Exchange – “Exchange is the process of obtaining a desired product from someone by offering something in return.”
Transaction – “transaction is a trade of value between two or more parties.”
Exchange and Transactions
Exchange, the core of marketing, involves obtaining a desired product from someone
by offering something in return. For exchange potential to exist, five conditions must
be satisfied:
- There are at least two parties.
- Each party has something that might be of value to the other party.
- Each party is capable of communication and delivery.
- Each party is free to accept or reject the exchange offer.
- Each party believes it is appropriate or desirable to deal with the other party.
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