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In 1967, Kevork Hovnanian left the Ukraine, escaping the oppression his Armenian people had been living with for years. ... With over 300 developing communities in 11 states, diversity of product and dynamic business practices have kept Hovnanian floating far above the competition. In a sea of failing corporations in one of the most dynamic and cyclical businesses in the world, Hovnanian Enterprises is a blue chip.
The purpose for researching such a company therefore is not to forecast or predict success, but rather to explore the, actions and managerial decisions that have brought Hovnanian and it’s companies such great success. ...
Hovnanian’s dynamic business practices and willingness to diversify has allowed them, to meet and conquer all of the challenges facing the housing industry. Within their subsidiaries, Hovnanian builds homes across the country ranging in price from forty-eight-thousand to over one million. ...
Following the lessons learned in these fledgling programs, Hovnanian has battled the increasing costs of land by using these re-development lessons in residential areas as well. ... Most larger builders were not organized in such a way to begin this practice, so Hovnanian, being ever dynamic, started a new division which focused solely on the acquisition of land for spot development. ... According to the 2002 Annual report, The Division of Suburban land acquisition and development was responsible for more than twenty percent of Hovnanian’s total revenue with projections to increase in the following year. ... In a fiscal year where yields were reaching five-year lows, Hovnanian was looking at thirty to forty percent returns on nearly all of their investments for and average of a thirty four percent return on invested capital.
Hovnanian doesn’t sell itself on future growth however. ...
Although personal salesmanship is an important part of Real Estate (as Hovnanian currently employs over 4,200 associates), new homes must sell themselves. Hovnanian has attempted massive television and paper ad campaigns but have seen little return on such investments. ... Because of this, Hovnanian now retains certain controls of their developments in order to be sure that they remain a product to be proud of.
Approximate Word count = 1736
Approximate Pages = 6.9
(250 words per page double spaced)
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