Exchanges, Transactions, and Relationships
Marketing occurs when people decide to satisfy needs and wants throughexchange. Exchange is the act of obtaining a desired object from
someone by offering something in return.
o Exchange is only one of many ways to obtain a desired object.
o 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 is 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. Ultimately, a company wants to build a unique company
asset called a marketing network (the company and all its supporting
stakeholders). The goal of relationship marketing is to deliver long-term
value to the customer, and thereby secure customer satisfaction and
retention of patronage. To build this relationship (beyond offering
consistently high value and satisfaction), the marketer can:
o Add financial benefits.
o Add social benefits.
o Add structural ties.
o Seek profitable customers.
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