Chapter 7.3: Marketing And Advertisememt Flashcards
Model 1 - Shopping Behaviour Model
4 types of Goods
1) convenience goods
2) shopping goods
3) speciality goods
4) unsought goods
Convenience goods
Frequent purchases
Such as groceries
Shopping goods
Products and services that the consumer purchases, only AFTER they have made comparisons based on price, quality, style, colour, and service quality
Such as real estate services, homes, cars, and appliances
The thing you don’t spontaneously pull the trigger on but shop around for
Speciality goods
Some characteristics causing the consumer to want that particular product or service and no other substitute
Typically high priced, complex, and / or unusual
They can be a physical product, such as a Ferrari or lambo, or the services of a highly skilled professional
Unsought goods
Products or services that potential consumers do not necessarily want or know about, or that are purchased based on fear or as a form of precaution
Such as life insurance or fire extinguisher
Of the Model 1, 4 types of goods, which one requires the least amount of effort
Unsought goods!
As you don’t necessarily want or know about these
Of the Model 1, 4 types of goods, which one requires the most effort
Specialty goods!
As they are typically high priced items, complex, and are unusual items
List the Model 1, 4 types of goods, in order of least effort to most effort
- unsought goods
- convenience goods
- shopping goods
- specialty goods
Mode 2 Process Model of Buying Behaviour 4 needs / stages
Felt need
The pre-purchase activity stage
The purchase activity stage
The post-purchase activity stage
Felt need
The initial need or trigger that starts the buying process
Examples: change in the family life cycle (starting a family, change leaving home, retirement, divorce), job promotions or layoffs, financial difficulties
The pre-purchase activity stage
The consumer is gathering information and becoming knowledgeable about the product or service
Examples: visiting open houses, talking with friends
The purchase activity stage
In real estate, involves the negotiation and signing of the listing agreement
The post-purchase activity stage
Some consumer experience feelings of anxiety, regret, and doubt regarding their decision, particularly after making a major purchase such as a home
____________________: the position a product or service holds within its consumers mind
Product positioning
What is the marketing concept
Focusing on the clients NEEDS and using need satisfaction as the starting point for the development of a marketing program
What is the concentrated marketing / niche marketing
A firm selected a relatively small target market, and then focusses its entire effort on satisfying the needs of this target market
What is the marketing mix
The four P’s
Product, place, price, promotion,
The product or service that is being offered
Personal selling is best classified as
Face to face communication
_______________ the aim of enhancing the image and reputation of a business
Public relations (PR)
Publicity is what?
Such as having articles in the local newspapers
Promotional mix is what?
The proper BLENDING of components to satisfy the needs of the target market and to accomplish the desired promotional objectives
What is part of the promotional mix?
Personal selling, advertising, public relations, sales promotion, and publicity
_________________: defined as the theme of a personal business, encompassing a variety of attributes that distinguish a license from competitors
Personal brand
Example: Starbucks logo
What are the 2 types of sources
1) informal sources
2) formal sources
Informal sources of communication include what?
Family and friends
Have great credibility
Use word of mouth
_________________: powerful form of advertising that is particularly effective in real estate
Word of mouth
Formal sources of communication include what?
Personal selling, direct mail, telemarketing, and advertising by individuals
Formal sources of communication are often perceived as being _______________ and not necessarily acting in the best interest of the _______
Biased
Receiver
Formal sources are not nearly as powerful as messages conveyed through _______________
Informal sources
Advertising
Print and digital advertisement consist of 5 elements, what are they?
- focal point
- balance
- headlines
- signatures
- copy
____________________: readers eyes first focus on _________ position and then move upward and to the right
Focal point
10 o’clock
The two types of balance
Formal
Informal
Formal balance
Symmetrical arrangements
Informal arrangements
Non-symmetrical arrangements
________________: the most important part of advertisement
Headlines
Print and digital advertisements usually end with _____________
Signatures
Company name, trademarks
___________: the text of advertisement
Copy
Do advertisements always end with a call for action?
No! They don’t need to
__________________: unconventional ways of pursuing conventional goals
Guerrilla marketing
Can rely on low budget approaches based on ingenuity, cleverness, and surprise
Communicating the Value of the Services
________________________ in the presentation, as this can provide evidence of performance
Pay attention to details
Communicating the Value of the Services
__________________________ by including photos, virtual walk-throughs, or client testimonials
Turn intangibles into tangibles
Communicating the Value of the Services
Clearly spell out the ___________ and ___________ that are being offered
Services and benefits
Communicating the Value of the Services
Keep the seller fully informed throughout the _________________, explain the marketing program for the property
Sales process
Communicating the Value of the Services
Focus on building ____________
Repeat business
Communicating the Value of the Services
Always ensure ______ and ________
Trust and respect
Communicating the Value of the Services
Ask satisfied consumers for a ____________________ or a ___________
Letter of recommendation or a testimonial
Communicating the Value of the Services
After making the listing presentation, ____________________, even if the seller doesn’t communicate immediately
Stay in contact!
What is the number one mistake realtors make on advertisement?
Failing to display the name of the brokerage
Which of the following correctly less goods from the least amount of shopping effort required to the most amount of shopping effort required
Unsought goods, convenience goods, shopping goods, specialty goods
The shopping behaviour model defines shopping goods as
Goods purchased by the consumer only after having made comparisons of competing goods or services on the basis of price, quality, style, color, and service quality
In the shopping behaviour model, which of the following is not a main classification
Superior goods
In marketing, the initial trigger that starts the buying process is known as
A felt need
The position a product or service holds within its consumers minds is best known as which of the following options
Product positioning
The promotional mix is a blend of
Publicity, sales promotion, public relations, advertising and personal selling
The marketing mix consists of
The 4 P’s
Product, place, promotion, and price
Focussing on clients needs and using satisfaction as a starting point for the development of a marketing program, is known as which of the following options
The marketing concept
Which of the following is defined as a marketing initiative that involves face-to-face communication with a potential consumer
Personal selling
Which of the following message sources would be considered the most credible
Word of mouth
Which of the following options is defined as the theme of a personal business, encompassing a variety of attributes that distinguish a licensee from competitors?
Personal brand
Which of the following statements regarding print advertisement is false
Advertisements always end with a call for action
What should the following statements regarding print advertisements is true
The headline is the single most important part of the advertisement
Guerilla marketing refers to
Is considered unconventional and relies on ingenuity and surprise
