Deck 3: Pricing and Promotion Strategy

Question 1

Media planners use a measure called ___ to help them compare the reach and frequency effectiveness of alternative advertising configurations.

Answer 1

total gross rating points

Question 2

The market approach to pricing real estate commonly employs a technique called ___.

Answer 2

comparative market analysis

Question 3

___ strategy refers to decisions about message and media selection.

Answer 3

Promotion

Question 4

___ strategy involves methods used for real estate appraisals.

Question 5

Which are some common goals that can be identified in goal selection?

A) identifying the target audience
B) generating a positive product image
C) generating product awareness
D) choosing the medium for the message
E) inducing an action from the audience

Question 6

What are some types of positioning commonly found in real estate marketing?

A) positioning by aspect of product
B) positioning by aspect of the firm
C) positioning by geographical location
D) positioning by aspect of prospective customers
E) positioning by media type

Question 7

What are the common approaches to real estate pricing?

A) the income approach
B) the balance sheet approach
C) the marketing approach
D) the property value approach
E) the costing approach

Question 8

Proximity to which of the following is likely to decrease the value of a property?

A) cemetaries
B) railroads
C) schools
D) churches
E) public transportation

Question 9

What are the factors that influence the price of residential real estate?

A) subjective factors
B) neighborhood factors
C) promotion factors
D) proximity factors
E) structural factors

Question 10

What is the first step of promotion planning?

A) goal selection
B) performance evaluation
C) message selection
D) audience selection
E) media schedule

Question 11

The ___ method to pricing real estate focuses on the actual costs expended to build the appraised property and is commonly used by builders in both residential and commercial real estate.

Question 12

The ___ method to pricing real estate focuses on the revenue generation potential of rental properties.

Question 13

___ refers to the extent to which customers recognize a product.

Question 14

A ___ is essentially a document showing what ad is placed in what media, when will the ad be released, and at what cost.

Question 15

During ___, marketers select the core message of a promotion, or how the product should be positioned in the audience's minds.

Question 16

___ typically include press releases and publicity.

Question 17

___ selling refers to promotion conducted by a marketing agent using face-to-face encounters with prospective customers in the form of open houses, question answering for prospective clients, and person-to-person information distribution.

Question 18

Positioning in marketing is often reflected in a product or service's ___.

Question 19

In marketing, the term ___ refers to the key mental associations the marketer wants to make with the focal product.

Question 20

___ decisions in real estate marketing are all about what to say in promotional materials and why.

Question 21

The ___ of a rental property can be calculated by subtracting the operating costs from the property's gross income.

Question 22

Which of the following is an example of public relations marketing communication?

A) cold calling
B) broadcast advertising
C) direct mail campaigns
D) classified ads
E) press releases

Question 23

Holding a high level position in the real estate firm grants a person what type of power?

A) legitimate power
B) reward power
C) referent power
D) expert power
E) it does not grant any powers

Question 24

What are the two major forms of media?

A) radio and television
B) interpersonal and mass media
C) video and audio broadcast
D) peer-to-peer and dedicated hosting
E) print and spoken media

Question 25

Interpersonal communication in real estate development is most effective when the selling agent has one or more of the following characteristics: referent power, expert power, legitimate power, and reward power.

Question 26

Appealing to prospective customers by emphasizing results is an example of positioning by aspect of the firm.

Question 27

Appealing to prospective customers by emphasizing neighborhood features such as number of children is an example of positioning by an aspect of customer type.

Question 28

In many cases, marketer 'positioning' is reflected in the slogan of promotional messages.

Question 29

The income method of property appraisal works by dividing the gross income of a rental property by the rate of return.

Question 30

The income method of property valuation is primarily used with new construction.

Question 31

The best estimate of a property's market value can be found by averaging the prices at which comparable properties have sold.

Question 32

Structural factors are aspects of the property that are inherent in the physical property.

Question 33

Public housing is an example of a positive neighborhood factor in price strategy.

Question 34

Goal selection is the first step in promotion planning.

Question 35

Messages that focus on aspects of the customer tend to be more effective at inducing action than messages focusing on the product or firm.

Question 36

Which of the following is an example of positioning by customer type?

A) appealing to prospective customers by emphasizing certain house design features
B) appealing to prospective customers by emphasizing the longevity of the organization in service of the community
C) appealing to opportunistic home buyers to think about taking advantage of certain opportunities to buy a new home
D) appealing to prospective customers by emphasizing neighborhood features
E) appealing to prospective customers by emphasizing results

Question 37

Which of the following best describes the costing method for property valuation?

A) dividing the net income of a property by the rate of return
B) a summation of the costs involved in building a property
C) adding benefits and subtracting costs in a balance sheet approach
D) comparison to comparable properties
E) none of the above

Question 38

Which of the following is an example of a negative structural factor?

A) the house is old
B) the house is big
C) the house has many bathrooms
D) all of the above
E) none of the above

Question 39

Which of the following is an example of a positive neighborhood factor?

A) historically designated housing
B) high voting percentages
C) rising resale values
D) all of the above
E) none of the above

Question 40

What is the principal focus of price strategy?

A) message and media decisions
B) site selection
C) legal services
D) property features and amenities
E) real estate appraisals

Question 41

Brand attitude refers to the extent to which potential customers have formed intentions to buy a product after an advertising campaign.

Question 42

Reach is a performance measure that captures the extent to which the media vehicles selected in the media schedule are likely to 'reach' the target audience-that is, present an opportunity for the target audience to be exposed to the ad embedded in the media vehicle.

Question 43

Research has shown that promoting real estate through television alone is the most cost effective way of reaching prospective buyers.

Question 44

Mass-media communications are used in the early stages of the marketing communication campaign to generate awareness and create a positive attitude of the product.

Question 45

Public housing is an example of a positive neighbourhood factor in price strategy.