Assignment 20 Marketing and Technology

Question 1

Paige, a new licensee, is making a list of business and marketing goals that she would like to achieve. You advise her that she should keep the mnemonic acronym SMART in mind when formulating her goals. When Paige asks you what SMART stands for, you correctly explain to her that SMART is an acronym used to develop goals that stands for which of the following?

1. Sustainable, meaningful, ambitious, reasonable, and timeline attached
2. Simple, manageable, adjustable, results-oriented, and timely
3. Specific, measurable, achievable, relevant, and timely
4. Significant, motivational, aligned with corporate goals, resourced, and timeline attached

Answer 1

Correct Answer: 3

Option (3) is correct because SMART is an acronym used to develop goals that are specific, measurable, achievable, relevant, and timely. Options (1), (2), and (4) are incorrect because they do not correctly explain what “SMART” represents.

Question 2

Which of the following factors is LEAST likely to be considered when selecting a target market?

1. The profit and growth potential of the market
2. The availability of resources, such as time and money
3. The number of existing competitors already present in the market
4. Whether the licensee belongs to that target market

Answer 2

Correct Answer: 4

Option (4) is correct because it is not necessary for a licensee to belong to their target market. Option (1) is incorrect because the profit and growth potential of the market should be considered when selecting a target market. Option (2) is incorrect because the availability of resources should be considered when selecting a target market. Option (3) is incorrect because the number of existing competitors already present in the market should be considered when selecting a target market.

Question 3

Which of the following BEST describes the MLS®?

1. A database that provides a current inventory of real estate listings and a history of sales in a geographic area
2. A platform on which individual licensees can host their business websites
3. A software program that identifies and contacts prospective clients
4. An organization that oversees the real estate services industry in Canada

Answer 3

Correct Answer: 1

Option (1) is correct because the MLS® is a database used by real estate representatives to provide information about real estate listings and a history of property sales. Options (2), (3), and (4) are incorrect because none of these options correctly describe the MLS®.

Question 4

A marketing initiative that involves face-to-face communication with a potential customer is BEST known as which of the following?

1. Public relations
2. Publicity
3. Promotion
4. Personal selling

Answer 4

Correct Answer: 4

Option (4) is correct because personal selling is defined as face-to-face communication with a potential customer. Option (1) is incorrect because public relations refers to communications – aside from personal selling and advertising – with employees, stockholders, clients, and the general public. Option (2) is incorrect because publicity refers to communications to the public about the licensee (or the service) by people not employed by the licensee. Option (3) is incorrect because promotion is any form of non-personal selling that does not fall under the heading of advertising, public relations, or publicity.

Question 5

Which of the following statements regarding the development of a communication message is TRUE?

1. A common approach to message design is to use AIDA, which means that good messages should create attention, interest, and desire, and lead to an action.
2. Messages sent through informal sources can be effective, but are not nearly as powerful as messages conveyed through formal sources.
3. Mass media and selective media are two types of personal communication.
4. Rational appeal aims at stirring up some positive or negative emotions.

Answer 5

Correct Answer: 1

Option (1) is correct because it is a true statement. Option (2) is incorrect because it is false: messages sent through formal (not informal) sources can be effective, but are not nearly as powerful as messages conveyed through informal (not formal) sources. Option (3) is incorrect because it is false: mass media and selective media are two types of non-personal (not personal) communication. Option (4) is incorrect because it is false: emotional (not rational) appeal aims at stirring up some positive and negative emotions, such as joy, happiness, and vanity.

Question 6

The theme of a personal business encompassing a variety of attributes that distinguishes a licensee from their competitors is known as which of the following?

1. The message
2. The personal brand
3. The promotional mix
4. Appeal

Answer 6

Correct Answer: 2

Option (2) is correct because the personal brand is a reflection of self and how other people perceive you, encompassing a variety of attributes that distinguish one person from others. Option (1) is incorrect because a message is a thought, idea, attitude, or image that the sender wishes to convey to the audience while communicating. Option (3) is incorrect because the promotional mix is the blending of components to satisfy the needs of the target market and to accomplish the desired promotional objectives. Option (4) is incorrect because an appeal is a way to connect with the audience of a message.

Question 7

Taliah is a licensee whose specialty is selling luxury condominiums in Vancouver’s West End. When charging her customers commission for selling their condos, Taliah uses a higher rate than other licensees in order to send a message of uniqueness or premium quality. This is an example of which of the following?

1. Value pricing
2. Tiered pricing
3. Mark-up pricing
4. Prestige pricing

Answer 7

Correct Answer: 4

Option (4) is correct because prestige pricing is the practice of setting high prices to send a message of uniqueness or premium quality, which is what Taliah is aiming to do, therefore it is the correct answer. Option (1) is incorrect because value pricing aims to strike a balance between quality and price, giving target customers the value that they seek. Option (2) is incorrect because tiered pricing involves setting different prices for different levels of service. Option (3) is incorrect because mark-up pricing is determined by taking the cost of providing the product or service and adding a desired pre-determined percentage (a mark-up).

Question 8

Which of the following types of maps is used to represent consumer perceptions of alternative products in a visual format?

1. A positioning map
2. A SMART map
3. A promotional map
4. A product map

Answer 8

Correct Answer: 1

Option (1) is correct because positioning maps (sometimes called perceptual maps) are a useful way to represent consumer perceptions of alternative products in a visual format. Options (2), (3), and (4) are incorrect because they are not terms used in this course.

Question 9

At which phase during the buying process is a consumer MOST likely to experience cognitive dissonance?

1. Purchase activity
2. Pre-purchase activity
3. Post-purchase activity
4. Felt need

Answer 9

Correct Answer: 3

Option (3) is correct because consumers tend to experience feelings of anxiety, regret, and doubt regarding a purchasing decision during the post-purchase activity stage in the process model of buying behaviour. Options (1), (2), and (4) are incorrect because at each of these stages, a consumer is less likely to experience cognitive dissonance than they are at the post-purchase activity stage.

Question 10

Which of the following statements regarding print advertisements is FALSE?

1. Advertisements usually end with a signature, which includes the company’s name, trademark, or logo.
2. Informal balance uses a non-symmetrical arrangement.
3. The headline is the most read part of the advertisement.
4. White space is the printed portion of the advertisement.

Answer 10

Correct Answer: 4

Option (4) is correct because it is a false statement: white space is the unprinted, not the printed portion of the advertisement – it is where the page is left blank. Options (1), (2), and (3) are incorrect because they are all true statements and therefore are not the correct answer.

Question 11

Malia is a new real estate licensee who plans to focus her marketing efforts on a relatively small, but active and growing, target market. Malia’s marketing strategy can BEST be described as which of the following?

1. Niche marketing
2. Undifferentiated marketing
3. Integrated marketing
4. Differentiated marketing

Answer 11

Correct Answer: 1

Option (1) is correct because using the concept of niche marketing, a licensee selects a relatively small, but active and growing, target market, and then focuses their entire effort on satisfying the needs of this target market. This is exactly what Malia is doing, therefore it is the correct answer. Option (2) is incorrect because undifferentiated marketing is when the licensee offers a single service, which is marketed to all potential consumers with a single market program. Option (3) is incorrect because integrated marketing is when the licensee identifies the needs of the target marketing and develops a marketing mix that aims to satisfy the needs of this market. Option (4) is incorrect because differentiated marketing is when several similar products are marketed to different market segments using different marketing programs.

Question 12

Reid has been invited to present an in-person listing presentation to his friend’s mother, Mrs. Wagstaff, who owns a large estate in a desirable part of town and is looking to downsize. Which of the following should Reid take into consideration when preparing his listing presentation?

1. Aim to speak the entire time: Mrs. Wagstaff is the client and it is her role to listen, while Reid is the licensee and it is his role to speak.
2. If anyone else attends the listing presentation, focus entirely on Mrs. Wagstaff because she is the one who will be making the final decision.
3. Use language that is easy to understand and explain any acronyms or industry terms that are used.
4. Be casual; since Mrs. Wagstaff is a friend’s mother, it is unnecessary to prepare a professional listing presentation.

Answer 12

Correct Answer: 3

Option (3) is correct because Reid should use easily understood language and if any industry terms or acronyms are used, he should explain them to Mrs. Wagstaff. Option (1) is incorrect because the listing presentation should be a dialogue between the licensee and the seller, and the licensee will need to do a lot of listening, not just talking. Option (2) is incorrect because Reid should present to any attendees who may be present, making eye contact with each of them. Option (4) is incorrect because even though Mrs. Wagstaff is his friend’s mother, Reid should still aim to be professional in his listing presentation.

Question 13

Which of the following statements regarding the Canadian Anti-Spamming Legislation (CASL) is FALSE?

1. CASL addresses the use of commercial electronic messages that are sent for the purposes of encouraging participation in a commercial activity.
2. There is no monetary penalty for a contravention of CASL.
3. CASL prohibits the sending of commercial electronic messages without the recipient’s consent.
4. Recipients who have previously consented to receiving commercial electronic messages must always be provided with an easy-to-find unsubscribe option, and requests to unsubscribe must be honoured within 10 days.

Answer 13

Correct Answer: 2

Option (2) is correct because there are monetary penalties for a contravention of CASL. The maximum penalty for a single contravention of CASL is $1,000,000 for an individual and $10,000,000 for any other legal entity, including a business. Options (1), (3), and (4) are incorrect because they all true statements and therefore are not the correct answer.

Question 14

Doris would like to use social media to expand her property management business. She is looking for a social media platform that is geared towards professionals and can display her current and previous work experience for other industry members to see. Which of the following social media platforms would BEST match Doris’s requirements?

1. Facebook
2. Twitter
3. Instagram
4. LinkedIn

Answer 14

Correct Answer: 4

Option (4) is correct because LinkedIn is a social networking website geared towards professionals, where profiles read like a resume so people in can see a user’s work and education experience, and would best fit Doris’ requirements. Option (1) is incorrect because Facebook, which is less geared towards professional and does not show current and previous work experience as clearly, would not meet Doris’s needs as well as LinkedIn. Option (2) is incorrect because Twitter, which primarily involves the sharing of short messages and links, would not meet Doris’ needs as well as LinkedIn. Option (3) is incorrect because Instagram, which is primarily photo- and video-based, would likely not meet Doris’ needs for displaying her current and previous work experience as well as LinkedIn.

Question 15

Which of the following is NOT considered a challenge of operating in a mobile office environment?

1. A decentralized office may have a weaker sense of community.
2. Communication challenges can arise when licensees and managing brokers have less face-to-face time.
3. A licensee might feel disconnected from their colleagues in a mobile office environment.
4. Mobile offices provide less flexibility than traditional office environments.

Answer 15

Correct Answer: 4

Option (4) is correct because mobile offices generally provide more, not less, flexibility than traditional office environments; this is one of the strengths of the model. Option (1) is incorrect because the lack of community that is often present in decentralized offices is a challenge of operating in a mobile office environment. Option (2) is incorrect because the communication issues stemming from less face-to-face time between licensees and managing brokers is a challenge of operating in a mobile office environment. Option (3) is incorrect because licensees feeling disconnected from their colleagues is a challenge of operating in a mobile office environment.

Question 16

The marketing mix consists of which of the following?

1. Personal selling, place, promotion, and public relations
2. Price, place, publicity, and promotion
3. Product, place, price, and promotion
4. Product, price, publicity, and personal selling

Answer 16

Correct Answer: 3

Option (3) is correct because the marketing mix consists of product, place, price, and promotion. Option (1) is incorrect because personal selling, place, promotion, and public relations are components of the promotional mix, not the marketing mix. Option (2) is incorrect because publicity is a component of the promotional mix, not the marketing mix. Option (4) is incorrect because publicity and personal selling are components of the promotional mix, not the marketing mix.

Question 17

Rhys and Amrita have decided to purchase a home. They have a baby on the way and feel it is best to relocate to a neighbourhood-oriented environment for the upbringing of their child. For the past two weeks, Rhys has been driving around several neighbourhoods near their current apartment and calling up some of his old college friends that are now real estate salespeople to ask for their opinions. Amrita is busy reading newspaper ads and researching places on MLS® . This weekend, they plan on going to a few open houses. Assess Rhys and Amrita’s activities from the past two weeks.

1. Rhys and Amrita are expressing a felt need.
2. Rhys and Amrita are engaging in pre-purchase activity.
3. Rhys and Amrita are engaging in purchase activity.
4. Rhys and Amrita are engaging in post-purchase activity.

Answer 17

Correct Answer: 2

Option (2) is correct because calling up real estate salespeople, reading newspaper ads, doing research on the internet, and attending open houses are all activities that indicate Amrita and Rhys are engaging in pre-purchase activity. Option (1) is incorrect because although Amrita and Rhys do express a felt need, this scenario indicated that they have already moved on to the second phase of the process model of buying behaviour. Option (3) is incorrect because the purchase activity stage will occur when Amrita and Rhys decide on a property to purchase, which has not occurred yet. Option (4) is incorrect because the post-purchase activity stage occurs after the property has been purchased, and is not necessarily related to the excitement they feel due to their new baby.

Question 18

Ebonie is a real estate representative who is perceived in the market as a specialty real estate services provider who offers a distinct service. She has established a reputation as the go-to salesperson for luxury condos in the downtown core and virtually dominates this market. The services provided by Ebonie would MOST likely be considered as which of the following?

1. A convenience good
2. A shopping good
3. A specialty good
4. A niche good

Answer 18

Correct Answer: 3

Option (3) is correct because professional services can be perceived as a specialty good if the professional is able to offer distinct skilled services, which potential clients will seek out without shopping around and this is precisely the type of service that Ebonie provides. Option (1) is incorrect because a convenience good is a product or service that a consumer purchases frequently and uses immediately. Option (2) is incorrect because a shopping good is a product or service that the consumer purchases only after they have made comparisons of competing goods based on factors such as price, quality, style, colour, etc. Option (4) is incorrect because a niche good is not a correct term – niche refers to a service/good differentiation strategy, not a service/good itself.

Question 19

Which of the following statements regarding the promotional mix is FALSE?

1. Advertising reaches a larger audience than does personal selling.
2. Personal selling is not appropriate for expensive products.
3. Publicity may be perceived as unbiased because it is not from or paid for by the firm.
4. Public relations help make the public more favourably disposed toward the firm.

Answer 19

Correct Answer: 2

Option (2) is correct because it is a false statement: personal selling is appropriate for complex or expensive products. Options (1), (3), and (4) are all incorrect because they are true statements.

Question 20

In order to advertise to a wider audience, you have decided to create your own website. However, since you are embarking on website design for the first time, you made sure that you read the Knowledge Base page, “Advertising Checklist and Sample Advertising”. Which of the following is NOT a general guideline that you should follow?

1. Licensees should not advertise other licensees’ listings directly on their own website without permission from that listing licensee, and if this permission is given, should not alter any of the listing information without approval of the listing licensee.
2. Listing information should be kept current. If a listing has expired, it should be updated or removed from the website within six months.
3. The name of the brokerage must appear in a prominent and easily readable form on all internet advertising vehicles.
4. If property information changes during a listing period, the information posted on websites should be changed accordingly.

Answer 20

Correct Answer: 2

Option (2) is correct because listing information should be kept current and accurate, and licensees must ensure that when listings have expired, they are immediately – not within six months – removed from the website. Options (1), (3), and (4) are incorrect because they all provide good suggestions that should be followed when a salesperson launches a website.