Essay on Real Estate
The term “real estate” is a commonly used term, which means “land and its improvements; mines, minerals and quarries under the land; air and water rights associated with land; and other rights and privileges related to land” (Karp et al., 2008, p. 38). In other words, reals estate involves all types of land attachments that have permanent nature. However, the meaning of the term “real estate” may vary, depending on the situation. For example, in jurisdiction, the term “real estate” means “real property” (Karp et al., 2008). Moreover, real estate may refer not only to property, but also to the rights and privileges relating to land. These rights are called real estate. In marketing, real estate market analysis is used to identify current problems in the field of real estate industry. Market analysis is conducted for all types of real estate.
Marketing
The term “marketing” refers to different activities aimed at sales, including “merging, integrating and controlling supervision of all company’s or organization’s efforts that have a bearing on sales” (Reid & Bojanic, 2009, p. 8). In other words, marketing involves buying activities, selling activities and the activities associated with transporting goods and services. Today marketing can be viewed as a system of different business-related activities, which help to distribute various goods and services to potential and present customers. Marketing philosophy reflects the profit concept. Special attention in marketing is placed on the role of a market price. Many experts consider that marketing has become an art that covers a wide range of activities (Reid & Bojanic, 2009). The major function of marketing is enhancing consumer satisfaction. For example, improved distribution requires the proper marketing activities to increase consumer satisfaction.
Strategy
The term “strategy” can be defined as “determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals” (Chandler, 2003, p. 13). In business, it is necessary to make decisions aimed at expanding activities and achieving the established goals. Marking strategy should be developed and implemented to effectively deal with customers, segments and target markets. The major goal of marketing strategy is not only to identify customer needs and demands, but also design an effective marking program that will help to find the proper ways to satisfy the needs and demands of potential customers (Chandler, 2003). The lack of well-developed strategy leads to poor performance because of improper actions to achieve the established goals. Organizations should recognize the importance of developing an effective strategy to achieve success on the competitive market.
Policies
The term “policy” can be defined as a “set of directions, which are oriented toward a long-term purpose or to a particular problem” (Massow, 2009, p. 11). Policies refer to decisions, which influence the development and implementation of certain strategies. Policies play a crucial role in marketing development. Policies help to change the existing environment for a better one. In marketing, policies are based on marketing principles that help to promote them. Pricing policies address price as the key element of marketing, which influences customer satisfaction, sales and profits (Massow, 2009). Pricing policies help to set the most flexible prices to achieve the established goals in sales. In other words, policies are developed to generate bigger profits addressing certain challenges.
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