What Is a Marketing Exchange? | ommag.info
A marketing exchange is what happens any time two or more people trade goods or Restricted exchanges are one-on-one relationships, so both parties must. consumers. Exchange situations can be of a transaction, relationship or hybrid type (Pels, relationship marketing includes exchange transactions. This paper . Abstract: Discusses the validity of classifying transaction and relationship exchanges (and marketing theories) according to whether the selling firm is operating.
For instance, the man buying the cup of coffee is more motivated to drink coffee than he is to hold on to his money, so he receives utility from the exchange. However, the coffee shop owner also receives utility from the exchange because the amount she receives for the cup of coffee is greater than what the coffee is worth, enabling her to make a profit.
Restricted Exchanges Simple or "restricted" exchanges are those in which there are only two parties to the exchange. Restricted exchanges are one-on-one relationships, so both parties must receive approximately equal utility if the exchange is to be repeated.
For example, if the person you buy coffee from is rude to you, you receive less utility from the exchange because you feel dissatisfied.
This decreases the chances that you will buy coffee from the same person again. In a successful restricted exchange, both parties are motivated to treat each other fairly.
Marketing Exchange Relationships, Transactions, and Their Media
Generalized Exchanges A generalized exchange involves at least three parties, and each party gives utility to one participant, but receives utility from a different participant.
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.
Word-of-Mouth Effects Word-of-mouth marketing occurs when a company's current loyal customers help motivate new customers through positive comments.
How Should an Exchange Relationship Marketing Strategy Work? | Your Business
Much of this occurs through informal conversations. If you deliver an outstanding experience, customers happily share it with friends, family and acquaintances. You eat the food and then you pay for it with your credit card. 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.
- What Is a Marketing Exchange?
- How Should an Exchange Relationship Marketing Strategy Work?
- Marketing Exchange Process
You watch the news on TV and listen to the views of a political candidate, and on polling day you vote for that person. Can you think of any more examples of marketing as an exchange process? Write down three more examples in addition to those above.