Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

11
Externalities of Exchange: Foundations for Future Study

INTRODUCTION

Over the years scholars have articulated and debated numerous theoretical perspectives in attempts to explain fully the discipline of marketing (for review, see Sheth, Gardner, and Garrett 1988). Of these many different theoretical perspectives, the exchange school of thought holds particular promise for future theoretical development. With a solid foundation based on writings by such leading marketing scholars as Alderson and Martin ( 1965), Hunt ( 1983), Kotler ( 1972), and Bagozzi ( 1974a, 1975, 1978, 1979), among others, the exchange school appears to capture the true essence of marketing. For instance, Sheth, Gardner, and Garrett ( 1988, 182) recently concluded that "the social exchange school of marketing thought seems most promising in developing a general theory of marketing."

However, although the intrinsic appeal and historical legitimacy of the exchange perspective are undeniable, certain conceptual flaws remain to be addressed. Most notably, as we will argue in this chapter, the exchange perspective tends to assume that the actors are ensconced in a highly predictable environment and enter into exchange relationships only after fully evaluating any potential outcomes of all possible exchange options. For example, Alderson and Martin ( 1965, 122) asserted:

It is assumed that if a concrete situation offers an exchange opportunity, the number of alternatives realistically available to either side is not infinite in number but limited to only a few. Faced with a decision, an individual must be guided by his present knowledge of alternatives and the ordering according to his references within that set.

However, we will assert in this chapter that exchange environments are not always as predictable and certain as previous theoretical writings seem to suggest. Instead, even though exchange actors may attempt to understand fully their alternative courses of action and weigh carefully the potential benefits of these alternatives, in many exchanges unexpected outcomes occur. These unexpected outcomes, or "externalities," are a potentially important aspect of many exchange

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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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