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An exchange process is simply when an individual or an organisation decides to satisfy a need or want
by offering some money or goods or services in exchange. It’s that simple, and you enter into exchange
relationships all the time.

The exchange process extends into relationship marketing. With relationship marketing we purposefully
look at the long-term relationship with our target audience, and aim to grow our business. By delivering
value to our customers we consistently nurture the relationship with customers. Later in your studies
you will come across relationship marketing and customer relationship management, which encompass
the traits of a basic marketing exchange process and take it much further.

Customer-perceived value is defined as "the customer's evaluation of the difference between all the
benefits and all the costs of a marketing offer relative to those of competing offers (page 15)." Customers
often do not judge values and costs accurately or objectively, rather they act based upon their perceived
value of the product. Therefore, marketers should work hard to attract and retain customers by offering
the highest customer-perceived value.

Nike, a well-known brand of today, endorsed in professional NBA player Michael Jordan and created a
special line of shoes called the Air Jordan(s). Nike seems to understand all too well the need to develop
strong customer-perceived value.

you go into a restaurant and order your favourite meal. You eat the food and then you pay for it with
your credit card.

use your Android or iPhone to download an app and you pay for it using PayPal.

You see a newspaper advertisement asking you to donate blood and you return a coupon to become a
blood donor.

You watch the news on TV and listen to the views of a political candidate, and on polling day you vote for
that person.

Making the Customer feel valued. For example:

Smiling at and being attentive to a Customer creates value for him. Ignoring him/her destroys value for
the Customer

Making it easy for the Customer to contact the company, and an assurance that an answer will be given
when and how promised (how many times do you have to wait to talk to someone and how often does
s/he promises to call back and how often do you get a call)

Not making you repeat questions or answers, and keep relating the problem
Receiving a call from a service person confirming his/her visit (the Customer is not kept wondering
whether the service visit will take place)

Not answering queries destroys Value