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THE COMMERCIAL EXCHANGE
Although people often think of marketing as synonymous with advertising or salesmanship, it is actually much broader. Marketing consists of the full range of activities involved in facilitating commercial exchanges and having all of these activities be guided by a concern for customer needs.
The central idea here is that of the commercial exchange (see Figure 1.1). This is where a seller provides a product to a buyer in return for something in exchange (usually an amount of money). The product could be something tangible, which is referred to as a good, or the product could be the result of human or mechanical effort, which is referred to as a service. The buyer could be a consumer—an individual who purchases a product for his or her own use—or the buyer could be a business customer—an individual or group who purchases the product in order to resell it or for other business purposes.
One aspect that makes the commercial exchange a very important idea is that it describes an interaction that is voluntary. Both the buyer and seller participate in the exchange voluntarily because the exchange will lead them both to be better off. For example, consider the vending machine in the office lounge. You put in your dollar and get a large package of M&M’s. You do that voluntarily because you would rather have the bag of candy than that dollar. On the other hand, the Mars company, which produces M&M’s,

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