MKT 230 Week 1 Appendix B Marketing Conceptsin Other (Other) by jacob
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MKT 230 Week 1 Appendix B Marketing Concepts Appendix B
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...