Marketing_Mix

Marketing Mix MKT/421 November 29, 2010 Lois Zapernick Marketing Mix Within this paper the reader will find the elements of the marketing mix as it pertains to Northwood Realty Services in reference to product, place, price, and promotion. In addition, the reader will find how each of the four elements of the marketing mix effects the development of Northwood Realty Services marketing strategy and tactics. The reader will find how Northwood Realty Services implements each element of the marketing mix through marketing and research strategies. Northwood Realty Services Northwood Realty Services is a real estate agency established in 1956, serving customers in Eastern Ohio and Western Pennsylvania with 35 offices and 900 agencies within the local areas of the servicing regions (LinkedIn Corporation, 2010). Northwood Reality Services commitment to their customers is to ensure that buying and selling a home is more rapid, easier and a rewarding experience without the worries of the plugging economy. Despite the economic stance Northwood Reality Services “mission has remained constant unrivaled service, never-ending respect for customers, uncompromising integrity and ethics (Northwood Realty Services 2010, par.2).” Northwood Realty Services focuses on continuance complacency with the aim of sharing the enthusiasm, safety, reassurance and personal pride of owning a home with the new homeowners based on a trusted and confidence in a real estate agency. Northwood realty services strives on the present low interest rates, programs available for first time homeowners, new appliance discounts and first time homeowners tax credit. Northwood realty services provides guidance in homeownership helping find the ideal home for their customers by knowing the market that includes schools, neighborhood, and the local economy. Northwood realty services will help obtain a preapproval or a Nola an approval from an underwriter and will help in the entire purchasing process by helping the customer keep all the documents in order for negotiating the deal for tracking contracts, adamants, counteroffers, and inspections for a smoother closing. Implementation of Marketing Mix Northwood Realty Services offers several divisions to customers to aid in selling or purchasing a home that uses media marketing online. The Northwood Realty Services website offers links providing the four elements of marketing mix such as property search, agent or office location, finance, closing, relocation, home services, an overview of the company and contact information. The property search link covers the product, place, price and promotion by offering houses in the criteria of property type and the marketing mix element is product. The price range is under the marketing mix element of price. The area or school district is under the marketing mix element of place. The interactive map search, open houses, new homes, and equine properties are under the marketing mix element of promotion. The marketing mix element of promotion is within the links that provide information on agent location, office locations, and company overview that supplies telephone and fax numbers or “find an agent matching exact needs like spoken language, specialty, or professional designation (Northwood Realty Services 2010, par.2).” The marketing mix element of price is within the links that provide information on finance and closing that supplies a finance company and an overview of avoiding unexpected trifles during closing. The marketing mix element of promotion and place is within the links that provide information on relocation because Northwood has a membership “in Leading Real Estate Companies of the World TM, the largest relocation network available, we can manage the transfer needs of individuals and companies coast-to-coast or across continents (Northwood Realty Services 2010, par.2).” The marketing mix element of promotion is within the links that provide information on home services that provides imaginative tips and tools for homeowners. The use of marketing mix within Northwood Realty Services media marketing online is a criterion marketing plan that proves innovation and commitment and is emblematic of Northwood realty services fanatical marketing development. Marketing Mix Impact The housing market plunged to all new lows as the nation’s economic stance decreased causing some real estate agencies to implode or plead to the government for a bail-out. The current economic stance has caused an increase in interest rates and finance charges making it difficult for both the real estate agencies and consumers to sell or purchase a home without the fear of imploding home foreclosures. The economic stance has put forth an increase in new marketing strategy and tactics to ensure there are no more depletion of any remaining real estate agencies. Implementing market strategy, tactic, product, place, price, and promotion is an important aspect of keeping ahead of the economic stance. Thus without the four elements of marketing mix within Northwood realty services media marketing online their fate may have diminished with other real estate agencies that did not take the responsibility to implement stronger marketing strategies or keep informed of new trends, economic changes, and changes in marketing techniques. The use of marketing mix within Northwood Realty Services media marketing online is spectacular and proves Northwood Realty Services commitment to consumers in ensuring that buying and selling a home is more rapid, easier, and a rewarding experience. A process starts with fervent devotion, to preparation, and continuous edification, a method of learning that energizes every employee daily with innovative and audacious ideas in regard to products, services, and marketing that makes Northwood justly paragons in the real-estate agency. With the philosophy and technology of the Internet no real estate competitor is more knowledgeable than Northwood realty services with all of the marketing mix elements available on Northwood realty services website with a click of a button. Marketing Analysis Northwood realty services focuses on marketing analysis to help find or sell a home because every home has a value. When purchasing a home, selling a home, property, duplex, or commercial property the first question is the asking price because customer understandably want to know the outcome of the out-of- pocket expense or net worth. As part of the marketing mix Northwood realty services use their expertise in real estate to determine property value based on external factors that may increase or decrease property value. In most cases Northwood realty services simply can establish increasing factors such as current market trend, tactics and conditions to make certain accurate appraisal or survey results. The appraisal or survey results are a major factor in determining property value and are often misinterpreted by the customer when implementing an asking price or negotiating a purchasing price. Northwood realty services experts will analyze the asking price on other similar homes in accordance with recent marketing conditions to assist the seller or the purchaser in making an effective decision on asking or negotiating values of homes in the same specific type. The experts of Northwood realty services marketing analysis includes interest rates, property value based on records of market value on other similar houses in the same condition, economic stance and location that is another major factor in market value of homes. The experts of Northwood a realty service takes into account all the factors of the marketing analysis before placing a property value. Northwood realty services uses unique and bold marketing strategies as part of the marketing mix to ensure customer satisfaction in selling or purchasing a home. Conclusion In conclusion Northwood realty services have found new and innovating strategies in marketing houses and have survived the dilapidated economy. However, Northwood realty services must stay up-to-date with economic changes, new trends and be intrusive on new tactics to stay ahead of their competition. Throughout the paper the reader has found the elements of the marketing mix as it pertained to Northwood Realty Services through innovation and commitment to their customers in finding the right home based on current and future needs. The elements of the marketing mix include product, place, price, and promotion. Northwood realty did a superior job in including all the elements of the marketing mix on the Northwood realty services website and the links provided. In addition, the reader has found how each of the four elements of the marketing mix impacts the development of Northwood Realty Services marketing strategy and tactics with the use of media marketing online. The reader has found how Northwood Realty Services implements each element of the marketing mix through marketing and research strategies. Northwood realty services implemented the four elements of marketing mix within their marketing strategy and research without doing so their future may have diminished with the fate of other real estate agencies that closed their doors to the public. Last in conjunction with a free marketing analysis that also provides the four elements of marketing mix Northwood Realty Services has stayed true to their commitment that buying and selling a home is more rapid, easier and a rewarding experience. Reference: Gary Armstrong and Philip Kotler (2009) Marketing Retrieved November 24, 2010 from Axia E-campus material LinkedIn Corporation (2010) Northwood Realty Services Retrieved November 24, 2010 from ttp://www.linkedin.com/companies/northwood-realty-services Northwood Realty Services (2010) About Northwood Retrieved November 24, 2010 from http://www.northwood.com/company/