Mkt 230 Marketing Concepts Appendix B

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 DefinitionExampleNeed A desire or longing you have which has not been met.When my hair is to long I go to the salon to get it cut.Benefit Satisfaction you would obtain from the purchase of a good. Buying a 2006 vehicle vs. a 2008 because the price was more affordable and it came with more luxuries. Exchange A trade between two parties or a buyer and seller. Purchasing a shirt at Wal-Mart for my son, it to small so I take it back and replace it with a larger size.Marketplace A location where buyers and sellers of products and services meet to enter into exchanges.Using the E-bay auction as I do to bid and purchase products. Utility Satisfaction you receive from using a good or service.Place Utility- The new pizza parlor opening 2 miles away from work compared to the other location which is 5 miles away.Social Marketing Satisfy the need of the customer along with benefiting society. The new cleaners that Johnson and Johnson have come out with that are 100 environmental friendly.Goods and Services