Texas Real Estate Marketing Questions and Answers | Latest Update | 2024/2025 | Graded A+

Texas Real Estate Marketing Questions and Answers | Latest Update | 2024/2025 | Graded A+ **What does mass marketing entail?** **Mass marketing involves using a single marketing strategy to reach all customers, focusing on high sales and low prices.** **What is niche marketing all about?** **Niche marketing identifies small yet profitable market segments and develops or finds products specifically for them.** **Define strategy formulation.** **Strategy formulation involves the planning and decision-making process that establishes strategic goals and plans.** **What are examples of strategy formulation activities?** **Examples include assessing environments, analyzing core competencies, and creating goals and action plans.** **Explain strategy implementation.** **Strategy implementation refers to executing the strategic plan.** **What are examples of strategy implementation tasks?** **Examples include forming teams, adopting new technologies, focusing on processes, improving communications, offering incentives, and making structural changes.** **What are the 5 criteria outlined by the Small Business Administration (SBA)?** **Organization, Observation, Views (a different mindset), Driving Forces (motivation and focus), Ideal Position.** **Name the four elements of the marketing mix.** **Product, Price, Place, Promotion.** **Creating goals and action plans is part of which strategic process?** **Formulation.** **What is not considered a driving force that influences a strategic business plan?** **Cost of raising capital.** **What viewpoints should be considered when developing a business strategy?** **Environment, Marketplace, Project (Not Financial View).** **How is "strategic thinking" likened to?** **Having an airplane view.** **Who provides a list of 5 criteria to help define your ideal outcome?** **SBA.** **What is it called when it costs a business about 5 times more to acquire a new customer compared to maintaining an existing customer relationship?** **Kotler's Idea (Customer Retention Strategy).** **Which country has the highest percentage of resident internet users?** **Japan.** **True or False: Is it advisable to hire an external consultant for strategic formulation?** **False.** **What is the average attention span for Americans and Canadians, based on Microsoft studies?** **7 seconds.** What is the major difference between Mass and Niche marketing? Strategy What is the best way to communicate with buyers