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    Dr Afua

  • Course

    BUS626

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  • Subject

    Business

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Question

  1. Provide your understanding of the concept of exchange and why it is important . Provide at least one example that helps to illuminate what the definition of the exchange concept is and how market exchange is executed.
  2. Provide a working definition of the marketing concept and how organizations can benefit from abiding by it. Provide at least one example that helps to illuminate what the definition of the marketing concept is and how the marketing concept helps businesses to operate.
  3. Explain each of these three concepts and how they differ: needs, wants, and demands. Provide one clear example for each of these concepts.
  4. Explain why mission statements are important. Provide one clear example of a firm that does not employ a mission statement and discuss why some organizations might not use a mission statement.
  5. Discuss each of the 4Ps of marketing and provide one clear example of each of the marketing 4Ps and why each is important.
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Solution Preview

A marketing exchange is what happens when an organization trades goods or services with another organization. (Thompson, 2018) For an exchange to happen both parties must have something the other wants and both parties must be willing to do the exchange. An example of the exchange concept is as easy as downloading an app on your phone and paying for it using Apple Pay or PayPal...

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