Marketing Principles Chapter 6

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Questions and Answers

Match the advertising methods with their descriptions:

Classified advertising = Simple, brief ads in newspapers or magazines Display advertising = Ads that include photos and visual elements Direct mail = Postal mail and email sent to prospects Internet advertising = Advertising available 24/7 with targeted segments

Match the terms with their definitions:

Reach = Size of the audience exposed to advertising Frequency = Number of times an ad appears Turnover rate = How quickly properties are rented out Branding efforts = Activities to promote a property’s image

Match the benefit of branding with its description:

Customer loyalty = Repeat business from satisfied clients Distinctiveness = Unique identity that sets a brand apart Increased visibility = Improved recognition in the market Trustworthiness = Perceived reliability based on branding

Match the type of advertising to its characteristics:

Traditional advertising = Methods used before the internet Display ads = Used during lease-up for high-end properties 'For Rent' magazines = Publications for advertising properties Internet ads = Dynamic ads allowing real-time tracking Signup and view all the answers

Match the phrases regarding property management with their explanations:

Knowing the customer = Identifying potential renters effectively Advertising necessity = Depends on property and location Signage importance = Reflects the property's overall image Qualified prospects = Target audience for effective advertising Signup and view all the answers

Match the advertising method with its description:

Property websites = Showcase a property, needs design updates Rental listing services = Charge fees for advertising units Social media = Cost-effective branding and viral marketing Incentives = Offers like cash or discounts to attract tenants Signup and view all the answers

Match the marketing focus with its target:

Property management website = Show types of properties managed On-site signage = Physical advertising outside buildings Classified ads = Target rental seekers in print media Online directories = Listings for property management services Signup and view all the answers

Match the marketing feature with its benefit:

Unique management services = Differentiate from competitors Market knowledge display = Builds credibility with clients Tenant service information = Improves tenant satisfaction Social networking links = Enhances online presence Signup and view all the answers

Match the advertising type with their examples:

Bulletin boards = Physical posting locations Open houses = Showings for potential tenants Flyers/brochures = Printed information distribution Promotional presentations = Formal marketing displays for properties Signup and view all the answers

Match the property manager's focus with its consideration:

Types of buildings = Influences target clientele Types of clients = Affects service presentation Compliance with laws = Must be observed with incentives Regular updates = Important for website effectiveness Signup and view all the answers

Study Notes

Marketing Learning Objectives

Students should be able to explain general marketing principles
Students should be able to identify traditional and online advertising methods
Students should be able to distinguish between marketing rental property and marketing a property management business
Students should be able to explain the difference between traffic reports and prospect cards
Students should be able to define cost per prospect and conversion ratio
Students should be able to characterize the importance of public relations in responding to negative events and identify advantages of prompt responses from property managers
Students should be able to discuss laws that regulate advertising for rental properties

Suggested Lesson Plan

Review the previous chapter, “Financial Aspects of Property Management”
Overview of Chapter 6, “Marketing” and review learning objectives for the chapter

Lesson Content: General Marketing Principles

Key aspect is knowing the product and customer
Important to know and consider branding

Marketing Property for Lease

Emphasize the product (e.g., one-bedroom, warehouse) and features (e.g., parking, cable) that stand out
Consider the target market (demographics and location)
Key is knowing your customers for effective marketing

Property Management Business Marketing

Highlight unique aspects of the management services
Target specific demographics and types of properties

Advertising Methods and Effectiveness

Includes traditional methods (newspaper ads, direct mail) and internet methods
Online advertising is important and offers broader reach
Websites, social media are efficient methods to advertise
Evaluate each method’s reach, frequency, and cost-effectiveness

Public Relations

Community involvement is a key component
Responding to negative events efficiently and promptly is important

Advertising Laws

Federal and state fair housing laws (illegal to discriminate based on race, color, national origin, religion)
Ensure ads do not discriminate or misrepresent offerings
Be mindful of Do Not Call laws, CAN-SPAM Act and other relevant legal restrictions; avoid misleading ads

Conversion Ratio

Conversion ratio: the percentage of prospects who sign leases
Indicates the effectiveness of marketing efforts to convert leads to tenants

Cost per Prospect

Cost per prospect: the cost of an advertisement divided by the number of prospects generated from the ad.
Determines the cost-efficiency of a given approach

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Description

Test your knowledge on the essential concepts of marketing as outlined in Chapter 6. This quiz covers various aspects, including traditional and online advertising methods, property management marketing, and regulations governing rental property advertising. Assess your understanding of key marketing principles critical for property management.