Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

13
An Examination of Exchange Media from an Historical Perspective

INTRODUCTION

Houston and Gassenheimer ( 1987) identify six product types when they identify the various product attributes. These include tangible goods, services, ideas or concepts, locations, personalities, and exchange media. This chapter deals with the last of these product types, exchange media. This chapter, the first of several on the topic, presents an overview. The subsequent chapters are by Allen Maxwell, who discusses consumable exchange media; Benton Gup, who discusses U.S. currency as legal tender; and J. Thomas Lindley and Tyrone Black, who study the usage of various means of payment in contemporary U.S. society.

Marketing has devoted little discussion to exchange media, yet it is an important part of contemporary exchange, and the choice of payment has a direct bearing on one's ability to engage in transactions.

When two or more entities engage in a successful exchange, this means that value has passed between or among these parties. This value, or payment, we describe as exchange media. One form this exchange medium might take would be other products; this we would call barter. Another form might be some commonly accepted medium, which we might call money.

Alternatively, we may agree to defer payment; this we would refer to as credit. At its core, credit is not really a form of payment, but rather acquisition of debt in order to alter payment timing; when the debt is discharged, it will be paid in one of the first two forms. Accordingly, our discussion will be limited.


BARTER AS A MEDIUM OF EXCHANGE

The first transactions involving mutually beneficial exchange (as opposed to a forced transfer of one's goods) would have been barter, where goods or services are exchanged for other goods or services. The advantage of this system of exchange is that an individual wanting boots simply offers whatever he or she has in abundance, say, chickens. The disadvantage, of course, is that the person on

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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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