Marketing Seeks to Discover the Needs and Wants of Prospective

question 21

Multiple Choice

Marketing seeks to discover the needs and wants of prospective customers and satisfy them.Essential to this process is the idea of exchange.To marketing people exchange refers to the

• A)negotiation phase between the manufacturer and the seller.
• B)financial remuneration (monetary payment) for an item or service.
• C)trade of things of value between buyer and seller so that each is better off after the trade.
• D)bartering of goods and services for other goods and services of greater or equal value.
• E)acquisition of something of value that equals or exceeds the customer's expectations.

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Definitions:

Competitive Advantage

A unique attribute or ability that allows an organization to outperform its competitors.

Marketing Strategy

A long-term approach designed to achieve a company's marketing goals by creating a unique position in the marketplace through the selection of a target market and the formulation of a marketing mix.

Market-oriented

A business approach focused on understanding and meeting the needs and wants of customers in a specific market.

CEO

Chief Executive Officer; the highest-ranking executive in a company, responsible for making major corporate decisions and managing overall operations.