MKTG (with MindTap Marketing, 1 term (6 months) Printed Access Card) (MindTap Course List)
MKTG (with MindTap Marketing, 1 term (6 months) Printed Access Card) (MindTap Course List)
12th Edition
ISBN: 9781337407588
Author: Charles W. Lamb, Joe F. Hair, Carl McDaniel
Publisher: Cengage Learning
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Chapter 1, Problem 1LO
Summary Introduction

To discuss: The term marketing

Expert Solution & Answer
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Explanation of Solution

The term marketing:

Marketing refers to the set of institution, activity, and process of communication, creating, exchanging offerings, and delivering, which has the values of clients, customers, society and partners at larger.

The important outcome in marketing is exchange. It has five conditions to be satisfied.

  • The exchange must have at least of two parties
  • They both should have something of value for exchanging
  • They must be communicable and capable of delivery
  • The parties have the option either to accept and reject the proposal
  • Both the party should believe that it is desirable and appropriate to deal with each other.

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