The act of obtaining a desired object from someone by offering something in return speaks most closely to: needs, wants and demands market offerings value and satisfaction exchange relationships The set of benefits a company promises to deliver to its consumers to satisfy their needs is called: a money-back guarantee low pricing a value proposition good customer service Each department in a company that carries out value-creating activities can be thought of as a link in the company's: market development product development business portfolio value chain The place a product occupies in the consumer's mind relative to competitors' products is termed: product placement product position market segmentation market targeting