Exchange Models
Bibliographic Data
| ID | 23619639 |
|---|---|
| Authors | Mei‐Na Liao (corresponding author) |
| Year | 2015 |
| Pages | 1-2 |
| Publication date | 2015-01-21 |
| Open Access | Yes |
| Type | CHAPTER |
| Venue | Wiley Encyclopedia of Management (SOURCE_BOOK) |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/9781118785317.weom090101 |
| OpenAlex | W4252578714 |
| ISBN | 9781118785317 |
| Language | EN |
| References cited | 17 |
The concept of exchange forms the foundation of marketing theories. Marketing scholars debated the two exchange models: economic exchange and social exchange, in defining the scope of marketing. Traditionally, marketing is defined within economic exchange model, which specifically contains marketing management within the contractually oriented market transactions. However, viewing marketing from a social exchange perspective provides theoretical underpinning for the application of marketing techniques in non‐business settings, such as social, political, religious and other personal causes. Under economic exchange, firms are regarded as profit maximizers, while individuals are thought to be utility maximizers. In marketing, marketers aim at satisfying customers' needs and wants by selling them the “right” goods and services at a “right” price. In return the firm obtains a profit and hence create a satisfactory transactional exchange for both parties. This idea forms the definitions of marketing in the earlier stage. Social exchange is defined as a univocal and reciprocal relationship among at least three actors in the exchange situation, where the actors do not benefit from each other directly or immediately. As such social solidarity is enhanced through generic social exchange. This type of exchange can be seen in case of charity donations and in social marketing.
Business · Economics · Marketing management · Marketing mix · Microeconomics · Profit (economics) · Relationship marketing · Return on marketing investment · Social exchange theory · Sociology · Customer Service Quality and Loyalty · Ethics in Business and Education · Marketing · Service and Product Innovation
| Highly cited | No |
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