Marketing Exchange Relationships, Transactions, and Their Media

By Franklin S. Houston | Go to book overview

European Currency unit

The European Currency Unit (ECU), introduced in 1979, is a form of international currency, which companies have used to hedge exchange risk. The ECU is created as a mix of the European Economic Community (EEC) members' currencies, weighted proportionally to each country's economic size ( Bevan 1985).

The future of the SDR and the ECU is by no means certain. The current controversy over Maastricht and the ERM will have to be resolved. Eventually, some sort of international currency will prevail, probably in a form similar to but more broadly defined than the SDR or ECU.


EPILOGUE

This overview has discussed a broad spectrum of mediums of exchange, covering to some extent the historical background, development, and reasons for their existence. It is interesting to note that barter, where this discussion began, is enjoying a comeback. Economic hardship can influence companies to turn to barter in order to conserve cash or reduce slow-moving inventory, even assigning inventory to a bank in order to get a loan ( Aus 1986). It has been estimated that barter is becoming common for over 175,000 business, mostly small firms ( Robichaux and Selz 1991). Even larger firms sometimes find it more convenient than cash. During negotiations for licensing rights for the 1984 Olympics in Los Angeles, United Airlines traded airline tickets, GM provided 500 cars, and Fuji Film traded 250,000 rolls of film. ( Sweeney and Lukawitz 1991).

Other instances when firms today may use barter would be where the other firm is in a country that has certain monetary or trading restrictions or has a debt crisis. A form of barter known as countertrade has become quite extensive. One survey of Florida firms showed that over 40 percent either were involved or expected to soon be involved in countertrade ( Bates 1986). However, these countertrades usually involve commodities or low-tech products with countries with less than ideal trading arrangements such as Eastern Europe, Africa, and Latin America ( Huszagh and Barksdale 1986).

Russell B. Gregory-Allen1


NOTE
1.
I am grateful to Bill Gunther, Imre Karafiath, and James Jordan-Wagner for very helpful comments and discussion, and especially to Frank Houston for lengthy discussions about marketing exchange media.

-224-

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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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