What does the phrase "exchange relationship" mean in relation to marketing?
What will be an ideal response?
An exchange occurs when something is obtained for something else in return. The buyer receives an object, service, or idea that satisfies a need, and the seller receives something she feels is of equivalent value. For an exchange to occur, at least two people or organizations must be willing to make a trade, and each must have something the other wants. Both parties must agree on the value of the exchange and how it will be carried out. Each party also must be free to accept or reject the other's terms for the exchange. An exchange is at the heart of every marketing act.
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North, Inc., hired Sutter as a purchasing agent. North gave Sutter written authorization to purchase, without limit, electronic appliances. Later, Sutter was told not to purchase more than 300 of each appliance. Sutter contracted with Orr Corp. to purchase 500 tape recorders. Orr had been shown Sutter's written authorization. Which of the following statements is true?
A. Sutter will be liable to Orr because Sutter's actual authority was exceeded. B. Sutter will not be liable to reimburse North if North is liable to Orr. C. North will be liable to Orr because of Sutter's actual and apparent authority. D. North will not be liable to Orr because Sutter's actual authority was exceeded.
Which of the following metrics does a company apply during an operating period rather than at the end of the operating period?
A) sales revenues B) market share C) inventory turnover D) customer retention E) return on assets