Exchanges, Transaction And Relationships

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 many ways to obtain a desired object. Exchange allows a society to produce much more than it would with any alternative system. Whereas exchange is a core concept of marketing, a transaction (a trade of values between two parties) is marketing's unit of measurement. A transaction usually involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement. Most involve money, a response, and action. Transactions in marketing are part of a larger idea of relationship marketing. Beyond creating short-term transactions, marketers need to build long-term relationships with valued customers, distributors, dealers and suppliers. To build this relationship (beyond offering consistently high value and satisfaction ) the marketer can build a marketing network (consisting of customers, suppliers, distributors, retailers, ad agencies and others whom the company has built mutually profitable-business relationships).