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Marketing 230, Appendix B

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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 something that would be |A person has a baby that is not breastfed. They need |
| |hard to live without. |formula. |
|Benefit |A product that fills a need or a |Swiffers provide a benefit of faster cleaning/dusting. |
| |want provides a benefit. | |
|Exchange |Exchange is the trade of money or |A buyer goes to a store and buys groceries. |
| |other product/service for a | |
| |product the is needed or wanted |A massage therapist trades a massage for a web-design |
| | |time |
|Marketplace |A marketplace is where a process |Albertsons grocery store and Amazon are marketplaces. |
| |is obtain, could be a store, a | |
| |webstore, etc | |
|Utility

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