Real Estate Marketing (ESM223) - The Concept and Basic Principles

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What is true about the definition of marketing in marketing literature?

There is a diversity of perspectives adopted by different writers (correct)
There is a single, universally accepted definition
Marketing is a new concept
There is no definition of marketing

What is a common misconception about marketing?

It is only for small businesses
It is only for large companies
It is only about selling or advertising (correct)
It is a one-time event

What is the main goal of marketing according to one of the definitions?

To build a brand
To create products or services
To make a profit
To satisfy customer requirements (correct)

What is the keyword in the definition of marketing as 'the process of getting potential clients or customers interested in your products and services'?

Process (C) Signup and view all the answers

What is marketing concerned with according to one of the definitions?

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

What is a key aspect of marketing that many companies do not realize?

It involves many other things beyond selling and advertising (C) Signup and view all the answers

What is the primary goal of marketing according to The Chartered Institute of Marketing London?

To identify, anticipate, and satisfy consumer's requirements profitably (A) Signup and view all the answers

What is the first stage of the marketing process?

Ideation (C) Signup and view all the answers

What is the primary purpose of the third stage of marketing?

To advertise the product or service (D) Signup and view all the answers

What is the term used to describe goods and services in marketing?

Product (D) Signup and view all the answers

According to the four Ps of marketing, what is the key element of marketing?

Product (B) Signup and view all the answers

What is the purpose of the fourth stage of marketing?

To determine where and how to sell the product or service (D) Signup and view all the answers

What is an example of an intangible item?

Trademark (B) Signup and view all the answers

What is the key to selling tangible products?

Evaluating them based on visual comparisons and the benefits they provide (C) Signup and view all the answers

What is an example of a tangible product in real estate?

A house (C) Signup and view all the answers

What is the main difference between tangible and intangible products?

Their physical existence (B) Signup and view all the answers

What is an example of a service product in real estate?

Facility management (B) Signup and view all the answers

Why can tangible products be easier to market?

Because they have physical characteristics (B) Signup and view all the answers

What is the primary goal of a product?

To fill a gap in the market (B) Signup and view all the answers

What is the term for the amount a customer pays to acquire a product?

Price (C) Signup and view all the answers

What is the main purpose of promotion in marketing?

To generate leads or initiate actual purchases (D) Signup and view all the answers

Why is marketing important for a company?

To increase revenue and gain a competitive advantage (B) Signup and view all the answers

What is the difference between tangible and intangible products?

The way to market and advertise each one is vastly different (D) Signup and view all the answers

What is the term for the distribution and availability of a product?

Place (D) Signup and view all the answers

What is the primary purpose of sharing case studies and testimonials when marketing intangible products?

To alleviate fears and distrust by proving the product's effectiveness (D) Signup and view all the answers

Why is it important to make an emotional connection with customers when marketing intangible products?

To demonstrate the benefits of the product in a tangible way (B) Signup and view all the answers

What is the purpose of using metaphors when marketing intangible products?

To make the product appear more tangible and understandable (A) Signup and view all the answers

Why is it important to simplify the message when marketing intangible products?

To avoid confusing potential customers (C) Signup and view all the answers

What is the significance of making the right impression when marketing intangible products?

It helps to build trust and credibility with potential customers (D) Signup and view all the answers

What is the main challenge of marketing intangible products?

Making the product appear simple and understandable (C) Signup and view all the answers