Lecture 1 Introduction To Marketing

Question 1

What is the concept of exchange?

Answer 1

Where people trade something they have for something they value more

Question 2

What are the necessary conditions for an exchange

Answer 2

At least two parties.
Something of value.
Communication and delivery.
Freedom to accept or reject.
A desire to deal with the other party.

Question 3

Key issues in developing competitive advantage

Answer 3

Creating customer value.
Building long-term relationships.
Maintaining customer satisfaction.