Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

CONCLUSION

Several conclusions can be drawn from this article. First, an understanding of the legal and ethical foundations underlying exchange is essential to the development of exchange relationships. Second, analyses of both foundations of exchange highlight the growing significance of ethical principles as one moves across the exchange continuum. Third, implications for marketers interested in moving toward more relational exchanges are that greater emphasis should be placed on implementing ethical considerations into their firms' decision making. Building trust, establishing equity, developing responsibility, and solidifying commitment appear to be important exchange dimensions. Finally, future academic researchers might study ethical versus legal considerations, operationalization of relevant variables, analysis of functional marketing issues, cross-cultural exchange, and alternative forms of governance or regulation available to parties involved in exchange.

Gregory T. Gundlach

Patrick E. Murphy1


NOTE
1.
This manuscript is based on and expanded from Gregory T. Gundlach and Patrick E. Murphy ( 1993), "Ethical and Legal Foundations of Relational Marketing Exchanges," forthcoming, Journal of Marketing.

The authors extend their appreciation to Bob Dwyer, Jule Gassenheimer, Frank Houston, Pat Kaufman, Gene Laczniak, Donald Robin, Joshua Wiener, and members of the Department of Marketing at the University of Notre Dame for their helpful comments.


AFTERWORD

Viewing exchange as extending from transactional to contractual to relational transactions provides a construct for the relational characteristics for the exchange process. The duration of long-run relational exchanges leads to a substantial investment for both parties involved in the exchange. On the other hand, the short-term exchange encompassing a distinct beginning and end represents very limited investment in the exchange relationship.

This chapter makes a significant contribution in outlining the legal and ethical foundations underlying marketing exchange. Most significant are the implications for marketers interested in moving toward longer-term relational exchanges. These firms should be placing more emphasis on implementing ethical considerations into their firm's decision making. Ethics must be viewed as a component in building the trust and confidence necessary for long-term relational exchange.

One of the most important concerns in assessing the ethical foundations of exchange is the recognition that ethical decisions occur in a marketing organization

-210-

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Marketing Exchange Relationships, Transactions, and Their Media
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction ix
  • Note xiii
  • 1: The Marketing Taxonomy 1
  • Notes 10
  • 2: Comments on Extending the Domain of the Marketing Discipline 11
  • Conclusions 27
  • 3: Reciprocity within a Community 35
  • Concluding Comments 43
  • 4: Exchange as a Vital and Fundamental Consumer Behavior Phenomenon 45
  • Conclusion 54
  • Notes 54
  • Notes 57
  • 5: Refinements in the Model of Internal/External Market Exchange 59
  • Note 76
  • 6: Time, Potency, and Exchange: Making the Most of the Time Resource 77
  • Summary 98
  • 7: The Spatial Dimension 99
  • Summary 113
  • AFTERWORD 115
  • 8: The Evaluation Process and Its Impact on Decision Making in Exchange Relationships 117
  • Note 139
  • 9: How Exchange for Resale Differs from Exchange for Consumption 141
  • Conclusion 151
  • 10: Inequitable or Incomplete Social Marketing: The Case of Higher Education 153
  • Concluding Observations 162
  • Supplemental Reading 163
  • 11: Externalities of Exchange: Foundations for Future Study 167
  • Note 186
  • 12: Exchange: Ethical and Legal Foundations 189
  • Conclusion 210
  • Note 210
  • 13: An Examination of Exchange Media from an Historical Perspective 213
  • Note 224
  • 14: Some Ingestible and Other Types of Consumable Currencies 225
  • Conclusion 235
  • Notes 236
  • 15: The Changing Role of Legal Tender: An Historical Perspective 239
  • Conclusion 244
  • Notes 245
  • 16: Means of Payment in Marketing 247
  • Summary 264
  • Notes 265
  • Bibliography 267
  • Index 303
  • About the Contributors 315
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