MARKETING
9th Edition
ISBN: 9780324362084
Author: Lamb
Publisher: CENGAGE L
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Question
Chapter 1, Problem 1LO
Summary Introduction
To discuss: The term marketing
Expert Solution & Answer
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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