MKT 230 Week 1 Appendix B Marketing Concepts

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MKT 230 Week 1 Appendix B Marketing Concepts Appendix B

Marketing Concepts

In your own words, define the following marketing concepts and provide a relevant real world example to accompany each definition.

Concept Definition Example Need

Need of a person that is satisfied psychologically or physically If a person is thirsty, there is company like Pepsi that fulfill the requirement of quenching the thirst. Benefit

Need or the want being satisfied by something. When a person needs transportation, he will rely on a Honda Civic for reaching the destination. Exchange

To obtain something in exchange of another thing If there is person named John who needs nail but has only hammer and another person named Jim has hammer but no nails. They both can exchange the stuffs to fulfill their requirements. Marketplace

The meeting place...

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