Explain the concept of exchange relationship in marketing

What Is a Marketing Exchange? | catchsomeair.us

explain the concept of exchange relationship in marketing

Marketing lesson presents an understanding of how Exchanges and Relationships needs and wants they do so through what is known as exchange relationships. A market is based on the concept of exchange and relationships, and. The exchange concept is a key factor in understanding and meaning of exchange are discussed in order to provide a .. "What is a Marketing Relationship?. explanation of the phenomena under investigation. Indeed, Gummesson's definition of relationship marketing includes exchange transactions. This paper.

Exchange is the act of obtaining a desired object from someone by offering something in return.

Marketing Exchange Process

Armstrong et al For example you go into a restaurant and order your favourite meal. You eat the food and then you pay for it with your credit card.

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You use your Android or iPhone to download an app and you pay for it using PayPal. Again you have gone through and completed an exchange process. You see a newspaper advertisement asking you to donate blood and you return a coupon to become a blood donor. You watch the news on TV and listen to the views of a political candidate, and on polling day you vote for that person.

How Should an Exchange Relationship Marketing Strategy Work? | Your Business

Can you think of any more examples of marketing as an exchange process? Write down three more examples in addition to those above.

Marketing managers attempt to engender a response from a marketing stimulus. This is the exchange process as it begins. Some companies ask customers to sign up for loyalty, frequency or membership programs. Others simply ask for a phone number or establish an account of some sort. This setup process establishes a way for you to contact the customer with targeted promotions and track ongoing buying activity.

explain the concept of exchange relationship in marketing

Total Customer Experience Loyalty ultimately builds through a sequence of strong, favorable buying experiences. As your customers get more and more accustomed to your quality, service and value, their emotional attachment grows. Emotionally-entrenched buyers often are willing to sacrifice to buy from you. This sacrifice may involve spending more money than competitors charge, driving out of their way to find you and even waiting in line for service.

Consistent, friendly, helpful service, along with following up to uncover any problems, are keys to delivering a quality customer experience.

explain the concept of exchange relationship in marketing

Word-of-Mouth Effects Word-of-mouth marketing occurs when a company's current loyal customers help motivate new customers through positive comments. Much of this occurs through informal conversations. If you deliver an outstanding experience, customers happily share it with friends, family and acquaintances.