MANAGEMENT

Detailed explanation-1: -The essence of marketing is to develop satisfying exchanges from which both customers and marketers benefit.

Detailed explanation-2: -A marketing exchange is what happens any time two or more people trade goods or services. In marketing theory, every exchange is supposed to produce “utility, ” which means the value of what you trade is less than the value of what you receive from the trade.

Detailed explanation-3: -In the modern world, goods are produced at different places and are distributed over a wide geographical area through various middlemen, involving exchanges at different levels of distribution. Exchange is, therefore, referred to as the essence of marketing.