Question

The concept of exchange is fundamental to the definition of marketing. What is the best description of exchange?

a. Activities that are performed primarily by producers and manufacturers
b. Transfer of products in return for monetary considerations
c. Development of products, distribution channels, promotional strategies and pricing objectives to satisfy customer requirements
d. Transfer of products that take place only between for-profit organisations
e. Provision or transfer of goods, services or ideas in return for something of value

Answer 1

Answer: e. Provision or transfer of goods, services or ideas in return for something of value

Step-by-step explanation:

Exchange is the primary way that transactions are done in the market. In order to get a good, service or idea, something of value must be exchanged for it and this thing need not be cash.

Exchange ensures that people get what they want by giving up something they have so therefore in effect, they value the good or service they are getting more than the good that they are giving up. Exchange is therefore value based.