Exchange, Transactions and Relationships

Exchange, Transactions and Relationships:

Exchange: The act of obtaining a desired object from someone by offering something in return.

e.g. 

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 for food.

Transaction: A trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.

e.g.

One party gives X to another party and gets Y in return. Sara pays 600 Pound to "Currys" to purchase a television.

Relationship marketing: The process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

Beyond creating short-term transactions, marketers need to build long-term relationship with valued customers, distributors, dealers, and suppliers. They want to build strong economic and social connections by promising and consistently delivering high-quality products, good service,and fair prices to maximise profit. A marketing network is required for better relationship marketing.

Marketing Network: It consists of the company and all its supporting stakeholders: customers, employees, suppliers, distributors, retailers, ad agencies, and other with whom it has built mutually profitable business relationships.