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We know that, marketing is demand management. It stimulates demand for products. In marketing different activities are done such as pricing, promotion and exchange of ideas, goods and services etc.

Exchange is the total process of obtaining a desired product from someone by offering something of value in return. Exchange is the essence of marketing. It is a value creation process.
Five conditions should be satisfied for exchange to take place:
1. Two or more parties should participate (buyer and seller)
2. Each party must have something of value that the other party desires.
3. Each party should be capable of communication and delivery.
4. Each party should be free to accept or reject the offer.
5. Each party should believe that it is appropriate or desirable to deal with the other party.

In this way in marketing more than two parties are involved to exchange something what they have. One party may have money and other party may have things to exchange with each other. They exchange goods from money, service from money or other goods. Without exchange marketing can not take place. So that, exchange has close relation with marketing.