Marketing Seeks to Discover the Needs and Wants of Prospective

question 50

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, 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 transport of tangible goods to new owners.
• E)the practice of swapping products and services for other products and services rather than for money.

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Definitions:

Individual Behavior

The actions or reactions of an individual in response to external or internal stimuli.

Economists

Professionals who study the production, distribution, and consumption of goods and services, analyzing how economies work and how economic agents behave.

Assumption

A belief or statement taken for granted without proof, often forming the basis for further reasoning or arguments.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.