Chapter 16 (Assignment 12) Market Research & Marketing Flashcards
Which of the following options describes an approach that focuses on client needs, using need satisfaction to develop a
marketing program?
1) The marketing concept
2) Target marketing
3) The triple bottom line
4) Market segmentation
The marketing concept
because the marketing concept is an approach that focuses on
client needs, using need satisfaction to develop a marketing program.
What expresses the rate at which vacant space is being leased?
Absorption rate
A recent market analysis indicates that your property’s macro market is growing quickly, but that the micro market is in decline. What might this mean?
The property inventory of the city in general is increasing, but your property’s immediate neighbourhood is in decline.
Which of the following BEST describes the components of the marketing mix?
1) Needs, motives, actions, and feedback
2) Target market, location, strategy, and execution
3) Product, place, price, and promotion
4) Advertising, public relations, personal branding, online presence
Product, place, price, and promotion (4 P’s of Marketing)
because the marketing mix, also called the four Ps of marketing,
consists of product, place, price, and promotion.
Lylah runs a boutique brokerage with a high-end, exquisitely furnished office in a prime downtown location. She encourages her salespeople to dress professionally in the office and requires all advertising to abide by specific branding standards designed to
suggest a premium service.
Which pricing method is Lylah MOST likely to be employing?
Prestige pricing
because prestige pricing is when a business sets high prices to send a message of uniqueness or premium
quality, which describes Lylah’s approach with her brokerage.
Which element of the promotional mix involves face-to-face communication with a potential customer?
1) Public relations
2) Publicity
3) Presentation
4) Personal selling
Personal selling
Which of the following is LEAST likely to be considered in the inventory analysis for a residential rental property?
1) Whether there are any new developments planned in the near future
2) How many units are in a neighbouring rental complex that was built this year
3) The typical tenant profile anticipated for the subject rental property
4) The number of existing rental units in the neighbourhood
The typical tenant profile anticipated for the subject rental property
the correct answer because the tenant profile for a rental property, though important, is not likely to be a primary
concern of the inventory analysis.
Options (1), (2), and (4) are incorrect because they all represent factors that would be considered in an inventory analysis when undertaking market research.
What is the best order when approaching prospective tenants?
Send an email with a brochure attached, suggesting a meeting – follow up with a telephone call – negotiate a lease
In the property management context, what is TRUE about concessions and inducements?
They are both incentives that a landlord provides to a tenant to make the offer to lease more attractive.
What term is defined as
“the factors that are important to a tenant in deciding whether a particular property is suitable for their needs”?
Tenant criteria
What is a characteristic of light industry
1) It is easily accommodated in a standard warehouse-type building with clear open spaces.
2) Most of its activities are accommodated in custom-built buildings.
3) It is often difficult to convert the property used to serve a different function.
It is easily accommodated in a standard warehouse-type building with clear open spaces.
correct because light industry is easily accommodated in the standard warehouse type building, which provides clear
open space on one level. These buildings may be freestanding or part of a row of units.
Which of the following is NOT considered a basic component of communication?
1) Medium
2) Message
3) Meaning
4) Source
Meaning
correct because is not one of the basic components of communication.
A new property manager at your brokerage, Pierre, is currently developing a marketing plan for a new property under his
management and is working on setting goals for his advertising strategy.
You advise him to keep the mnemonic acronym SMART
in mind when he is formulating the plan.
When Pierre asks you what SMART stand for, what do you respond?
Specific, measurable, achievable, relevant, and timely
SPECIFIC
MEASUREABLE
ACHIEVABLE
RELEVANT
TIMELY
What are three steps in in developing a communications message?
Choose the message,
Decide on the desired response
Develop a feedback system
order not specified
Define Residential Market Analysis:
Requires investigating inventory, vacancy rates and rental rates.
The analysis also involves assessing neighbourhood trends, identifying the competition and developing typical tenant profiles.
Define Inventory Analysis:
Inventory analysis involves determining how many existing rental units are in the neighbourhood as well as whether there are any new developments planned and the number and anticipated completion date of these new units.
The inventory represents the supply in the market; it plays a key role in determining appropriate rental rates.
Define Prestige Pricing:
When a business sets high prices to send a message of uniqueness or premium quality.
Demand for Residential Accommodation is created by
Created by the economic climate at a national, provincial and local level
1) population growth
2) employment levels
3) migration
4) commercial expansion
5) redevelopment
6) interest rates and taxes etc
Marketing Mix: 4 Ps
Product, Place, Price, Promotion
