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ETS Business Major Field Test: Marketing

Basic Concepts

Marketing is:

1. All activities directed toward making an exchange intended to satisfy human needs or wants

2. Process of establishing and maintaining mutually beneficial relationships with stakeholders or the company to facilitate exchanges

A market is the aggregate of all people or organizations that have a need for, or want a product or class of prodcts and have the money to pay for them.  It is sometimes used to mean a place, real or virtual, where buyers and sellers meet to exchange goods.

Dictionary and Glossaries