Eres : Digital Library : Works

Paper eres2005_348:
Integrative Process-Oriented Real Estate Marketing

id eres2005_348
authors Wiffler, Matthias
year 2005
title Integrative Process-Oriented Real Estate Marketing
source Book of Abstracts: 2005 European Real Estate Society conference in association with the International Real Estate Society
summary Real estate marketing is still focused on McCarthy's 4-P or marketing-mix approach. In today's volatile markets the 4-P approach will no longer lead to satisfying results. It neglects an inherent strategic approach, lacks a process-oriented view and is rather focussed on the product than the customer and the customer's needs. Therefore, the author presents an integrative process oriented real estate marketing approach. Firstly, this approach is aligned with the property's position in its lifecycle. It distinguishes between property marketing (1) before and during the development process, (2) the phase while the building is rented at this stage in the property lifecycle the marketing focus shifts from product to services and relationship marketing and (3) the situation when the building suffers from functional obsolescence and is no longer lettable. Due to the fact that the stakeholders and target groups, all with diverse demands and claims, differ enormously in each phase of the property lifecycle this distinction is essential. Secondly, the approach provides a four stage marketing management process, which is applied in each phase of the property lifecycle. The process consists of a preparation, an initiation, a closing and a realisation phase. This strategic approach provides marketing managers with a plan of procedures to market real estate in each phase of the property lifecycle. Thus, it overcomes the shortcomings and the strategic lack of the marketing-mix approach.
series ERES:conference
type normal paper
discussion No discussions. Post discussion ...
session Session C4
last changed 2008/11/01 09:47
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