JulieMmkt230_appendix_b[1]

JulieMmkt230_appendix_b[1] - Axia College Material Appendix...

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Axia College Material 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 A need is the difference between a consumer’s actual state and an ideal state. An example of a need is simply water. Human beings need water to survive whether it comes through drinking or eating. If a person is dehydrated, he or she has a need for fluids. Benefit A benefit is the satisfaction of a need that comes from buying a certain product. Run flat tires are an example of a benefit. Everyone will have to replace their tires eventually and companies that produce run flat tires provide a better benefit than those that do not. Exchange An exchange is the transfer of value between a buyer and a seller. An example is any type of transaction. Going into a store and handing a $5.00 bill to a cashier in exchange for a pack of batteries is an exchange. The store values money because they use it to fund the
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JulieMmkt230_appendix_b[1] - Axia College Material Appendix...

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