was concluded that it strengthens the perception of quality with
advertisements and promotions (Table 5).

Table 5. Channel Member Interest in Consumer Based Perceived Quality in XX Brand

 Channel member interest
Weighted
The Weighted
Strongly Disagre Partially average of
number Agree Strongly average of
disagree e agree responses
of %(3) agree responses
%(0) %(1) %(2) (out of
respondents %(4) (out of 4)
100)
XX creates a high
quality connotation
177 3,95 9,60 25,99 46,33 14,12 2,57 64,27
in advertisements
and promotions.
Brand XX advertises
179 2,79 16,20 31,84 38,55 10,61 2,38 59,50
too often
The fact that XX is
involved in different
real estate and
promotion channels 171 7,02 25,73 30,99 29,24 7,02 2,04 50,88
helps me think that it
is a quality
company.
AVERAGE 58,21

XX brand extension in consumer-based perceived quality has got a 53,7 average value. The
statement "XX brand advertisements and promotions create a high quality connotation"
received 64.27 points, and it was concluded that it strengthens the perception of quality with
advertisements and promotions (Table 6).

Table 6. Brand Extension in Consumer Based Perceived Quality in XX Brand

Brand extension
Weighted
The Weighted
Strongly Disagre Partially average of
number Agree Strongly average of
disagree e agree responses
of %(3) agree responses
%(0) %(1) %(2) (out of
respondents %(4) (out of 4)
100)
Patented products
offered by XX create
169 2,96 15,38 43,20 32,54 5,92 2,23 55,77
a perception of high
quality
Developing projects
in different regions
makes XX think that 169 5,92 23,67 37,28 24,26 8,88 2,07 51,63
the company is of
high quality.
AVERAGE 53,7

In the study, the perceived quality dimensions and their equivalents were determined as a
result of the evaluations of people who have heard/seen the XX brand at least once;

 Reason to buy:
Among the factors affecting the quality perception of the brand, the comment that the
brand uses high quality building materials has the highest score with 59.92 points. The
consumer/user gave an average of 58.27 points to their reason for purchasing (Table
2).
 Positioning:
 Among the perceived quality factors of the XX brand, quality positioning got the
highest value with an average of 61.02. The quality of the project images presented by
the brand provided the highest value for consumers with 67.12 points (Table 3).

 Price:
While various project awards such as the highest quality and most prestigious housing
awards received by the XX brand contribute to the perception of quality, they also
play a role in increasing the profit margin in project sales prices. Among all the
factors affecting the perception of quality, the price-based assessment which was
directed to the consumer, with 41,52 points took the lowest value (Table 4).
 Channel member interest:
It is seen that, the promotions carried out by the brand through social media and
different real estate channels have created a high-quality perception among
consumers, with a high score of 64.27. It can be said that the brand's frequent
advertising and presence in different real estate channels create a high-quality
perception with an average of 58.21 points (Table 5).
 Brand Extension:
It is seen that, the brand is aiming for high market share with different project
segments, non-governmental organizations, and social projects under its corporate
structure. While the brand extension factor, which affects the perceived quality of the
brand, scored with an average of 53.7 points, may be interpreted as patented design
products created a higher quality perception, and that project developments in
different regions had a slightly lower effect on quality perception (Table 6).

Table7. Consumer Based Perceived Quality in XX Brand

As a result, the perceived quality average is 54.41 in return for the marketing strategies
developed by XX firm within the scope of Real Estate 4.0 (Table 7). Approaches that are
effective in the formation of consumer/user-based perceived quality; The use of quality
building materials, the quality of project visuals, advertisements and promotions, projects
which are located in the real estate channels, and patented products, can create a quality
connotation for the brand by contributing to the perception of the brand as high quality in
consumers/users.

Results

The "Perceived quality" dimension, which is under the title of consumer (behavior)-based
brand value, has gained a significant value today. Consumer-based brand equity is seen as one
of the important factors in transforming the consumer's choice in favor of the firm. The
concept of "Perceived quality", which is defined as the general quality perception of
consumers / users, is a subject that attracts intense attention by all companies today.

For this purpose in this study, the "Consumer (behavior) based brand equity" model was
integrated with real estate 4.0. The factors that play an important role in consumers'
purchasing decisions and affect "Perceived Quality" are determined through a real estate firm
and the perception of the consumers'/users on this issue has been trying to be measured. Like
the general perception of branded products, branded housing is perceived as high quality by
the consumers and the persistence of this perception affect the brand value positively. Within
the scope of the evaluated XX real estate company’s branded housing projects, it is seen that
producing and presenting projects that meet the needs/demands of the consumer/user,
especially with the dimension of "positioning", can make significant contributions to the
perceived quality. However, as a result of the research, although the brands create high
connotations, real estate consumers are within the dilemma of quality and price, and it has
been concluded that the price difference is strong enough to change the brand orientation. In
this respect, the fact that real estate development companies should offer price positioning
strategies and project promotions as equivalents within the dimensions of quality perception
can provide important contributions to the company.

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