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Exchange Theory of Communication views interaction as a process in which individuals seek to maximize rewards and minimize costs while engaging in social exchanges. In the context of retail management, this theory can be effectively applied to understand and improve interactions between retailers and customers. Retail interactions are not merely transactions involving goods and money; they are social exchanges involving information, emotions, trust, time, and perceived value. In retail settings, customers evaluate every interaction in terms of benefits and sacrifices. Benefits may include product quality, fair pricing, convenience, courteous service, personalized attention, and post-purchase support. Costs may involve monetary price, time spent, ________ _____ _______ _____ ________.
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