Question

State two functions of exchange with reference to marketing.

Answer 1

Two key functions of exchange in marketing are:

1. Buying: This function involves identifying and selecting the goods or services that consumers want. It includes activities such as selecting the right product, choosing the right supplier, and deciding the quantity and quality to be purchased.
2. Selling: This function involves finding potential customers and persuading them to buy the product. It includes various activities like advertising, personal selling, and sales promotion to ensure that the goods reach the consumer and generate revenue for the business.

These exchange functions are central to the marketing process, as they facilitate the movement of goods from producers to consumers.