Marketing exchange relationship

marketing exchange relationship

The phrase "exchange relationship marketing" is really a convergence of two distinct concepts. Exchange marketing describes the basic process of a company . This book is one of the few contemporary works to begin to reinterpret marketing thought from a marketing exchange perspective. The book consists of sixteen. consumers. Exchange situations can be of a transaction, relationship or hybrid type (Pels, relationship marketing includes exchange transactions. This paper .

  • How Should an Exchange Relationship Marketing Strategy Work?
  • Marketing Exchange Relationships, Transactions, and Their Media
  • Marketing Exchange Process

Marketing managers attempt to engender a response from a marketing stimulus. This is the exchange process as it begins. It could be that a government is trying to persuade its population to stop smoking, or speeding.

marketing exchange relationship

So marketing is a series of actions and plans that are designed to recruit, retain and extend goods and services to a target audience. This is the basic exchange process in marketing.

What Is a Marketing Exchange? |

Published by Tim Friesner Marketing Teacher designs and delivers online marketing courses, training and resources for marketing learners, teachers and professionals. View all posts by Tim Friesner Posted on. Both parties must be able to communicate with each other, and both must want to exchange something and be able to do so. If the customer in the coffee shop can't make himself understood, or if he decides he doesn't want a cup of coffee, or if he turns out not to have quite enough money, then there will be no exchange.

marketing exchange relationship

If all of the needed conditions are met, there will be an exchange of money for coffee. Utility Utility is what motivates people to engage in a marketing exchange. In theory, both parties must receive more than what they give. 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.

marketing exchange relationship

Restricted Exchanges Simple or "restricted" exchanges are those in which there are only two parties to the exchange. In your advertising, you want to promote the quality, service, price or other attributes that separate your brand from competitors. Once you get the customer in the door or to your website, you can focus on a purchase exchange Initial Conversion The transaction from a marketing exchange to a long-term relationship begins at the point of sale.

marketing exchange relationship

Sales or service associates often are charged with beginning the process of converting a buyer into a repeat customer. 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.

Marketing Exchange Process

This setup process establishes a way for you to contact the customer with targeted promotions and track ongoing buying activity. Total Customer Experience Loyalty ultimately builds through a sequence of strong, favorable buying experiences.

marketing exchange relationship