Marketing
20th Edition
ISBN: 9780357033791
Author: Pride, William M
Publisher: South Western Educational Publishing
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Chapter 1, Problem 1DRQ
Summary Introduction
To discuss: The term marketing.
Expert Solution & Answer
Explanation of Solution
Marketing is the process that contains creation of goods, fixing prices, distribution of the goods, and promotion of the goods and services, and ideas in order to enable satisfying exchange relationship among the customers and for maintaining a good stakeholder relationship in the dynamic environment.
Person X views on 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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