Lesson 1 ABM 13 Nature of Marketing

Principles of Marketing

​Lesson 1: Nature of Marketing

​Key topics:

​1. What is Marketing?
2. Goals of Marketing
3. Traditional & Contemporary approaches

Multiple Choice

Marketing is an organizational function and a set of processes for creating, communicating and delivering the product to customers in ways that benefit both the organization and the stakeholders.

• True

• False

Multiple Choice

Which of the statements best describes Value based Marketing 3?

• Value-based marketing focuses on providing value to customers by understanding their needs and preferences.
• Value-based marketing adds value to a product so that the company may fulfill its mission, vision, and values.

• Create a valuable product.

• adding value to a product that will give a "deep connection" to the customer through processes that are aligned to the Vision, Mission and Values of the company..

Multiple Choice

What is the main goal of marketing during the CUSTOMER Management era?

• Focusing on product development
• Increasing short-term sales
• Building long-term relationships with customers

Multiple Choice

Which marketing era focused on human emotions and introduced Emotional marketing?

• Emotional Era

• Brand Management Era

• Customer Management Era

• Product Management

Multiple Choice

What is the aim of marketing according to Peter Drucker in 1973?

• To generate demand for products

• make selling unnecessary

• To develop new products

Multiple Choice

Contemporary marketing is about

• relationship marketing in a targeted segment using digital platforms

• Creating modern and contemporary products

• using billboards, and television ads

• marketing in this modern age