Peter Drucker, the Father of Modern Management, Believed That Marketing

question 4

Multiple Choice

Peter Drucker, the father of modern management, believed that marketing _____________.

• A) Should be a separate function within the business
• B) That it is the business as seen from an internal point of view
• C) That it is the business as seen from the customer's point of view
• D) That is so basic that it is a central dimension of the entire business
• E) Should improve the quality of life for society

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Definitions:

Income

Earnings received by individuals or entities, typically in the form of wages, salaries, rents, interest, or profits, available for spending or saving.

Substitution Effect

The shift in buying habits caused by a change in the relative costs of products, prompting consumers to substitute pricier options with more affordable ones.

Price Change

Price change refers to the variation in the cost of a good or service over time, which can be influenced by factors such as supply, demand, and inflation.

Budget Line

An illustration showing every possible mix of two products that can be acquired with a certain amount of money, assuming the prices are constant.