Chapter 1 Vocabulary
Marketing- the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Exchange- people giving up something to receive something they would rather have.
* Conditions of exchange
* There must be at least two parties
* Each party has something that might be of value to the other party
* Each party is capable of communication
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