Marketing Flashcards
1
Q
Marketing Definition
A
Integrated & coordinated activities that encourage people to initially rent or continue renting an apartment.
2
Q
Purpose of Marketing
A
- To realize optimum value of a property (CAM’s role)
- Achieve max. rent levels
- Achieve & maintain occupancy goals
- Meet financial objectives
- Understand resident’s wants & needs
- Retain existing residents @ optimal renewal rates
- Deliver excellent customer service to residents
3
Q
Role of a CAM
A
- Prepare & implement marketing plan
- Price & analyze marketing & advertising materials
- Identify present & future marketing opportunities
- Measure, monitor & evaluate market efforts
- Educate & involve onsite personnel in marketing
4
Q
Marketing as a Team Effort
A
- A property owner &/or management company est. strategic direction
- Recommend, implement or monitor marketing activities
- You involve the entire staff in the process
5
Q
Marketing Mix - The 5 P’s
A
- Product
- Place
- Price
- Promotion
- People
6
Q
Products or Services CAM’s offer residents:
A
- Apartments
- Amenities
- Services
- Brand identity
7
Q
Products are evaluated & marketed by:
A
- Reliability
- Quality
- Features
- Availability
