Question 60 - Reading Practice Test for the TEAS

Using the definition in the passage and the example in the chart (both attached), choose the answer that best describes what happens to both parties in the exchange process.

“Marketing is the activity of facilitating exchange of a given commodity for goods, services, and/or money for the purpose of delivering maximum value to the owner of the commodity. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long-term relationships. The exchange process is the act of obtaining a desired object from someone by offering something of value in return. The exchange between the person in need (i.e., someone who offers money or some other personal resource) and the organization selling the product, service, or idea results in a transaction. The top goal of any marketing organization is to facilitate and help increase sales transaction by convincing potential consumers and existing customers to buy their company’s product or service. With the emergence of the Internet and e-commerce during the 1990s, the nature of the marketing exchange for businesses and customers has changed drastically. Today’s consumers have access to far more and far better information. They also have many more choices. Businesses must provide personalized, relevant and high quality content that competes with a fast, ever-changing competitive landscape.”

Boundless. “Defining Marketing.” Boundless Marketing. Boundless, 20 Sep. 2016. Retrieved from:

p q 57

Boundless. “The Marketing Exchange.” Boundless Marketing. Boundless, 20 Sep. 2016. Retrieved from:

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