Promotion is the marketing communications — not the property's physical address
A worked RES examination question on marketing strategy, from our Paper 2 bank — with the rule it turns on, and why each of the four options is right or wrong.
The question
Reviewing Rachel's campaign for Meridian @ Novena, her mentor maps it onto the marketing mix. On the 4Ps as applied to this listing, consider the following statements.
- (i) "Promotion" refers to the physical address of the property being marketed.
- (ii) The unit's proximity to schools and the MRT is part of the "Product" — its features and location appeal.
- (iii) Listing the unit on property portals and co-broking networks is part of the "Place" element.
- (iv) The comparative market analysis Rachel did to set the asking price supports the "Price" element.
The answer, and why
Answer: A
The rule. In the 4Ps: Product is the unit's features and location appeal; Place is the distribution channels (portals, co-broking) where it is listed; Price is the value/pricing, which a comparative market analysis supports. Promotion is the marketing communications — not the property's physical address.
Why A is correct. (ii) location as Product, (iii) portals/co-broking as Place and (iv) the CMA supporting Price are correct. (i) is false — Promotion is not the property's physical address.
The other options.
- B adds the false (i), Promotion as the address.
- C drops (ii), the Product point.
- D drops (iii), the Place point.
Exam note. Product = features/location; Place = channels; Price = pricing; Promotion = communications, not the address.
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