Because consumer behavior is now examined as an entire consumption process that includes prepurchase and postpurchase issues, exchange theory is no longer relevant to the study of consumer behavior.

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Exchange theory is still relevant to the study of consumer behavior as it provides a framework for understanding the exchange process between consumers and marketers. The consumption process includes multiple stages, but exchange theory remains a relevant perspective for understanding how consumers make decisions based on the perceived costs and benefits of a transaction.

Because Consumer Behavior Is Now Examined as an Entire Consumption