Importance Of Exchange Theory In Marketing
Question One
Part (A)
Exchange theory in social marketing proposed that social behave is a result of and process of exchange. This process of exchange purposes maximizing benefits and lowering the costs down. According to exchange theory, people weight the benefits and risks of social-relationship. People will terminate the relationship if the risks outweigh the rewards. Social exchange theory is essentially concerned about taking benefits and lowering the cost to indicate if the relationship is worthy or not. When the benefits outweigh the cost it will be a positive relationship, but if costs exceed the benefits it becomes a negative relationship.
Exchange processes, theoretical or practical, required five prerequisites to take place which are: Two parties should be at least in the process of exchange, each party has something valuable to exchange with the other party, capability of communication and delivery, parties are free to accept or reject the exchange, both parties acceptance to deal with each other. (p.p29-31).
Exchange theory in social marketing changes for marketers, why? Because marketers mostly exchange intangible things with people, tobacco firms for example, advertised in the market place. These advertisements will have a bad effect upon people by encouraging them to smoke. The challenge for marketers in this case, is that they are selling/exchanging intangible unseen benefits for people, such as avoiding cancer or further dangerous diseases that might
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