MANAGEMENT

Detailed explanation-1: -Definition(s): In exchange relationships, benefits are given with the expectation of receiving a comparable benefit in the future or in return for a benefit already received. Exchange relationships are contrasted with communal relationships, where such expectation does not exist.

Detailed explanation-2: -The buying and selling are the exchange functions of marketing. They ensure that a firm’s offerings are available in sufficient quantities to meet customer demands. The exchange functions are supported by advertising, personal selling and sales promotions.

Detailed explanation-3: -Relationships between customers and storeowners often exemplify exchange relationships. For instance, a customer may pay a storeowner three dollars for a package of paper towels. Typically, relationships between employees and employers are also exchange relationships.

Detailed explanation-4: -In general, there are three types of exchange: restricted, generalized, and complex.