Questions: Need help? Review these concept resources. O price O perception O place O promotion O preference The marketing mix elements that describe what a buyer exchanges with a seller in order to obtain a product is known as Rate your confidence in submitting your answer:

The answer is the first one (or A): price.

Explanation for each option:

1. Price: This is the correct answer. In the marketing mix, "price" refers to what a buyer exchanges with a seller to obtain a product. It is the amount of money or other considerations (like time or effort) that a buyer gives up in exchange for a product or service.

2. Perception: This is incorrect. Perception refers to how consumers view or interpret a product, brand, or company. It is not an element of the marketing mix but rather an outcome influenced by the marketing mix elements.

3. Place: This is incorrect. Place refers to the distribution channels and locations where a product is made available to consumers. It is about how the product is delivered to the consumer, not what is exchanged.

4. Promotion: This is incorrect. Promotion encompasses the various methods used to communicate with consumers about a product, including advertising, sales promotions, and public relations. It is about informing and persuading potential buyers, not the exchange itself.

5. Preference: This is incorrect. Preference refers to a consumer's inclination towards a particular product or brand over others. It is not an element of the marketing mix but rather a result of effective marketing strategies.

Summary: The marketing mix element that describes what a buyer exchanges with a seller in order to obtain a product is known as "price."