Exchange is the basic, central act in marketing, which is the receipt of a desired object from someone, while offering something in return (most often money, but it can also be a service, a product, or information). Exchange is a process, not a one-time act, and requires the participation of at least two parties.
For a successful exchange to occur, several conditions must be met: 1) There must be at least two parties; 2) Each party must have something that is valuable to the other; 3) Each party must be able to communicate and deliver; and 4) Each party must be free to accept or reject the offer.
