Lesson 11 Flashcards
1
Q
What are the components of marketing?
A
Product: Goods and services (creating offerings)
Price: The monetary amount charged for the product (exchange)
Promotion: Communication about the product
Place: Getting the product to a point where the customer can purchase it (delivering)
2
Q
What are the 4Ps of marketing?
A
The 4Ps are known as the Marketing Mix:
Product
Price
Promotion
Place
3
Q
How does a company create its Marketing Strategy?
A
A company develops its Marketing Strategy based on the Marketing Mix.
4
Q
What is the relationship between the Marketing Mix and the Marketing Plan?
A
The Marketing Mix informs the Marketing Strategy, which in turn guides the Marketing Plan on what needs to be achieved and how to achieve it.
5
Q
What does a Marketing Plan outline?
A
The Marketing Plan outlines the overall mission and objectives that the company aims to achieve.
6
Q
What does the AIDA Model stand for?
A
AIDA stands for Attention, Interest, Desire, and Action.
7
Q
What is the first objective of the AIDA Model in marketing?
A
To hold the Attention of the buyer.
8
Q
What is the second objective in the AIDA Model?
A
To generate Interest in the product or service.
9
Q
What is the goal of creating Desire in the AIDA Model?
A
To make the buyer want the product or service.
10
Q
What is the final objective of the AIDA Model?
A
To influence the buyer to take Action, such as making a purchase.
11
Q
What is the marketplace in marketing?
A
The marketplace is known as the “Place,” where buyers and sellers interact to exchange goods or services.
12
Q
In the marketing context, what does Place refer to?
A
It refers to distribution channels and the strategies to make products or services available to customers at the right location, time, and quantity.
13
Q
What is the primary goal of the marketing process?
A
To create value for customers and build customer relationships.
14
Q
What is the purpose of capturing value from customers?
A
To create profits and customer equity.
15
Q
What does creating satisfied, loyal customers help a business achieve?
A
It helps capture customer lifetime value.
16
Q
What is involved in designing a customer-driven marketing strategy?
A
- Select customers to serve through market segmentation and targeting.
- Decide on a value proposition through differentiation and positioning.
17
Q
How can businesses build strong brands?
A
Through effective product design and creating real value in pricing.
18
Q
How is the value proposition communicated to customers?
A
Through promotion, which effectively communicates the value proposition.
19
Q
What are the 4 types of market segmentation?
A
- Geographic
- Demographic
- Psychographic
- Behavioural
20
Q
What is Market Position?
A
Market position refers to the consumer’s perception of a brand or product in relation to competing brands or products.
21
Q
What does Market Positioning involve?
A
It is the process of establishing the image or identity of a brand or product to ensure consumers perceive it in a specific way.
22
Q
What factors can influence market positioning?
A
Key factors include quality, service, image, and market price.
23
Q
What does Market Differentiation mean?
A
It means creating specialized products or services that provide a competitive advantage within a particular market segment.
24
Q
How can a manufacturer use market differentiation?
A
By producing several variations of a basic product marketed under the same brand to increase market coverage and promote dominance in that market.
25
What are some aspects that might be considered in market differentiation?
Quality, attitudes, performance, features, reliability, and reputation.
26
What are the Strengths and Weaknesses in SWOT Analysis?
They are controllable internal factors. Strengths are positive factors, while weaknesses are areas that need improvement.
27
What are the Opportunities and Threats in SWOT Analysis?
They are external factors that are typically uncontrollable. Opportunities can lead to growth, while threats can pose challenges to the business.
28
What is an exclusive listing?
An exclusive listing allows one estate agent or salesperson to market and sell a property, governed by an Exclusive Estate Agency Agreement.
29
What does an exclusive agreement entail regarding services?
The client and salesperson agree on services offered, like advertisement frequency and open house sessions; the client can terminate the agreement if the commitment is not met.
30
What is an open market listing?
In an open market listing, the client offers the property to any number of estate agents or salespersons, with the agent who secures a third-party deal earning the commission.
31
What is a key characteristic of an open market listing?
There is no assurance of performance or duty owed since no formal estate agency agreement is in place.
32
What is a non-exclusive listing?
A non-exclusive listing involves a limited number of estate agents or salespersons under a Non-Exclusive Estate Agency Agreement, allowing multiple agents to attempt a sale.
33
How is commission structured in a non-exclusive listing?
Each estate agent or salesperson's commission can vary, and payment goes to whoever successfully transacts the property.
34
What is a private treaty sale?
A private treaty is a sale method where negotiation occurs directly between the buyer and seller, allowing privacy and flexibility.
35
What are the advantages of a private treaty sale?
Advantages include privacy, lower costs, flexibility in drafting terms, direct negotiation, time flexibility, and the opportunity for multiple viewings.
36
What is an auction?
An auction is a public sale where properties are sold to the highest bidder, promoting transparency and competition.
37
What are key characteristics of an auction?
Auctions feature open bidding, high publicity, fixed terms and conditions, and a reserve price to protect the seller.
38
What is a downside of the auction method?
There is no cooling-off period, meaning the sale is immediate, and negative publicity may arise if the property is not sold.
39
What is a public tender?
A public tender offers an equal opportunity for any organization to submit a tender for a project or contract.
40
How does public tender ensure fairness?
It is open, fair, and designed to be free from bribery and nepotism.
41
What opportunity does a public tender create?
It creates opportunities for new or emerging players in the market.
42
What is a key advantage of public tenders?
They provide the greatest competition among suppliers, which can lead to better pricing and quality of goods or services.
43
How does public tender address prior negotiations?
It eliminates any unfair advantage that might arise from prior or closed-door negotiations for the contract.
44
What is a potential disadvantage of the public tender process?
Not all bidders may be suitable for the contract, which requires more time to evaluate the tenders.
45
Can a public tender award the contract to the highest bidder?
No, the contract may not necessarily be awarded to the highest bidder.
46
What characterizes a private tender?
It allows suppliers to submit tenders by invitation only.
47
How does a private tender affect participation?
It may prevent smaller or newer companies from participating in the tender process.
48
When is a private tender appropriate?
It is appropriate for specialist or complex contracts where suitable companies are required based on their expertise or track record.
49
What is a risk associated with private tenders?
Private tenders may be subject to bribery or nepotism due to the subjective nature of invitations.
50
What does the Practice Guideline contain?
Do’s & Don’ts on advertising
Acceptable content
Methods of advertising
Reference case examples (acceptable/not acceptable)
51
What does the term "promotional publicity & advertisements" encompass?
It includes publications, classified ads, pamphlets, flyers, websites, internet postings, online advertising, social media, and messaging services (e.g., SMS, WhatsApp, Telegram).
52
What must be obtained before marketing and advertising property?
Written consent from all clients, via SMS or any verifiable mode of communication.
53
Who must approve all advertisements before publication?
The Key Executive Officer (KEO) must approve all advertisements.
54
What additional approval is required for displaying outdoor advertisements?
Approval from relevant authorities (BCA, LTA, HDB, etc.) is required before displaying outdoor advertisements.
55
What must a salesperson do before marketing a property as an exclusive listing?
They must present a Marketing Proposal to the client.
56
What should the Marketing Proposal include?
a) Overview of the current market and realistic asking prices
b) Current asking prices of competitors
c) Comparable transacted prices/rent from URA, HDB, or JTC websites
d) An optional marketing plan
57
What must the client do regarding the Marketing Proposal?
The client must consent to the proposal.
58
How should property prices be advertised?
Property prices must be advertised in accordance with the client’s instructions.
59
What must salespersons know before marketing a property?
They should know the facilities, surrounding environment, maintenance, and sinking funds related to the property.
60
What is required if salespersons advertise a property with an indicated valuation?
They must state the nature of the valuation obtained (e.g., desktop valuation or HDB panel of valuers).
61
What must estate agents and salespersons do before marketing foreign properties in Singapore?
Conduct due diligence checks, including obtaining approved building plans from overseas authorities and ensuring accurate information from the overseas developer.
62
What must agents justify in their marketing materials?
Statements made about expected capital gains or rental returns must be justified with accurate information.
63
What should not be misrepresented in marketing materials?
Marketers must not misrepresent surrounding features of any development, such as omitting nearby buildings or structures.
64
What information must be clearly identified in all advertisements?
1. Salesperson’s name (as stated in the CEA Public Register)
2. Registration number
3. Contact number (as registered with CEA)
4. Estate agent's name
5. Estate agent license number
65
What specific phrases must be included in the advertisement?
1. “Estate Agent License Number” or “CEA License Number”
2. “Salesperson Registration Number” or “CEA Registration Number”
66
What is the exception for classified advertisements in newspapers regarding registration details?
In classified advertisements, the license and registration number do not need to be stated, but it is good practice to include an acronym to identify the estate agent.
67
What must be disclosed in advertisements that contain guarantees?
The underlying terms and conditions must be disclosed, along with explanatory footnotes or disclaimers set in a minimum font size of 8.
68
When indicating rates of capital gains or returns, what information must be included?
1. Basis and credible data sources
2. Definitions for terms used
3. Time-period of the data
69
How should claims on property market trends or economic forecasts be presented?
They must be backed by statistics from reliable sources, such as government agency reports.
70
What is required when advertising a property accurately?
Advertisements must accurately describe the property without using altered photographs or photographs of another property.
71
What must estate agents do regarding the actual view of a property?
They should advertise based on the actual view of the property.
72
If photographs are used for illustrative purposes, what must be included?
Appropriate qualifiers must be appended next to the photo to indicate they are for illustration only.
73
What legislation must be complied with when advertising a developer's new projects?
The Housing Developers (Control and Licensing) Act.
74
What must be considered regarding intellectual property laws in advertising?
Estate agents must comply with intellectual property laws when using developer logos and images.
75
What must be accurately advertised according to property usage guidelines?
The correct property usage as approved by the URA (Urban Redevelopment Authority) according to the Master Plan.
76
What is a common misrepresentation related to SOHO properties?
"Small Office Home Office" does not have specific zoning; real estate salespersons must use the correct terminology.
77
How should mixed developments be marketed?
They should not be marketed as dual office-cum-residential use.
78
What should not be claimed about buildings zoned as Business 1 or Business 2 (industrial)?
They should not be marketed as office use.
79
What must be stated correctly in property advertisements?
1. Future or approved developments (if any)
2. Transport facilities or MRT (if any)
3. Amenities such as schools
80
What should estate agents avoid when making claims of expertise or specialization?
They must not use dubious or misleading terms such as "King of xx," "Mr xx," "Specialist," or "Expert."
81
What must the price or terms of a property reflect according to ethical advertising guidelines?
They must not differ from those instructed by the client.
82
How should the selling price or price range be stated in advertisements?
It should be stated as instructed, including phrases like “view to offer” or “price negotiable.”
83
What should not be included in pricing for property advertisements?
Prices must not be based on Cash-Over-Valuation (COV) amounts.
84
What claims are estate agents prohibited from making in advertisements?
Claims such as "guaranteed sell at a high price above value," "all units sold at a high price above valuation," or any guarantee of "Cash Over Valuation."
85
What restriction is there regarding race or religion in property advertisements?
There should be no indication of race or religion unless complying with HDB Ethnic Integration Policy, SPR Quota, or Non-Citizen Quota.
86
What phrases should salespersons avoid when advertising?
Phrases like "we can help you sell your flat before the minimum occupation period" or "we can help you appeal to HDB for rental flat" should not be used.
87
When should advertisements be removed?
As soon as the property is no longer available for sale or lease or upon termination of the estate agency agreement.
88
What should happen when information on flyers changes?
The information should be updated (asap), and old flyers should either be reprinted and distributed or discarded.
89
Why is the date of issue important on flyers?
It helps consumers determine whether the information is current.
90
What terms should not be used in advertisements by salespersons?
Terms like "already co-broke," "no co-broke," and "no agents" should not be included
91
What is the policy regarding the use of dummy advertisements?
The use of dummy advertisements (i.e., advertising properties that do not exist) is not allowed.
92
What is prohibited regarding representations about properties in advertisements?
No false representation regarding the availability of multiple properties, such as claiming "ready units for rental" when that is not the case.
93
What does Section 3.10 state about copied advertisements?
Copying advertisements from newspapers into an internet property portal is strictly not allowed without the owner’s consent.
94
What is a guideline for distributing flyers and pamphlets according to Section 4.1?
Flyers and pamphlets must not be visible to the public except for the intended recipient.
95
When distributing flyers or pamphlets, what should be provided to the third party?
Proper instructions must be given to third parties who are distributing these materials.
96
What is required before pasting advertisement stickers in common areas such as HDB estates or bus stops?
Approval must be obtained before placing any advertisement stickers in these areas.
97
Why is distributing flyers and pamphlets on vehicles discouraged?
It is considered a public nuisance that can contribute to littering.
98
What regulations govern the display of outdoor advertisements?
The display of banners falls under the Building Control (Outdoor Advertising) Regulations.
99
What must advertisement signs along public roads include?
1. LTA’s approval reference
2. BCA’s license numbers
3. Serial number
4. Expiry date of the approval
100
Where should the BCA License Number be labeled on an advertisement?
The BCA License Number should be clearly displayed on the front of the advertisement.
101
What is the stance of the LTA regarding advertisement signs along roads?
The LTA discourages advertisement signs along roads as they may distract motorists and pose safety hazards.
102
What must estate agents and salespersons comply with when engaging in SMS or cold calling?
They must adhere to the Do Not Call Registry regulations, which prohibit calls from 10 PM to 9 AM.
103
What laws apply to emailing advertising?
Email advertising must comply with the Personal Data Protection Act and the Spam Control Act.
104
What is disallowed in relation to sending electronic messages (spam)?
The use of dictionary attacks or email address harvesting to send unsolicited electronic messages.
105
What must mobile SMS and email advertisements include?
They must include “” to indicate that it is an advertisement and provide an unsubscribe option.
106
What is a unique feature of SMS/WhatsApp advertisements regarding CEA License or Registration Number?
SMS or WhatsApp advertisements can exclude the CEA License or Registration Number, but email advertisements do not have this option.
107
What information should advertisements not contain?
They shall not contain specific floor levels or addresses of transacted properties and clients' private and confidential information.
108
What is REALIS and what does it include?
REALIS is the Real Estate Information System that includes:
Time Series
Transaction data
Rental information
Developer sales
Project data
Stock database
109
What must EA/RES comply with when using publicly available data?
They must comply with the terms and conditions of use, and sources of publicly available data must be indicated in the advertisement (e.g., “Sources from www.ura.gov.sg”).
110
What is a reminder for estate agents when using URA REALIS information?
The information is for personal research purposes only and cannot be used for commercial or marketing purposes.
111
What does internet advertising encompass?
It includes activities via websites, emails, advertisement portals, and social media (e.g., Facebook).
112
What must be ensured in the property information displayed on websites?
It must be current, accurate, and not misleading, including a notation of the last update date for market information.
113
What must be done with expired listings on websites?
Expired listings must be removed immediately.
114
What must be included in the profile of social networking accounts for estate agents?
The estate agent's license number and salesperson registration number must be clearly stated in the account profile.
