Definition (1):
The exchange process refers to a function where two or more parties offer something of value to each other for satisfying their needs.
Definition (2):
An exchange process occurs when a person or an organization decides of satisfying a need or want by giving some money or services or goods in exchange. It is a simple process and thus, you enter into an exchange relationship always.
This process expands into relationship marketing. Marketers purposefully view the long-term relationship with their target audience and aim to grow their business with relationship marketing. They continuously nurture the relationship with their customers by providing them with value.
According to Armstrong et al 2009, “Exchange is the act of obtaining a desired object from someone by offering something in return.”
For instance, a person goes into a restaurant and orders her/his favorite meal. S/he eats the food and then s/he pays for it with her/his credit/debit card. This is a basic exchange relationship.
A person uses her/his iPhone or Android phone for downloading an app and s/he pays for it using PayPal. Again, s/he goes through and completes an exchange process.
Similarly, a person watches the news on TV and listens to the views and opinions of a political candidate, and s/he votes for that person on polling day.