Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange,which refers to
A) the trade of things of value between buyer and seller so that each is better off after the trade.
B) the negotiation phase between the manufacturer and the seller.
C) the financial remuneration (monetary payment) for a product or service.
D) the bartering of products and services for other products and services.
E) the practice of swapping products and services for other products and services rather than for money.

Question

Quizplus · Accepted Answer

Exchange refers to the trade of things of value between buyer and seller so that each is better off after the trade. This process is essential to discover the needs and wants of prospective customers and satisfy them through marketing efforts. Option B, C, D, and E are not the correct definitions of exchange.

Marketing Seeks to Discover the Needs and Wants of Prospective