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Construction Market in the United Kingdom and London Report

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Updated: Nov 6th, 2020

The profession of an engineering technologist belongs to the number of well-paid jobs that require a wide range of skills and specific knowledge. Speaking about the profession, it needs to be said that such specialists can work in a wide range of industries where it is necessary to apply theoretical concepts and models in order to improve production processes and properly utilize accepted working practices.

When it comes to the United Kingdom in general and London in particular, it is necessary to highlight that, due to the high degree of economic development of the country, some numerous institutions and associations discuss, set, and use requirements to engineering technologists and make a contribution to their professional development. Among them, there is the Engineering Council of the United Kingdom that is the institution responsible for accreditation and registration of engineering technologists.

Apart from that, the institution conducts consultations concerning the most recent professional standards defining the skills that specialists must demonstrate to obtain official certificates. Due to these consultations, young specialists are provided with all the necessary information helping to achieve professional registration. The information concerning the number of members of the organization is not available.

The organization has a significant impact on the engineering profession in London and other cities in the United Kingdom as it sets standards that are used to evaluate the applicants who want to be registered as qualified engineers. Among these standards, there are UK SPEC and ICT Tech that describe communication skills, responsibilities, professional skills, and ethical principles related to the profession.

Another institution that regulates the profession in the United Kingdom is the Institution of Engineering and Technology that is headquartered in London. The organization has existed for more than one hundred years. Nowadays, the primary aim of the given organization is to utilize recognized standards related to the profession and consider the applications of specialists who would like to obtain professional registration that provides numerous benefits even outside the United Kingdom.

The number of IET members exceeds 160,000 people, and it makes the organization one of the most popular in the country. Acting as a representative of EC that has been mentioned, IET uses the same standards and promotes ethical standards for engineering technologists and other engineering specialists. Besides, it is regarded as an organization that provides training for individuals willing to work in the field.

Apart from these two institutions associated with this profession in the United Kingdom, there is the Engineering Technologists’ Mobility Forum what was organized due to the concerted efforts of national organizations in six countries including the United Kingdom. The particular organizations related to this forum provide specialists in engineering technology with the opportunity to obtain professional registration and be recognized by IntET. Using professional and ethical standards and modern information resources, these organizations provide opportunities for continuous professional development to their clients and applicants.

Market Research

Nowadays, there is a high demand for construction and consulting services in London and other cities of the United Kingdom. The business plan that will be developed within the frame of the assignment will focus on the strengths and weaknesses of a new business related to engineering technology services. There is no doubt that the establishment of new companies should always be preceded by a thorough market analysis as the latter remains the most credible source of knowledge helping future entrepreneurs to define the methods to increase their businesses’ competitive advantage in advance. In this connection, the presence of competitors and factors that increase their popularity among customers can be regarded as one of the most important points of analysis.

The business plan will discuss the establishment of an engineering consulting company based in London. The company that will be created will work on the development and implementation of construction projects both for companies in the city and particular citizens. The actions to maintaining the trust of our target clients will include the establishment of a discount system for standing clients, regular training courses for employees, and the creation of a social media marketing strategy.

Nowadays, there are a number of large companies that provide similar services. Among them, there is WS Atkins that is a multinational company that works with customers with almost thirty countries. Nowadays, the company is recognized as one of the largest design organizations in the world, and it makes WS Atkins the key business rival. The planned company is going to be much smaller than WS Atkins, and this is why it will be rather difficult for this new business to attract the attention of target customers at the beginning of its operation.

When it comes to the most obvious advantages that WS Atkins has, it is pivotal to mention that it offers a variety of services related to construction and consultancy to companies in different parts of the world. This company presents the strongest business rival to the new company that will be created not only due to the number of services that it provides. Apart from that, the company has a strong positive reputation as its projects are well-known. Among the most famous projects that have been developed and executed by specialists from WS Atkins, there is Newport (a railway station), Mecca Metro in Saudi Arabia, Lulu shopping mall, and the Address Downtown Dubai (a skyscraper) (Project showcase n.d.).

Another company that can be considered as a key competitor of new engineering consulting companies in London is PHS Construction Ltd that is a construction company headquartered in London (Cohen, Reichl & Schmidthaler 2014). PHS Construction provides building and consulting services to companies in London and other cities in the United Kingdom. Apart from that, specialists from PHS Construction design unique projects from scratch, providing solutions related to design and planning. The company has already implemented more than 1700 projects designed for companies and private citizens in the area.

Consulting services that the company provides are appreciated by numerous clients. As it has been mentioned in the report, the new company that will be created will provide project design and construction services to two categories of clients: companies and citizens. Taking into account that PHS Construction primarily focuses on small projects related to home design, the effective work of this organization may have a negative impact on the attractiveness of our new company for private clients. At the same time, WS Atkins will be our primary competitor if the emphasis is placed on collaboration with corporate clients.

B&G Construction also belongs to the number of large and successful construction and consulting companies working with private and corporate clients in London and other cities of the United Kingdom. In addition, it designs and implements its projects in Sweden and France. The range of services that the company offers to its clients includes minor building works such as the installation of roof extensions, the restoration of old buildings, and plastering that are usually provided to private clients.

More than that, the organization also provides commercial building services to small and large companies and offers consultations to those people and companies who want their construction projects to be assessed and improved. The portfolio of the company includes numerous projects such as Cadogan Gardens (one of the luxurious hotels in London). Considering the quality of service that it provides and the fact that the organization already has a strong positive reputation in the city, B&G Construction is likely to be one of the key competitors of the company that is going to be established.

Among the key advantages that all companies that have been analyzed have, there is a strong positive reputation manifested in the great number of successful projects and the variety of services that companies provide. In addition, it needs to be said that these companies have stable organizational structures, and tasks are distributed among specialists in different departments. Due to task distribution, the potential competitors of the business that is being planned to ensure the high quality of all services that are provided. The company that will be created will need to utilize similar principles and put emphasis on quality and proper marketing strategy to become popular among target customers within a short period of time.

In order to identify those companies that can be regarded as key competitors for the business that will be created, the number of references in the media and customer recommendations available on the Internet was considered. In general, there are numerous ways to conduct market research to learn more about target customers, define their primary needs, and analyze factors that impact their purchasing decisions. In general, there are two approaches to conducting market research surveys.

First, tools helping to study markets and their properties can be used to describe markets or industries in general and single out key market players. Apart from that, surveys can be conducted by particular companies that would like to know more about the attitude of common people to their brands and the perceived quality of their products. The construction market is studied by researchers from different countries. For instance, there are official reports that are devoted to the key tendencies related to the construction market in the United Kingdom and outline the structure of the sector that can be used to create the future business plan (see Appendix 2).

This report can be used as a valuable source for the business plan because it touches upon different aspects of the market, the use of innovation in construction services, and future problems that companies in this sector may face (UK construction: an economic analysis of the sector 2013). Considering that this source uses only official statistical data, its importance for the process of strategy development cannot be overstated.

Another source that uses the results of market research surveys in combination with the official statistics was conducted by Turner and Townsend, a British company. The source focuses on the global construction market and the average amount of money spent on construction activities in different countries and cities (see Appendix 1). According to the findings that the company reports, the construction market in London has a significant impact on market tendencies and the demand for construction services in the United Kingdom (International construction market survey 2016 2016). The source can be used to create an effective development strategy that will be discussed in the business plan.

Reference List

Cohen, JJ, Reichl, J & Schmidthaler, M 2014, ‘Re-focusing research efforts on the public acceptance of energy infrastructure: a critical review’, Energy, vol. 76, pp. 4-9.

. 2016. Web.

Project showcase n.d. Web.

. 2013. Web.

Appendix 1

Building costs in London (International construction market survey 2016 2016).

Building costs in London

Appendix 2

The structure of the UK construction sector (UK construction: an economic analysis of the sector 2013).

The structure of the UK construction sector
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