WHAT IS EXCHANGE?

The set of actual and potential buyers of a product. The concepts of exchange and
relationships lead to the concept of a market. A market is the set of actual and potential
buyers of a product. Exchange is the act of obtaining a desired object from someone by
offering something in return. Market offering are not limited to physical products rather it is
about the services also. When we purchase a car it’s a tangible product and services used
after the purchase of the car is intangible.

Customer value and customer satisfaction are key building blocks for developing and
managing customer relationships. The only profit center is customer, therefore retaining
customer is not only a marketing prerogative, and it is a survival strategy. Poor customer
satisfaction will eventually lead to bankruptcy and closure of business. For example,
customer value of Dell laptops and computers are very high in view of its customers. Dell
products quality, efficiency, brand, delivery and after sale services are benefits for buyers
and definitely it pays more of the cost of customer. Brand loyalty can be developed through
various measures such as quick service, ensuring quality products, continuous improvement,
wide distribution network, etc.  In Finland, Nokia customers remained loyal to Nokia
because they admired the design of the handsets or because of user- friendly menu system
used by Nokia phones.

Advertising and marketing have become an essential part of the business world. If you have
a good or an efficient service to offer, you need to master in art of selling it. While some
agencies might stick to conventional advertising methods, most of leading players are
resorting to fresh and modern advertising methods. A supply chain is a network between a
company and its suppliers to produce and distribute the specific product to the final buyer.
Supply chains are developed by companies so they can reduce their cost and remain
competitive in business landscape. The elements of supply chain include all the functions
that start with receiving an order with customer’s request. These include product
development, marketing operations, distribution, finance and customer services.

The implementation of market driven strategy will require skills in designing, developing,
managing and controlling strategic alliances with partners of all kind and keeping them all
focused on the ever changing customer in the global marketplace. Customer focus, market
segmentation, targeting, and positioning assisted by information technology, will be the
flexible bonds that hold the whole thing together.

Anuradha Singh

PGDM(SM)

PGSF1910