房地产营销外文文献

文献信息标题: Best address: the use of innovative marketing in the real estate industry作者: Meyers, Yuvay Jeanine; Harmeling, Susan S出版物名称: Journal of Research in Marketing and Entrepreneurship卷: 13;期: 1;页: 74-84;出版年份: 2015;出版物国家/地区: United KingdomISSN: 1471-5201Best address: the use of innovative marketing in the real estate industryMeyers, Yuvay Jeanine; Harmeling, Susan SAbstractThis paper seeks to explore the successful entrepreneurial marketing communications done by a small, residential real estate firm, Best Address LLC, in Washington, DC (USA). The goal of the study is to develop an understanding of best practices used by this firm that can translate into marketing tactics used by other small businesses. Qualitative research was conducted to investigate the tactics used by Best Address LLC along with an extensive academic literature search to provide support for the study's findings. Findings - The service quality portrayed by the firm's marketing communication efforts were examined and the key tactics used by this firm were categorized into three areas that fall in line with previous research on successful entrepreneurial marketing strategy. This paper concludes by presenting a theoretical model that conceptualizes service quality as a function of the marketing communications efforts executed by a firm in hopes of guiding entrepreneurs' activities towards positive consumer affect. This study highlights how Best Address LLC differentiates itself from its much larger competitors and provides key insights for successful entrepreneurial marketing strategy in the residential real estate business. Although there is a stream of academic literature regarding entrepreneurial marketing, there are few cases such as this one that present the marketing communications tactics successfully used by a small firm. Entrepreneurs hoping to venture into the real estate industry would benefit from the findings of this study.Key Words: Innovative marketing; Real estate industry; MarketingIntroductionEntrepreneurs often fail to plan strategically and differentiate themselves on service quality despite their best intentions as they become occupied with short-term, day-to-day tasks ([38] Quinton and Harridge-March, 2006). In addition, due to budget constraints, and lack of expertise, they may fail to take advantage of technology to support both operations and marketing ([35] Fillis et al. , 2004). This paper highlights the way Best Address®Real Estate, LLC, a residential real estate start-up in the Washington, DC (USA) metropolitan area, has planned strategically and provided excellent service quality, differentiating itself from competitors through the use of new technology and a comprehensive approach to marketing for all its customers - buyers and sellers alike.Like most successful, small firms that are focused on entrepreneurial marketing, Best Address® Real Estate, LLC is "constantly scanning the environment to discover or create new opportunities, assessing these opportunities and then exploits these opportunities successfully creating and renewingcompetitive advantage" ([20] Morrish et al., 2010). Care is taken by the firm to insure success by attempting to leave nothing to chance. Although the entrepreneurial instinct is to rely solely on personal experience as the lead to understanding how the consumer thinks of and hears about a brand or service, there is still a proven need to "institute more formalized information gathering" ([28] Stokes et al., 2002). This firm also employs marketing research and tactical marketing communications efforts, focusing on the objectives of understanding its consumers, providing excellent service quality, and successfully differentiating itself from competitors. In a marketplace where only 50 percent of new American businesses are still in existence after five years ([33] United States Small Business Administration, 2010), Best Address ®Real Estate, LLC has managed to not only remain in business, but has also been able to grow and become an increasingly profitable venture for its principals. The best marketing practices are highlighted in this examination in order to classify, understand, and potentially translate these successful tactics to other entrepreneurial ventures. This paper concludes by presenting a theoretical model that conceptualizes service quality as a function of the marketing communications efforts executed by a firm in hopes of guiding entrepreneurs' activities towards positive consumer affect.Marketplace differentiationPrevious research has shown that businesses operate under one of several orientations as a method of differentiation: a marketing orientation; an entrepreneurial orientation; a production- cost-focused orientation; a sales orientation; or a quality orientation ([32] Vitale et al. , 2004; [8] Craven et al. , 1987; [18] Morris and Paul, 1987; [29] Taguchi, 1987; [17] Miles et al., 1995; [1] Becherer and Maurer, 1997). Superior performance by a successful firm mandates that both marketing-oriented (an orientation toward creating value for the customer and the firm by meeting customer needs) and entrepreneurial-oriented (an innovation focused - orientation) activities take place ([32] Vitale et al. , 2004). Focusing on the actual encounter where the consumer receives service from the firm, or the service encounter, is a marketing-oriented activity and is the simplest and most straightforward way a firm can build positive affect with its consumers.Service encounters have been defined as the moment of interaction between a customer and a firm ([3] Bitner et al. , 2000; [4] Bitner et al. , 1994; [14] Keaveney, 1995; [26] Shostack, 1985; [34] Winsted, 1997). The subject of this analysis, Best Address® Real Estate, LLC, is an independent, full-service real estate firm that prides its self on providing its clients with the "highest level of customer service, a mastery of real estate practices, a commitment to confidentiality and integrity." ([2] Best Address ®Real Estate, LLC, Web site, 2010) Providing a superior service encounter is the primary aim of this Washington, DC firm. This goal guides the small company as it seeks to distinguish itself from its much larger competitors such as Long and Foster and Sotheby's. Having chosen "level of service" as its distinctive feature is an appropriate approach because research has shown that an effective way to satisfy customers during service encounters is to provide them with a pleasing experience that they were not expecting ([3] Bitner et al. , 2000). This is particularly important for start-up companies in service-oriented industries such as real estate because their brand is not yet well-known in the marketplace.In volatile industries such as real estate, short-term decisions need to be made with foresight into the longer term implications ([16] Mador, 2000). Best Address®Real Estate, LLC, makes many of its decisions based upon the "short-term goal of pleasing its customers" and "long-term goals of building loyalty" ([2] Best Address® Real Estate, LLC, 2010). Real estate firms are largely operating in what can be seen as a "commodity" business in that commissions are essentially fixed at 6 percent of sales price. While there is no "official" setting of commissions, as that would be a violation of anti-trust law,rarely are there deviations from the standard 6 percent commission. This commission, paid by the seller to the seller's agent, is then split 50/50 between him/her and the buyer's agent. Therefore, businesses have little opportunity to differentiate themselves on the price dimension, making the service dimension, including all aspects of marketing properties for sellers and providing the highest level of service in the search process for buyers, the main avenue of differentiation for a start-up real estate firm.Previous research has shown that marketing is a key entrepreneurial competency that is critical to the development and survival of small firms ([7] Carson et al. , 1995, [36] Hills and LaForge, 1992). This key competency, entrepreneurial marketing, is defined in current academic literature as "the proactive identification and exploration of opportunities for acquiring and retaining profitable customers through innovative approaches to risk management, resource leveraging and value creation" ([19] Morris et al. , 2002, p. 5). Focusing on strategically guided marketing is an effective way for small entrepreneurial ventures to differentiate themselves, and therefore to prosper, given the dual disadvantages of limited resources and a low level of brand recognition. In the case of this subject, being a small entrepreneur dictates the need to focus this marketing effort towards brand building and client acquisition.Conceptually, the marketing effectiveness of a real estate firm is dependent upon its revenue generation efforts ([25] Richins et al. , 1987). Best Address® Real Estate, LLC, uses what is called in real estate a balanced strategic orientation, meaning that the firm generates revenue from real estate equally by selling properties that are listed by other firms and by listing properties for other firms to sell on its behalf. The firm in this situation is tasked with building its brand and reputation, along with selling properties and servicing clients. According to this research, a balanced orientation requires a heavy focus on marketing efforts in order for it to be successful. The ongoing and differing marketing endeavors must coincide with the goal of pleasing the various audiences involved.Instead of relying on traditional media, successful entrepreneurs often seek out efficient and unconventional ways to reach their consumers ([20] Morrish et al., 2010). New technologies have allowed many small businesses to compete in markets that were previously closed to them ([38] Quinton and Harridge-March, 2006). Applying these new technologies allows small businesses to drastically improve their performance, accelerate their marketing efforts and develop high quality service offerings for their customers. However, small business owners often fail to adopt new technology due to lack of knowledge or expertise, resistance to change in the way that "business has always been done" in a particular industry, or the cost of investing in the necessary technological products and services ([39] Ramsey et al. , 2003, [35] Fillis et al. , 2004).In line with available research in this area (for example, [37] Ireland and Webb, 2007), Best Address®Real Estate, LLC, has seen success due in part to its employment of cutting edge, technology-driven marketing efforts, such as QR codes and SMS links, in addition to high-quality traditional efforts such as glossy brochures, informational signs to guide potential buyers through properties for sale, thorough completion of MLS (listing service) information forms, larger newspaper ads, etc. These materials and methods can often cost Best Address ®Real Estate, LLC, as much as 400 percent more than those of their competitors (for example, each glossy brochure Best Address® Real Estate, LLC produces for its marketing package of a single property costs $4.00 where the industry standard is a far lower-quality offering that costs between $0.50 and $1.00 per copy). These higher-quality materials are used to unexpectedly surprise clients with a more pleasurable experience. Research has shown that when customers are confronted with pleasant, unexpected actions, the result is high levels of customer satisfaction ([5] Bitner et al. , 1990).Analysis of service quality differentiationIn order to further understand the qualitative data garnered from the interview with Best Address®Real Estate, LLC, an analysis was conducted to understand how the success of the firm relates to current and accepted academic literature. Best Address®Real Estate, LLC, uses its marketing communications efforts to display its superior service quality for its clients and future potential customers. To examine the effectiveness of their efforts in terms of service quality shown by the firm, an analysis of their tactics was done utilizing the SERVQUAL scale which is widely used as a qualitative method of service measurement. The SERVQUAL scale was developed to measure both the expectations and perceptions of consumer judgment of service quality ([23] Parasuraman et al. , 1988; [11] Day, 1992). According to this tool, there are five dimensions of quality in the service sector: reliability, responsiveness, assurance, empathy, and tangibles. The definitions of the dimensions are as follows ([11] Day, 1992):Reliability. Ability to perform the promised service dependably and accurately. Responsiveness. Willingness to help customers and provide prompt service.Assurance. Knowledge and courtesy of employees, and their ability to inspire trust and confidence. Empathy. Caring, individualized attention the firm provides its customer.Tangibles. Physical facilities, equipment, and appearance of personnel.These dimensions can also be used to evaluate how service is conveyed to customers through communications efforts. Small businesses may have to work harder at making these attributes apparent without the benefit of having a well -established brand. From this study's analysis, Best Address ®Real Estate, LLC spends a significant portion of its resources on communicating quality service through activity that emphasizes these dimensions. All five dimensions and the associated activities done by Best Address® Real Estate, LLC, can be seen in Table I [Figure omitted. See Article Image.] entitled "Best Address® Real Estate, LLC, major service quality efforts."Satisfaction is "guaranteed" with this small firm. One of the primary messages shared with potential buyers and sellers is that they have the right to be satisfied with their service and can make decisions accordingly. This is implicative of the firm's reliability given that their promise to the customer is that the firm is working for them.The use of technology as a sales tool is pervasive at Best Address® Real Estate, LLC. The level of responsiveness is escalated by technology as potential buyers can immediately access information about homes listed by the agents. Through bar code technology, text messaging, online tours/photos, and web sites detailing the pricing information, access to Best Address ®Real Estate, LLC, is a company standard. Having this cutting edge technology as a standard is also a tangible method of displaying quality to buyers and sellers.One of Best Address®Real Estate, LLC's most direct quality declarations communicated to its audiences is through its "Difference" statement, which can be found on the company web site and on other distributed pamphlets and documents. This statement of how the firm is different for its customers, both buyers and sellers, gives assurance to the audience in the form of a written list of expectations and promises. For example, the list includes statements and explanations for guarantees such as "satisfaction guaranteed", "single representation", "no junk fees", "complete confidentiality" also with other pledges. The policy of providing transparency to its clients shows that the firm's empathy lies with the clients and that they strive to provide the best experience as a way to build its brand reputation. There is also a positioning statement of the firm that helps provide clarity of thisempathetic stance: "new firm built upon an old idea of providing exceptional customer service." This statement helps to create a bond with consumers and position the firm as one whose values mirror that of the consumers.According to the SERVQUAL scale, Best Address®Real Estate, LLC, successfully uses marketing communication by addressing the five key dimensions that display service quality. All of their efforts align with recommended strategy provided by research findings in the service quality stream of research. Moving further into this study, we will classify the marketing tactics used by this entrepreneurial firm to further differentiate itself from competitors in hopes of providing insight into the best practices employed.Key entrepreneurial marketing tactics used by Best Address® Real Estate, LLCCategorizing the marketing efforts employed by Best Address® Real Estate, LLC, into three key tactics, we will further compare and analyze this effort with that of its leading competitors. Please see Table II [Figure omitted. See Article Image.] for summation of the key tactics used by the firm in relation to those used by competitors.High quality collateralsOne key aspect of the marketing practice employed by Best Address® Real Estate, LLC, is the use of high quality communication materials. This is an expense incurred entirely by the firm and must meet the standards of the Best Address® Real Estate, LLC, brand strategy. When looking at larger firms in the area, Best Address® Real Estate, LLC, shows an entrepreneurial distinction by setting a standard with regard to quality marketing materials. Other firms generally allow the agent to take creative license with this aspect of the sales processes. Although agents at Best Address ®Real Estate, LLC, are responsible for their own marketing material, the broker of the firm reviews all collateral sent out by agents. Through adherence to this standard of quality set by the firm, there is uniformity of branding presented. The amount that Best Address ®Real Estate, LLC, spends on, for example, full-color brochures, is approximately $4.00 per piece compared to $0.50 per piece for the typical large company. There is evidence pointing to a correlation between consumers' perception of a company's quality and their perception of the amount of spent on advertisements ([15] Kirmani, 1990). Having higher quality marketing materials is therefore a sound strategy used by this small business to enhance its brand image.Innovative communicationThere is an increasing understanding of the linkage between technology-customer, technology-employee, and technology-company within the quality-value-loyalty chain ([22] Parasuraman and Grewal, 2000). Consumers appreciate and value the use of technology in their relationship with companies. Through their use of cutting edge technology that is shared within the firm, there is reason to assume this strategy is helping to building the relationship between clients and the firm. The firm seems to strike more of a balance with the use of technology than the local competitor. Where competitor firms tend to take an "all or nothing" approach in terms of the technology provided by the firm from the commission paid by the agents, Best Address ®Real Estate, LLC, allocates much of its resources in addition to the monies provided by commissions to ensuring innovative technology and high-quality communication. In order to maintain the brand's standards, Best Address®Real Estate, LLC, leadership insists upon and subsidizes uniformity in the communications tools used by the agents.(完整文献见百度文库)Honest/educated agentsThe third key tactic focuses on building trust between customers and the company. Relationship marketing is the "bread and butter" of a service organization like Best Address® Real Estate, LLC. In service industries, the level to which the consumer believes that an organization is honest and can be counted on is a major indicator of a firm's success ([30] Tax et al. , 1998). Again consistent with the firm's standard of excellence, Best Address®Real Estate, LLC deviates slightly from the normal process of how agents come into an agency. In general, agents pick the firm they would like to work under. At Best Address® Real Estate, LLC, there is a two-way interview process where the broker and the agent can both decide if there is a fit with each party. This, along with an orientation process and status meetings help the firm to assure that the standard is being met by the agents and trust in the Best Address ®Real Estate, LLC, brand is being built. This family like atmosphere extends to its customer base as well, with Best Address®Real Estate, LLC, choosing to keep a small niche audience with whom they continuously build and manage their relationships. Nurturing long-term relationships with a small number of customers is one of the ways that small niche firms are able to compete and succeed against larger competitors ([31] Toften and Hammervoll, 2010). Best Address ®Real Estate, LLC works diligently to build relationships with their customers by collecting data used to better understand their needs and wants. In accord with the literature, the focus of these firms should be on "high-quality products, specific product concepts and continuous improvement" ([31] Toften and Hammervoll, 2010), which is the standard that Best Address ®Real Estate, LLC, adheres to.Relationship between firm service quality and marketing communicationsSeeing that all of Best Address® Real Estate, LLC's efforts are in line with presenting quality service, according to the academic literature, a model was developed to connect the best marketing practices used with the service quality attributes academically accepted. This connection is presented in hopes of making recommendations that would bridge the gap between academia and practice in order to promote entrepreneurial success like that seen with Best Address ®Real Estate, LLC.Measurement of service quality has been addressed in previous academic literature ([24] Parasuraman et al. , 1985; [9] Cronin and Taylor, 1992; [6] Brady and Cronin, 2001; [10] Dabholkar et al. , 1996). This paper intends to extend the previous literature available on the subject in hopes of providing a proposed model that will conceptualize service quality as a function of the marketing communications efforts executed by a firm. By developing a service quality model, this paper will offer a framework for understanding what service quality is and how firms can use their activities to work towards positive consumer affect.The model (Figure 1 [Figure omitted. See Article Image.]) begins with the consumer's affect and shows the constructs from which it is formed. The service quality of a firm is ultimately linked to the perceptions formed by the consumer and their preceding expectations ([23] Parasuraman et al. , 1988).A consumer's affect will therefore be developed by their "perceptions of service quality which results from a comparison of their before-service expectations with their actual service experience" ([21] Naik et al. , 2010). These "before service expectations" can be built though the marketing communications efforts of the firm, while their "actual service experience" lies with the service quality provided. This means, that the firm has two methods at its disposal that can be used to reach and influence consumer affect before and during their encounter. The dimensions of service quality that were previously mentioned (reliability, responsiveness, assurance, empathy, and tangibles) can be seen as ways to categorize the activities of a firm in order to relate them to the service quality that is perceived by the consumer. Two of these dimensions in particular, responsiveness and tangibility, were shown in thisanalysis to be major factors that can be manipulated by marketing communications efforts in order to promote positive service quality and to produce a positive consumer affect with regard to the firm and its activities.ConclusionThis study highlights how Best Address® Real Estate, LLC differentiates itself from its much larger competitors and provides key insights for successful entrepreneurial marketing strategy in the residential real estate business. Entrepreneurship in marketing is the perspective taken here in that Best Address ®Real Estate, LLC and its entrepreneurial issues were viewed in this study through a marketing theoretical lens ([13] Hansen and Eggers, 2010). Although the founder of Best Address®Real Estate, LLC did not conduct formal research before opening its doors in order to know what was missing from the larger firms, he informally listened to his consumer base to find out how to guide his firm's strategy. In accord with [12] Deacon's (2002) study, Best Address ®Real Estate, LLC was able to gain marketing knowledge through social interaction and infused this "experiential knowledge" through the firm's messaging ([12] Deacon, 2002; [20] Morrish et al. , 2010). This use of innovative marketing communication, along with its focus on the human resources of the firm, they have been successful at growing as an entrepreneurial venture. Best Address® Real Estate, LLC had the foresight to plan its marketing efforts strategically focusing on the objectives of understanding the customer, providing excellent service quality and successfully differentiating itself from competitors. Providing service that is in line with accepted academically based recommendations, in turn, gives credence to the ability of practitioners to find success through the utilization of marketing strategy theory. For example, this case can be used as justification to future entrepreneurs to tailor their business activities based upon the five dimensions of service quality ([23] Parasuraman et al. , 1988; [11] Day, 1992).In conclusion, entrepreneurial ventures should differentiate themselves in the marketplace from competitors. In the case of Best Address® Real Estate, LLC, this was accomplished by adjusting their marketing efforts to provide potential customers with the image of superior quality. In order for other entrepreneurial firms to potentially replicate the success of this firm though service quality, the functions of that variable, reliability, responsiveness, assurance, empathy, and tangibles, must be managed. The afore displayed theoretical model attempts to conceptualize service quality as a function of the marketing communications efforts executed by a firm in hopes of guiding entrepreneurs activities towards positive consumer affect. The key tactics used by the firm presented in this study can be adopted and utilized by other small businesses, particularly if they are venturing into a service industry, in order hopes of finding success in the marketplace.References1. Becherer, R.C. and Maurer, J.G. (1997), "The moderating effect of environmental variables on the entrepreneurial and marketing orientation of entrepreneur-led firms", Entrepreneurship Theory &Practice, Vol. 22 No. 1, pp. 47-58.2. Best Address®Real Estate, LLC, Web site (2010), About us/firm history, available at: /firmhistory.php (accessed August 6).3. Bitner, M.J., Brown, S.W. and Meuter, M.L. (2000), "Technology infusion in service encounters", Journal of the Academy of Marketing Science, Vol. 28 No. 1, pp. 138-49.4. Bitner, M.J., Booms, B.H. and Mohr, L.A. (1994), "Critical service encounters: the employee's viewpoint", Journal of Marketing, Vol. 58, October, pp. 95-106.5. Bitner, M.J., Booms, B.H. and Tetreault, M.S. (1990), "The service encounter: diagnosing favorableand unfavorable incidents", Journal of Marketing, Vol. 54, January, pp. 71-84.6. Brady, M.K. and Cronin, J.J. Jr (2001), "Some new thoughts on conceptualizing perceived service quality: a hierarchical approach", Journal of Marketing, Vol. 65 No. 3, pp. 34-49.7. Carson, D., Cromie, S., McGowan, P. and Hill, J. (1995), Marketing and Entrepreneurship in SMEs, Prentice-Hall, London.8. Craven, D.W., Hills, G.E. and Woodruff, R.B. (1987), Marketing Management, Irwin, Homewood, IL.9. Cronin, J.J. Jr and Taylor, S.A. (1992), "Measuring service quality: a reexamination and extension", Journal of Marketing, Vol. 56 No. 3, pp. 55-68.10. Dabholkar, P.A., Thorpe, D.I. and Rentz, J.O. (1996), "A measure of service quality for retail stores: scale development and validation", Journal of the Academy of Marketing Science, Vol. 24 No. 1, pp. 3-16.11. Day, E. (1992), "Conveying service quality through advertising", Journal of Services Marketing, Vol. 6 No. 4, p. 53.12. Deacon, J.H. (2002), "Contextual marketing - commonalties and personalities - fuzzy experiential excellence", paper presented at the UIC Research Symposium: American Academy of Marketing, San Diego State University, San Diego, CA.13. Hansen, D.J. and Eggers, F. (2010), "The marketing/entrepreneurship interface: a report on the 'Charleston Summit'", Journal of Research in Marketing and Entrepreneurship, Vol. 12 No. 1, pp. 42-53.14. Keaveney, S.M. (1995), "Customer switching behavior in service industries: an exploratory study", Journal of Marketing, Vol. 59, April, pp. 71-82.15. Kirmani, A. (1990), "The effect of perceived advertising costs on brand perceptions", The Journal of Consumer Research, Vol. 17 No. 2, pp. 160-71.16. Mador, M. (2000), "Strategic decision making process research: are entrepreneur and owner managed firms different?", Journal of Research in Marketing &Entrepreneurship, Vol. 2 No. 3, pp. 215-34.17. Miles, M.P., Russell, G.R. and Arnold, D.R. (1995), "The quality orientation: an emerging business philosophy", Review of Business, Vol. 17 No. 1, pp. 7-15.18. Morris, M.H. and Paul, G. (1987), "The relationship between entrepreneurship and marketing in established firms", Journal of Business Venturing, Vol. 2 No. 3, pp. 247-59.19. Morris, M.H., Schindehutte, M. and LaForge, R.W. (2002), "Entrepreneurial marketing: a construct for integrating emerging entrepreneurship and marketing perspectives", Journal of Marketing Theory and Practice, Vol. 10 No. 4, pp. 1-19.20. Morrish, S.C., Miles, M.P. and Deacon, J.H. (2010), "Entrepreneurial marketing: acknowledging the entrepreneur and customer-centric interrelationship", Journal of Strategic Marketing, Vol. 18 No. 4, pp. 303-16.21. Naik, C.N.K., Gantasala, S.B. and Prabhaka, G.V. (2010), "Service quality (Servqual) and its effect on customer satisfaction in retailing", European Journal of Social Sciences, Vol. 16 No. 2.22. Parasuraman, A. and Grewal, D. (2000), "The impact of technology on the quality-value-loyalty chain: a research agenda", Journal of the Academy of Marketing Science, Vol. 28 No. 1, pp. 168-74.。