Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

8
The Evaluation Process and Its Impact on Decision Making in Exchange Relationships

INTRODUCTION

The small firm, which I will call Partronics, was founded by an engineer who had a good idea. He invented a device that could measure the size of particles in fluids quickly and easily. Costing less than the $15,000, the device could save companies hundreds of thousands of dollars a year by identifying contamination in fuel or lubrication systems. From such information, maintenance personnel could determine quickly and easily when filtering systems were performing poorly. In addition, they could anticipate when breakdowns would occur. The simple theory was that the moving parts in the would reveal excessive wear by shedding particles into the lubricating fluid. The device measured the size of these particles and could predict impending failure. In addition, by changing filters when the contamination reached critical levels, the life of machines (e.g., large diesel engines and electric generators) could be dramatically extended. In sum, the potential market size was in the hundreds of millions of dollars.

A problem existed, however. Customers balked at making the sizeable initial investment required to purchase and install the device. In sum, although Partronics was profitable, its sales were not reaching expectations because too many customers failed to enter into an exchange relationship with the firm. Too many potential exchange partners failed to evaluate the device, and the company that sold it, highly enough to purchase it.

An exchange, such as that between Partronics and its customers, involves "a transfer of something tangible or intangible, actual or symbolic, between two or more social actors" ( Bagozzi 1975a). The "social" actors can be a consumer and a retailer or an industrial buyer and supplier. Researchers have attempted to identify what is exchanged between two people or between two social units (e.g., a person and a firm). Good evidence exists that the "things" or resources exchanged can be placed into six categories. The types of resources exchanged are: goods, services, money, status, information, and feelings1 ( Foa and Foa 1974).

In addition, however, time plays an important role in the exchange process. That is, in many instances resources are exchanged in order to buy or save time. Also,

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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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