Question:
Which of the following statement is correct with respect to ’Exchange Mechanism’, a feature of Marketing?
Which of the following statement is correct with respect to ’Exchange Mechanism’, a feature of Marketing?
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An exchange involves the transfer of something of value between two or more parties.- An exchange is voluntary and based on mutual consent.- Understanding the exchange mechanism is crucial for marketing, as it facilitates transactions and value creation.
Updated On: Feb 26, 2025
- For an exchange it is necessary that there should be involvement of at least three parties.
- The parties do not have the freedom to reject other parties’ offer.
- The acceptance of the offer for each party has to take place on the basis of compulsion.
- For an exchange it is necessary that each party should be capable of offering something of value to the other.
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The Correct Option is D
Solution and Explanation
For an exchange to occur, each party must be able to offer something of value to the other party. The exchange is based on mutual benefit, meaning that each party involved should have something to offer that the other desires. Thus, the correct answer is For an exchange it is necessary that each party should be capable of offering something of value to the other.
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