Marketing Planning for Business Start-ups

Kotler defines marketing as ‘the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires’.

• True
• False

A brand differentiates a company’s product from its competitors and helps customers to make comparisons. Customers are more loyal to brands that they can associate with.

• True
• False

Customer relationship management or customer relationship marketing focuses on building relationships with existing customers to turn them into loyal customers.

• True
• False

Marketing and salesmanship are the same.

• True
• False

‘Price’ is the value of the products or services.

• True
• False

Effective marketing is based on the principles of understanding customers, delivering value to satisfy customers, and doing it at a profit.

• True
• False

Commodity products often use cost-based pricing while premium luxury products often use value-based pricing.

• True
• False

A marketer’s role is to find an opportunity to sell products and/or services to his target customers using the most suitable, cost-effective marketing strategies, in order to create profit for the marketer and to be of benefit to the customers.

• True
• False

A seller’s courteous, respectful and friendly service are part of a contact experience which is not part of the marketing.

• True
• False

Marketing in its simplest form is the exchange of something of value between the seller and buyer.

• True
• False