Marketing in the 21st Century
Marketing in the 21st Century

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1.4 Exchange

We can also consider marketing as a process of exchange. In its simplest form, exchange in marketing represents the transfer of goods and money between two or more groups (these can be organisations purchasing supplies or customers such as a mother buying food for her baby).

However, Bagozzi (1975) adds that exchange within marketing is more complex and often more indirect than simply a customer exchanging money for a product from a supplier. He argues that it represents the interaction of a variety of intangible and symbolic meanings. For example, the symbolism attached to a brand such as Diesel clothing is likely to affect the marketing exchange between the customer and the supplier. How? A customer may value the status that owning Diesel clothing will be positively recognised and reinforced by their friends. A number of factors contribute to these intangible and symbolic meanings and these will form the basis for the remaining sections in this course.

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