Question

The VP of Marketing wants to explore the depth of your marketing knowledge. You explain that marketing is a process, which enables the creation and exchange of _____(a)______ between the company and the customer. You also explain that in the marketing exchange process, the unit of measurement is called _____(b)________.

Answer 1

Answer:

Values and building strong relationships

Transaction

Explanation:

Marketing refers to a process by which companies create and exchange values with the customers by providing goods and services of value in exchange for monetary payments, at the same time stressing upon building strong customer relationships.

The marketing exchange process refers to transactions effected wherein a product, which represents a bundle of utilities is offered in exchange for a monetary value.

Thus, transaction is the completion of the process of exchange and it is also marketing's unit of measurement.