Deck 1: Marketing Strategy

Question 1

___ refers to the extent to which the segment can be contacted for survey and promotion purposes.

Answer 1

Reachability

Question 2

___ is paramount to marketing effectiveness, and it is the first stage in the marketing cycle.

Answer 2

Customer need assessment

Question 3

The ___ concept applied to real estate development involves marketing research that guides the formulation of an integrated marketing plan.

Answer 3

Marketing

Question 4

For a firm using the ___ concept, marketing is essentially a selling function.

Question 5

What are some ways in which a target segment can be reachable?

A) phone
B) television
C) radio
D) email
E) focus groups

Question 6

Which of the following are typical categories used to create a market segmentation model?

A) pricing
B) customer needs
C) marketing
D) technologies
E) customer groups

Question 7

Which of the following are elements of external analysis in strategic analysis?

A) satisfaction analysis
B) sales analysis
C) market analysis
D) competitive analysis
E) customer analysis

Question 8

Which of the following are steps a traditional real estate development firm would take based on the selling concept?

A) selling real estate property
B) purchasing real estate property
C) identifying available real estate property
D) developing an integrated marketing effort
E) performing a customer needs assessment

Question 9

Which of the following is a demographic variable?

A) neighborhood residence
B) physical location
C) education
D) opinions
E) lifestyle

Question 10

An ___ involves using marketing research to plan the product mix, to price various housing sturctures, to find optimal location sites for planned structures, and to promote these housing structures to various market segments.

Question 11

The third stage of the marketing cycle is ___.

Question 12

___ refers to the extent that the segment is clearly profiled in demographic, geographic, and/or psychographic terms.

Question 13

___ allows the marketing manager to predict the size of a specific market segment at a future point in time by identifying specific predictors of income in the region.

Question 14

A typical ___ model involves identifying viable customer segments using an analysis involving technologies, customer needs, and customer groups.

Question 15

___, also called prospect strategy, is foundational; all product, place, pricing, and promotion decisions are made with a target market in mind.

Question 16

___ refers to collecting and analyzing data about issues directly related to target marketing, product strategy, place strategy, pricing strategy, and promotion strategy by studying competitors.

Question 17

___ refers to collecting and analyzing data about issues directly related to target marketing, product strategy, place strategy, pricing strategy, and promotion strategy through market studies.

Question 18

A ___ focuses on plotting sales trends over previous years and attempting to explain the sales fluctuations.

Question 19

___ involves an assessment of the internal and external environment.

Question 20

___ involves anticipating, managing, and satisfying demand via the exchange process between the buyer and seller of a property.

Question 21

What effect does the long time horizon have on real estate development?

A) it helps facilitate the sale of currently available properties
B) it makes investing in real estate safe and reliable
C) it establishes the importance of promotion
D) it makes anticipating growth in market segments especially important
E) it does not have any effect

Question 22

What does "customer needs" refer to in the context of market segmentation models?

A) price considerations for different target markets
B) the overall functional purpose of the product
C) amenities available to the property
D) accessibility for the disabled and elderly
E) homogeneous groups of buyers with similar needs, such as "college students"

Question 23

Which of the following is one way a real estate marketing professional might find out information about a competitor's target market?

A) administering customer satisfaction surveys
B) performing customer needs assessment
C) analyzing the market for unfilled demands
D) analyzing the market for fulfilled demands
E) reading the competitor's promotional materials

Question 24

One way to gather data about the size of a market segment is to perform a regional survey of households around the target geographic region.

Question 25

A customer group can be viewed as an identifiable group of prospects that, despite having diverse needs, are well suited to a specific technology.

Question 26

Finding out which market segments key competitors are targeting helps the real estate developer make a decision about whether to occupy the same market space or look for a market niche that is absent of key competitors.

Question 27

The presence of environmental hazards is likely to be unearthed during the marketing analysis related to product strategy.

Question 28

Market analysis related to target marketing involves collecting and analyzing data dealing with housing design, residential site, and energy conservation.

Question 29

Customer analysis focus is an aspect of internal strategic analysis that focuses on potential customers.

Question 30

Strategic analysis is a continuous process of information gathering, data collection, and analysis to guide prospect, product, place, price, and promotion decisions; those decisions feed back into strategic analysis, forming a feedback loop.

Question 31

Marketing is mainly used in fulfilling seller needs.

Question 32

Customer satisfaction translates into high levels of profitability in real estate development.

Question 33

The data used in trend and regression analysis is most often obtained by regional surveys performed by the marketing manager.

Question 34

In the absence of quantitative data, marketing managers may rely on qualitative information and use methods like the judgment method, a method that relies on expert opinions to anticipate market segment growth.

Question 35

What is the primary goal of market analysis related to promotion?

A) collecting data about the media habits of the target market segment
B) collecting data about specific population segments to assess their market potential
C) collecting data about housing costs and prices
D) collecting data on neighborhoods and communities to decide where to build
E) collecting data dealing with housing design, residential sites, and energy conservation

Question 36

Which of the following best describes market analysis related to product strategy?

A) collecting data about the media habits of the target market segment
B) collecting data about specific population segments to assess their market potential
C) collecting data about housing costs and prices
D) collecting data on neighborhoods and communities to decide where to build
E) collecting data dealing with housing design, residential sites, and energy conservation

Question 37

What is the primary reason customer satisfaction surveys are important?

A) they allow problem identification and correction
B) they help in developing the integrated marketing plan
C) they help identify target markets
D) customer satisfaction is used in determining whether organizational goals are met
E) they are not important

Question 38

What are the two elements of internal analysis in strategic analysis?

A) market and competition
B) sales and customers
C) sales and market
D) customers and competition
E) none of the above

Question 39

Which of the following is a method real estate firms use to determine customer satisfaction?

A) marketing research
B) volume of sales
C) customer needs assessment
D) periodic surveys of customer groups
E) integrated marketing plans

Question 40

What is the second stage of the marketing cycle?

A) customer needs assessment
B) selling real estate property
C) integrated marketing effort
D) achievement of organization goals
E) customer satisfaction

Question 41

Responsiveness and ethical considerations are "soft"-that is, they involve subjective judgment of an experienced marketing manager.

Question 42

Responsiveness of a market segment refers to the speed at which properties will sell as a result of marketing.

Question 43

If a segment is deemed difficult to reach for survey and promotion purposes, then the segment should not be targeted.

Question 44

In marketing concept real estate development, customer satisfaction is less important than selling properties.