Commercial Real Estate Situation Analysis

You begin to develop your commercial real estate marketing strategy the same way you usually begin a marketing strategy (Exhibit 30.2), with a Situation Analysis that covers 1. Customers. Potential sellers and buyers 2. Competitors. Other organizations vying for the business 3. Organization. The capabilities of your organization what you are good at and not so good at 4. Environment. The key players and key trends in your marketplace what you think will happen next All these areas have been...

Assembling the Advertising Strategy

You assemble an advertising strategy the same way you assemble an integrated communications strategy (see Chapter 18), by setting the advertising objectives and message content, then building it up by selecting different media and vehicles. First you would fill out the objectives row for your overall advertising strategy in Exhibit 19.8, paying attention to both the intermediate objectives and the action objectives, and how they must be coordinated. If you use the objective and task approach,...

Assembling the Distribution Strategy

You start with your target customer in your target market. How can you get your product or service to them You need to find out where they currently buy products or services similar to yours. You may want to distribute your product or service in those outlets, but you might also decide to use a different method entirely. Once you have decided on the general type of reseller to use, you need to refine your choice of reseller by considering your objectives. Your objectives will also help...

Assembling the Sales Promotion Strategy

Overall, you want to be sure that whatever promotions you use, they support the positioning of your product market strategy and the message of your communications. Sales promotion is especially helpful when you would like to stimulate purchases. For example, perhaps you operate a motel and want to increase occupancy during the off-season. You might use promotion methods to attract more customers. You need to look at your overall communications objectives and decide where your purchases might...

Communications

Ou can communicate with members of your target markets in a variety of ways advertising, brand identifiers, sales promotion, personal selling, and public relations. All the communications aimed at a member of your target market should be consistent and deliver the same message. If they are uncoordinated, the messages from different communications approaches will be less effective and might even cancel each other. That is why you need an integrated communications strategy, one that looks at all...

Conclusions

The targeting and interaction possible with Internet marketing have created enormous opportunities for marketers to develop relationships with their customers. As with any relationship, Internet relationships must be managed and should not be abused. Although the monetary cost of an e-mail contact is low, the time costs for the recipients are often perceived to be high. Respect for the customer must guide your Internet contacts. For review questions for this chapter, log on to...

Creating Your Most Va luable Asset

Your brand is probably the most important and most valuable asset of your organization. Each of the 10 most valuable brands in the world is estimated to be worth billions of U.S. dollars (Exhibit 12.1). Compare these brand value estimates with the market value of the companies owning the brands and it is easy to see how powerful brands are. For consumer market companies, well-managed brands typically represent about 50 to 80 percent of a company's total value for industrial markets companies,...

Customers

In 2001, 68 percent of home buyers were married couples and in 2008 only 61 percent, while in 2001, 22 percent of home buyers were single compared to 30 percent in 2008. Married couples still represent nearly 70 percent of repeat home buyers, but singles and unmarried couples now represent almost half of first-time home buyers.4 Whether your target buyers are married couples, singles, or some other category affects how you approach them. For example, Exhibit 28.2 shows what members of different...

Determining Your Focus for Growth

After you have decided on your overall growth path, you need to consider exactly how you will achieve that growth and how you will approach your target customers to provide that growth. You can grow in the product (or service) direction or in the customer (or market) direction. However, knowing the general direction you will move does not really give you the details you need for how you are going to go about it. You need to have a growth focus so that you can make decisions regarding marketing...

Developing Identifiers

Developing identifiers is both science and art. The science part is making sure that the attributes you want attached to the brand are associated with the identifier. The art part is graphic design making sure that the appearance of the identifier is clear, balanced, and appealing. Developing identifiers is both science and art. When Burger King revised their logo, they considered a number of possible logos that showed flames an association with their longstanding flame-broiled burger benefit....

Developing Yo u r Growth Plan

You want more growth for your organization. You have established your products and services with customers, but you feel that you can increase your revenues and profits. Marketing can help guide you to the most attractive growth path for your organization the growth path with superior profits and lower risk. Organizations without growth plans are often tempted by targets of opportunity ventures with short-term returns, but that may not lead anywhere or, worse, may create risk for the...

Evaluating Promotion Budget Health Club Example

For example, suppose you are running a small health club for people whom you provide personal trainers. A typical membership includes 20 workouts. To enroll more members, you are thinking of running an ad in the local newspaper offering a free workout with a trainer. Just as you did with the soap example in the advertising chapter (see Chapter 19), you estimate that of the people who see the ad, maybe 1 percent will follow up on the offer. Of those who have the free workout, you believe maybe...

Farming

Residential real estate farming consists largely of cold calling and can be difficult work. You need to target part of your geographical area and cover homes in that area. If you call at homes in person, be prepared for a fair amount of rejection. Most people are not sitting in their living room waiting for an agent to arrive and ask them if and when they are going to sell their home. Telephone contacts are more efficient except rapport may be harder to establish during a telephone call than if...

Intermediate Objectives

Usually, people do not change their behavior immediately. To persuade them to change, you need time and patience. The model in Exhibit 19.4 is well known in marketing and is called the hierarchy of effects model. The idea is that customers travel through different stages before they take action. Intermediate communications objectives focus on those stages and typically include Awareness recognizing your brand name Knowledge having some knowledge of what your product or service does Exhibit 19.4...

Managing Your Marketing Programs

Y ou implement your marketing strategy with your marketing programs. The most common programs are design, advertising (including the Internet), identifiers (for example, name, logo), sales promotion, personal selling, public relations, pricing, and distribution. These programs are often referred to as the marketing mix. Each marketing program has its own strategy. For a marketing strategy to be successful, all marketing program strategies must be executed well and they must all support the...

Marketing 101

Trump University Real Estate 101, Second Edition Building Wealth with Real Estate Investments Trump University Commercial Real Estate 101 How Small Investors Can Get Started and Make it Big Trump University Marketing, Second Edition How to Use the Most Powerful Ideas in Marketing to Get More Customers Trump Entrepreneurship 101, Second Edition How to Turn Your Idea into a Money Machine Trump University Branding 101 How to Build the Most Valuable Asset of Any Business Trump University Wealth...

Media or Methods

Methods used by public relations are classified into the uncontrolled media and the controlled media. The news media is the most obvious example of uncontrolled media. Controlled media includes newsletters, trade shows, and public service advertising (see Exhibit 19.5). Uncontrolled media represent situations where you provide information, but whether the information will be used and, if so, in what form, when, and where are beyond your control. Such methods include news releases, press...

Primary Data

You may collect data with random or nonrandom sampling. When you use random sampling, typically the data you obtain can be analyzed with various statistical tests and can be extrapolated to all customers, resellers, suppliers, or competitors. If you do not use random sampling, then usually you cannot generalize from the data you collected. Data obtained without random sampling are used primarily to uncover ideas and hypotheses that you can later check with data from randomly selected samples. A...

Resellers

Organizations may sell direct to end-users, which is fairly common in business-to-business marketing of products such as chemicals, computers, and telecommunications equipment. However, even in those industries, smaller customers may be served by distributors. Most consumer products and services are still sold through resellers even if some of the levels of distribution or some resellers are disappearing because of Internet marketing. In some product or service categories, there may be several...

Strategies for New Customers

Strategies focused on new customers and current products and services are in the lower left cell of Exhibit 32.1. Difficult economic times are not the best of times to add new customers. In difficult economic times, some customers may not want to switch suppliers because they do not want to take the risk. On the other hand, some customers will be looking to switch suppliers because they hope to find a better deal a Moving to New Markets Trump Towers, Sisli, Istanbul Photo courtesy of The Trump...

Target Market Selection RealEstate Example

In the real-estate office example from Chapter 9, five segments were under consideration singles, young couples, young families, mature families, and empty nesters. TRUMP UNIVERSITY MARKETING 101 Exhibit 10.1 Evaluation of Real-Estate Segments Note Attractiveness 1 Not attractive, 5 Very attractive Relative ability 1 Weak, 5 Strong Source Arrow Guide Segment Selection Analysis, The Arrow Group, Ltd., New York, NY, 2008. Used here with permission. A blank version of this page can be downloaded...

Targeting

Targeting customers is always important, but precise targeting is crucial during difficult economic periods. In particular, you need to identify those customers who provide relatively high contributions for the efforts required and can be expected to grow even during the downturn.21 These customers may simply buy in large volume or they may be relatively price insensitive, or both. Their ability to pay is also important during a recession period. Fingerhut, the consumer mail order house,...

Trade Oriented Promotions

Methods of trade- oriented promotions include contests and sweepstakes, dealer incentives, trade allowances, point of purchase displays, merchandising kits, cooperative advertising, training programs, selling aids, trade shows, and exhibits. Objectives of Trade-Oriented Promotions Generally, the objectives of trade-oriented promotions are to build support by your resellers. Specific objectives include Stimulate trade merchandising and sales support By providing trade allowances (discounts) or...

Web Site Effort

To evaluate your Web site, you can set up a counter to determine the number of visitors you can also obtain other measures of their visits to your site. You can even include a survey focusing on your customers ' attitudes and behaviors. However, the real measure of the impact of your site is how it helps you find and obtain long-term customers (Exhibit 24.2). You might include a code word or number and provide a discount or small premium to those who mention the code word or number when they...

Tough economic times do not affect all products and services or all customers to the same degree

During tough economic times, credit is scare and product purchases that usually require credit such as automobiles and major appliances will likely be postponed. More generally, one survey of consumers found that approximately twice as many consumers were planning to cut by 20 percent their expenditures on clothing, personal care, home furnishings, and travel than were planning to cut by 20 percent expenditures on food, education, housing, and health.5 Whatever your line of business, tough...

Competitive Parity Pricing

With the competitive parity pricing approach, you simply match the prices ofyour competitors. The first problem is that you may ignite a price war, which no one will win except perhaps the customers. The second problem is that, if you price at the same level as a competitor, what are you suggesting to the customer Often, the customer will assume the two offerings are the same and there is no need to compare them. If you have a strong position for your product or service, you want your customers...

Increasing Your Customer Satisfaction

What is the one thing you need to have a business Is it a product A factory A service A license Inventory A location Employees The one thing you need to have a business is a customer. A customer is someone who thinks your product or service is worth paying for and who purchases it. Without customers, there is no revenue, no profits, and no cash flow, and therefore no business. Satisfying your customers should be at the heart of your marketing efforts although keep in mind you need to do so at a...

Advertising Objectives

Advertising Objectives

The objectives of an advertising strategy are what you would like the customer to do, think, or feel as a result of the advertising. Advertising objectives include both action objectives for your target customers, such as trying the product or repurchasing the product, and intermediate objectives, such as awareness or preference Exhibit 19.2 . Advertising objectives are not the same as the business objectives in your product market strategy such as market share or profitability, but they need...