Chapter 4
Marketing Management

Marketing Mix

l   Product

l   Price

l   Promotion

l   Place

l   People

Product

l   Design

l   Tenant mix

l   Services provided

Price

l   Pricing to define product

l   Price relationship with occupancy

l   Hidden pricing

–   Billing for services

–   Common area maintenance

–   Marketing fees

Promotion

l   Be sure promotion is consistent with product—e.g. Jacksonville shopping centers

l   Remember promotion reflects upon project

–   Matching promotional activity with product image (high pressure ads for conservative office property)

–   Beware of gimmick promotions (live turkey for shopping center)

Place

l   Strategic location for product (doughnuts on inbound side of road)

l   Competitive location (better than competition)

l   Ingress/Egress

–   Taco Bell (adequate ingress/terrible egress)

–   Curb cut locations

People

l   Ultimately people control success or failure

l   Getting the right people

l   Keeping the right people

–   Compensation

–   Job satisfaction

–   Burn-out

–   Training

Marketing Principles

l   Know your product

l   Your best source of new business is your present customer base.

l   Preparation--preview for cleanliness and condition

l   Referrals--be careful about paying "commissions"

l   Civil Rights compliance

Advertising Campaign Strategy

l   Type of property

l   Supply and demand--product differentiation

l   Financial resources

Goals of Advertising

l   Product image

l   Product education

l   Creating demand

Advertising Methods

l    Word of mouth

l    Signs

l    Newspaper Advertising

l    Periodicals and other publications

l    Brochures

l    Radio

l    Television

l    Direct mail

l    Telephone

l    Multiple media campaigns

l    Internet sites

Promotions

l   Civic associations

l   Sponsorships

–   Youth teams

–   Parades

l   Special events

Personal Selling Activities

l    Outside Broker Cooperation

l    Direct selling

l    Qualifying the prospect

l    Creating Interest and desire

l    Dealing with objections

l    Negotiation

l    Leasing agents

l    Model unit sales offices.

Economics of Marketing

l   Tracking costs and effectiveness

l   Using Computers to market