Exposition is the process by which we explain who our characters are, their relationships to one another, and their positions in the story. It is a way to learn the backstory (what happened before the curtain rose), and to learn where our characters think the play is going to take them. It is crucial that we establish certain fundamentals before we open up the proverbial gates and let the floods come rolling in. At the same time, our exposition mustn't feel like exposition. All too often, audiences are expected to sit and listen to two people who know each other perfectly well explain their life stories to each other.
It is important because exposition sets up the audience's expectations. It is an important part of establishing empathy, or the audience's involvement in the characters' lives. Exposition allows us to be in the moment, to know who these people are, where they've been, and where they're going. And, as a result, it allows us to follow the action of the play without confusion. At least most of the time.
Exposition must maintain a good pace. There are, in fact, two major types of exposition: high-context and low-context. If you are talking to your best friend, for example, you wouldn't tell him about the time that you and he went joyriding in the country and found a dead body. He was there, remember? Instead, you might make a reference along the lines of "Remember Covent Garden?" His shiver would indicate that he did, indeed, remember.
At the same time, that sort of code simply doesn't work in low-context exposition: when you are speaking with someone you have never met. Whenever we are introduced to new people or new situations, details must be fleshed out a little more. We wouldn't talk about our wedding day and expect complete strangers to understand what we were talking about.
How, then, do we get to smooth exposition? Well, it's an art form. One important thing to remember is not to throw everything at the audience at once. Allow the backstory and characters' personalities come bit by bit. How they react to different situations, or to different people, for instance. It's also important not to be too on-the-nose. When a character says exactly what he feels or thinks, the audience rightly feels cheated. Let them do some figuring out on their own; they'll appreciate it.
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