The Act Of Trading A Desired Product Or Service To Receive Something Of Value In Return Is Known As Which Key Concept In Marketing?

The Act Of Trading A Desired Product Or Service To Receive Something Of Value In Return Is Known As Which Key Concept In Marketing

Definition Of Exchange In Marketing

The correct answer is b. “exchange”, as Exchange Is The Backbone Of Marketing. Without exchange, the ultimate Purpose Of Marketing can’t be achieved. Marketing is the way to persuade customers to buy goods or services, to create superior customer value and satisfy customers needs, wants and demand in return. The process of marketing will not be completed if the exchange does not take place between two parties who are not agreed to make deals with each other. If the company get return but the customers are not satisfied with the quality of products or services, then exchange process will fail. So, to make a successful trading between the company and customers, both parties must be satisfied at the end. In that way, a successful exchange takes place between the company and the customer.

For example, if a company sold a product to a customer at a fair return and customers are satisfied with the quality of product and willing to pay the price, then a successful exchange is taken place between the company and a customer. Here, the company is also happy to receive money and the customer is also satisfied to buy a product from the company, so a win win exchange is taken place between two parties in the market.

So, in an exchange there is giving and receiving of something (Product or Service and Money) between two parties. Exchange can also be taken among more than two parties.

The other options like “a. product, c. production and d. customer are not the right choices as this is not the definition of this marketing key concept i.e., "Exchange".

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