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  1. What 5 conditions are in the concept of exchange.
    • 1. There atleast 2 parties
    • 2.Earch party has something of value to offer other party.
    • 3.Each party is capable of communication and delivery
    • 4.Each Party is free to accept or reject the exchange offer
    • 5.Each party believes it is appropriate or desirable to deal with the other party
  2. What are the 4 Market Orientations?
    • 1. Production Orientation-focuses on the internal capabilities rather then desires and needs of the marketplace.
    • 2. Sales Orientation- Focuses on aggressive sales techniques rather then needs of customer
    • 3. Marketing Concept- the idea that the social and economic justification for an organizations existence is the satisfaction of the customers wants and needs while meeting the organizational objectives.
    • 4. Societal Marketing Orientation- the idea that company is not only for prosperity but also that society and individuals long-term best interests are served
  3. What is relationship marketing?
    a strategy that entails forging long-term partnerships with customers
  4. What is Marketing?
    Marketing is an organizational function and a set of processes for creating, communicating , and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
  5. Why study Marketing?
    First, marketing affects the allocation of goods and services that influence a nations economy and standard of living. Second and understanding of marketing is crucial to understanding most businesses, Third, career opportunities in marketing are diverse, profitable , and expected to increase significantly during the coming decade. Fourth, understanding marketing makes consumers more informed.
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