Introduction to entrepreneurship/IENT101/Before/Market-exchanges

The exchange process is the act of obtaining a desired object from someone by offering something of value in return. The exchange between the person in need (i.e., someone who offers money or some other personal resource) and the organization selling the product, service, or idea results in a transaction.

In other words, there is a relationship between a buyer and a seller. Understanding the nature of this relationship is important when preparing your business plan.