Buying an apple.jpg
The exchange process is the act of obtaining a desired object from someone by offering something of value in return. The exchange between the person in need (i.e., someone who offers money or some other personal resource) and the organization selling the product, service, or idea results in a transaction.

Boundless Marketing / Lumen Learning

In other words, there is a relationship between a buyer and a seller. Understanding the nature of this relationship is important when preparing your business plan.


Required reading

  1. Read Securing and managing external relationships: Marketing exchanges and partnerships on OPenStax CNN.
  2. In your Learning Journal blog,
    1. Describe a relationship for each of the four types discussed in the reading:
      • Solo exchange
      • Functional relationship
      • Relational partnership
      • Strategic partnership
        For example, I get my shopping delivered from supermarket X. I am unlikely to swap to having it delivered from supermarket B unless the prices go up more than other supermarkets or the delivery service becomes unreliable.
    2. How might these different types of relationship work in terms of your business idea?
    3. Remember to tag or label your post using the course code: IENT101 (This is needed to harvest a link to your blog post in the course feed.)