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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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Elements of the marketing: the marketing thinking starts with the customer needs. Today each marketer wants to retain and satisfy the customer because of the intense competition.
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Price "The amount of money charged for a product or service, or the total of the values that consumers exchange for the benefits of having or by using the service or product".
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