What term describes an exchange transaction where the replacement merchandise sells for more or less than the returned merchandise?

The term that describes an exchange transaction where the replacement merchandise sells for more or less than the returned merchandise is "Uneven exchange." This concept is significant in retail and merchandising because it addresses the financial implications of returns and exchanges in inventory management.

In an uneven exchange, the value of the replacement item differs from that of the original item being returned. This may occur due to price changes, sales promotions, or new product introductions. Understanding this term is crucial for retailers to effectively manage pricing strategies and customer service, as it can impact profit margins and customer satisfaction. Retailers must keep track of these exchanges to ensure accurate inventory levels and financial records.

The other options provided do not accurately describe this specific type of transaction. The service approach refers to customer interaction methods, visual merchandising deals with the presentation of products in a retail space, and personal selling is about direct sales to customers. Each of these concepts plays a role in overall merchandising strategies but does not capture the nuances of an uneven exchange.