Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

oneself as opposed to effects on others. Further research is desirable on ethical issues, their relationship to externality causation, and potential for externality reduction through higher ethical standards.

As discussed earlier, the aggregation of microlevel externalities leads to larger or macrolevel issues. Little research has focused on this aggregation. Suggestions for future research include identification of characteristics of aggregation of first-, second-, and third-party externalities (e.g., the number of externalities and the speed of aggregation) and their measurement. Finally, once characteristics have been identified and measured, their societal impact and the resulting societal response could be studied.

Further discussion is suggested regarding exchanges resulting in production, distribution, and consumption: types of exchanges, actors involved, subsequent resulting externalities (if any), and responding parties and their responses.

Additional discussion can also be given to goals of exchange, goal modification to meet short-term objectives, and the impact of this phenomenon on externality-creating exchanges.

The directions for future research are innumerable. In this chapter, we have focused on laying out what we feel to be a logical foundation from which externalities research can be launched: that of the exchange perspective and its promise for creating a better understanding of marketing and its effects.

JoNel Mundt

Dennis E. Garrett


NOTE
1.
This chapter is limited in scope to a discussion of externalities, or side effects, created by exchange. Houston, Gassenheimer, and Maskulka ( 1992) state that exchange is one of four possible alternatives to satisfying needs. In addition to exchange, they cite self-production, entity redefinition, and appropriation needs-satisfaction mechanisms. Although we recognize that selection of the alternative of self-production, entity redefinition, or appropriation will by nature create side effects (e.g., lost exchange potential), these side effects are omitted from discussion. Further, by common definition, "externalities" are the result of exchange.

AFTERWORD

If the exchange area is to become more important in marketing, scholars need to provide various theoretical perspectives that describe, explain, and have the potential for predicting marketing phenomena. Exchange theory has the potential to provide a body of knowledge to understand the dimensions of exchange transactions in society. This chapter on the externalities of exchange provides a significant contribution in the attempt to make exchange a central theory of marketing.

The worth of the concept of externalities in exchange transactions is evident

-186-

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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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