The marketing definition of exchange refers to two things: ____1) A relationship in which two or more parties exchange products, services, or a resource (e.g., money) for a common benefit or purpose. ____2) In which the two or more parties must have an expectation of receiving the benefit (e.g., a mutual expectation of receiving a job for a salary).
For example, your employer might pay you $5 an hour at the beginning of a job. Over time, it’s difficult to convince your boss that this is worth $5 an hour because no one else is making it. You may feel that you should at some point receive a severance payment from your employer, but you don’t have the money to do so.
That sums up the definition of marketing pretty well. You are receiving a benefit from your employer, but you have no way to take it. The “trade” between you and your employer is “for.” You get something from your employer, but you have no financial reason to take it. ____3 Or an exchange relationship. ____1 In which both parties have an expectation of receiving the benefit and the two or more parties must have a duty to the receiving party to fulfill the agreement.
The benefits that come with an exchange relationship are often intangible. To receive a benefit, you have to be there at the exchange and know how to receive it. In our case, it’s the exchange of health insurance, which is provided by our employer. If we were to get sick and leave our job, our company would be obligated to cover our medical expenses. In exchange for this, the company would receive the medical insurance that we were supposedly going to receive.
In our case, it’s a bit different because we’re not leaving our job to be sick, we’re leaving our job to receive a benefit from our employer. This makes sense, right? If we were to leave our job to receive benefits, we would have to get out of the house and do something while we were sick.
The reality is that every exchange relationship has a mutually agreed upon benefit. Sometimes the benefit is an obvious one (like your home or a promotion at work), but more often than not the benefit is more subtle. So while it might seem that the benefits of exchanging a job and benefits is reciprocal, it’s not reciprocal at all.
This brings us to a topic that has been discussed a lot on our blog, the benefits of exchange relationships. It’s a topic that has been debated in many different ways, some of which are good, and some of which are bad. The bottom line is simple. If we have a mutual benefit, then by definition, we should receive that benefit from a reciprocal relationship. In other words, we should get the benefits of exchange relationships. However, we are not obligated to reciprocate.
You can get the benefits of exchange relationships by just being a trustworthy, caring, and generous person. If you are a good person, you will receive the benefits of a reciprocal relationship. If you are a bad person, you will receive none of the benefits of a reciprocal relationship.
The concept of reciprocity can seem a bit foreign, so let’s take a closer look at how it works. For starters, the concept of reciprocity is based on the idea that people are naturally seeking to benefit each other in exchange for something. This means that people are naturally seeking to benefit each other as a way of feeling better or as a way to feel appreciated.
This is a really important concept because it is the foundation of any exchange relationship. In exchange relationships, people are seeking to benefit each other out of a desire to feel better. If you are in a relationship with someone that doesn’t have mutual benefit, the relationship will either go on for a long time or end in a horrible way. The way that we benefit each other out of a reciprocal relationship is by reciprocating our behavior in return.