The Sage Course Companion on Marketing is an accessible introduction to the subject that will help readers to extend their understanding of key concepts and enhance their thinking skills in line with course requirements. It provides support on how to revise for exams and prepare for and write assessed pieces. Readers are encouraged not only to think like a marketer but also to think about the subject critically. It is much more than a revision guide for undergraduates; it is an essential tool that will help readers take their course understanding to new levels and help them achieve success in their undergraduate course.

Management of Exchange

Management of Exchange

Management of exchange

Management of exchange is the theory that marketing is concerned with influencing and controlling the transfer of value between buyers and sellers.

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 ...

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