Exchange is a fundamental and universal aspect of human behavior. Economic exchange models have dealt with the buying and selling of material goods and services, while social exchange models have broadened their scope to include social and psychological aspects of interactions. In its present form, however, the social exchange model exhibits serious shortcomings for the marketing scholar and practitioner; it is largely atheoretical, unrealistic, narrow in applicability, and lacking in its depiction of important facets of man's behavior. In light of these criticisms, the notion of an exchange system is proposed and illustrated as an explanatory framework. Finally, it is suggested that marketing can be viewed as a component of the social system functioning as both a cause and consequence of social change.