Real Estate Marketing (ESM223) - Concept and Basic Principles

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Questions and Answers

What are tangible items and give examples?

Tangible items are those that can be seen, touched, or smelt, e.g., a DVD, house, furniture, equipment, vehicle, machinery.

What is the difference between tangible and intangible products in real estate?

Tangible products are physical objects like houses, while intangible products are service products like consultancy services.

What is the key to selling tangible products?

The key to selling tangible products is to highlight their physical characteristics and the benefits they provide.

What is an example of an intangible product that a customer buys, but cannot physically see?

Life insurance is an example of an intangible product that provides protection, but cannot be physically seen or touched. Signup and view all the answers

What are some examples of intangible products in real estate?

Examples of intangible products in real estate include consultancy services like valuation, feasibility, and viability appraisal, as well as management services. Signup and view all the answers

What is a bundle of satisfaction or benefits that buyers perceive they will obtain from a product?

A bundle of satisfaction or benefits is the complete package of benefits that buyers perceive they will obtain if they consume the product. Signup and view all the answers

What is one way to make an emotional connection with customers when marketing intangible products?

Demonstrate the benefits of what you sell. Signup and view all the answers

Why are case studies and testimonials important in marketing intangible products?

To alleviate fears and distrust by proving the product works through results achieved by other customers. Signup and view all the answers

How can metaphors be used to market intangible products?

To make the intangible products tangible and understandable by creating a relatable comparison. Signup and view all the answers

Why is making the right impression important when marketing intangible products?

Because the marketer is often perceived as the product, and a good impression can build trust and credibility. Signup and view all the answers

What is the main reason to keep the marketing message simple when promoting intangible products?

To avoid confusing customers, which can lead to a lack of purchasing decision. Signup and view all the answers

What is the overall goal of the strategies mentioned in the text for marketing intangible products?

To make the intangible products more relatable, understandable, and appealing to customers. Signup and view all the answers

What is the main goal of marketing, according to the definition provided in the text?

Satisfying the genuine needs and wants of specifically-defined target markets Signup and view all the answers

What is marketing often mistakenly limited to?

Selling or advertising Signup and view all the answers

What is the significance of the word 'process' in the definition of marketing?

It emphasizes that marketing is an ongoing activity, not a one-time event Signup and view all the answers

Why is there no single, universally accepted definition of marketing?

Different writers have adopted diverse perspectives on marketing. Signup and view all the answers

What is an overlooked aspect of marketing, according to the text?

Designing and creating materials like social media content, building customer experience Signup and view all the answers

What is the key outcome of successfully implementing marketing strategies?

Getting potential clients or customers interested in products and services Signup and view all the answers

What is the primary goal of marketing, according to the American Marketing Association?

To create, communicate, and deliver value to customers. Signup and view all the answers

What is the key to selling intangible goods and services?

Building trust and credibility with the customer. Signup and view all the answers

What is the importance of marketing in business?

It helps to create awareness, drive sales, and build customer loyalty. Signup and view all the answers

What is the difference between marketing tangible and intangible products?

Tangible products can be physically seen and touched, while intangible products cannot. Signup and view all the answers

What is the definition of marketing, according to Lake (2021)?

Not provided in the given text. Signup and view all the answers

What is the role of marketing in creating customer value?

It creates, communicates, and delivers value to customers. Signup and view all the answers

What is the main challenge of marketing intangible products?

The seller has to paint a picture for the customer since they cannot see or touch the product. Signup and view all the answers

What type of selling is involved in marketing intangible products?

Emotional selling. Signup and view all the answers

What is the primary factor that influences customers' purchasing decisions when it comes to intangible products?

Emotion. Signup and view all the answers

Why is creating trust especially important when marketing intangible products?

Because prospective customers cannot take the product for a 'test drive'. Signup and view all the answers

What is one way to create trust when marketing intangible products?

Showcasing credentials and demonstrating expertise. Signup and view all the answers

How does the marketing approach differ between tangible and intangible products?

Tangible products can be demonstrated, while intangible products require creative marketing strategies to paint a picture for the customer. Signup and view all the answers

Study Notes

The Concept and Basic Principles of Marketing

Marketing is essential for every company or organization's growth strategy.
Many companies use marketing techniques without realizing it.
Marketing involves many aspects, including product distribution, promotion, designing, and creating materials, building customer experience, market research, and establishing target markets.

Definition of Marketing

There is no single, universally accepted definition of marketing in literature.
Different writers adopt diverse perspectives on marketing.
Examples of marketing definitions include:
- Satisfying genuine needs and wants of specifically-defined target markets by creating products or services that satisfy customer requirements.
- The process of getting potential clients or customers interested in your products and services.

Tangible and Intangible Products

Tangible products are physical objects available for consumption, such as goods (DVD, house, furniture, equipment, vehicle, machinery, etc.).
Intangible products are services, such as consultancy services (valuation, feasibility, and viability appraisal, letting, project management, facility management, and general real management services).

Marketing Tangible Products

Tangible products can be easier to market because they have physical characteristics.
Tangible products can be evaluated based on visual comparisons and the benefits they provide.

Marketing Intangible Products

The challenge of marketing and selling intangible products is that the seller has to paint a picture for the customer.
Intangible selling is emotional selling, focusing on how the product makes the customer feel.
Logic is involved, but emotion often wins when logic and emotion conflict.

How to Market Intangible Products

Create trust by showcasing credentials, demonstrating expertise, and proving results.
Make the benefits tangible by demonstrating the benefits of what you sell.
Share case studies and testimonials to prove the product works.
Simplify the intangible product to make it understandable.
Use metaphors to describe the service or problems it solves.
Make a good impression, as you are your product, especially with intangible products.
Keep the product or service appearance simple and understandable.

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Description

Test your understanding of the concept and basic principles of marketing, including its role in a company's growth strategy and how it differs from selling and advertising. Learn about marketing techniques and their applications in real estate.