_____ is a key ingredient in the philosophy of marketing; it occurs when people give up something in order to receive something that they would rather have.

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09-09-2019
Business

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_____ is a key ingredient in the philosophy of marketing; it occurs when people give up something in order to receive something that they would rather have.

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Nyctalus Nyctalus · Answer 1 · 2019-09-12T11:42:59+02:00

Answer: Exchange

Explanation: Exchange refers to the process in which two parties exchange with each other something of value, to satisfy each others wants. It is considered as a key ingredient of marketing.

Exchange can occur either on monetary basis or on non monetary basis.In the monetary exchange one person receives goods and the other receives money.

While in non monetary transactions both the parties receives some commodity from each other.