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State The Concept of Marketing as an Exchange
Concept of exchange, according to most marketing academics and practitioners, is central to our understanding of marketing. For an exchange to take place there should be two or more parties, each of whom can offer something of value to the other and is prepared to enter freely into the exchange process, a transaction. It's possible to identify two main forms of exchange: market (or transactional) exchanges and relational (or collaborative) exchanges.
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