What Are Exchange, Transactions And Relationships Markets?


1 Answers

Tariq Habib Profile
Tariq Habib answered
Marketing occurs when people decide to satisfy needs and wants through exchange. Exchange is the act of obtaining a desired object from someone by offering something in return. Exchange is only one of the many ways that people can obtain a desired object. For example, hungry people could find food by hunting, fishing or gathering fruit. They could beg for food or take food from someone else; or they could offer money, another good, or a service in return of food.

Whereas exchange is the core concept of marketing a transaction in turn is marketing's unit of measurement. A transaction consists of a trade of values between two parties: one party gives X to another party and gets Y in return. For example, you pay Sears $350 for a television set. This is a classic monetary transaction but not all transactions involve money. In a barter transaction you might trade your old refrigerator in return for a neighbor's second hand television set.

Transaction marketing is part of the larger idea of relationship marketing. Beyond creating short-term transactions, marketers need to build long-term relationships with valued customers, distributors, dealers, and suppliers.

Answer Question