[Page 7]The view of marketing as the management of exchange is usually associated with Philip Kotler, who defines marketing as follows:
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Kotler et al., 2003)
In fact, the exchange view of marketing was first proposed by Wroe Alderson (1957), and is based on the assumption that both parties want what the other one has, and are both prepared to exchange.
Exchange as a means of obtaining what one wants goes back to prehistory. Even before formalised ...