Volume 3, Issue 2, June 2018, Page: 5-15
Developing an Integrative Marketing Theory: Re-conceptualizing Valuation, Market Theory and Exchange
Leon Miller, School of Business and Governance, Tallinn University of Technology, Tallinn, Estonia
Received: Sep. 14, 2018;       Accepted: Sep. 28, 2018;       Published: Oct. 23, 2018
DOI: 10.11648/j.ijafrm.20180302.11      View  188      Downloads  5
Abstract
Marketing specialists play a vanguard role in heralding a new perspective on exchange that prompts a re-conceptualization of valuation, marketing theory, and economic value theory. However the literature is inadequate in doing so in terms that are relevant for practitioners how the conceptualizations can be developed into a theoretical model for improving organizational and social-economic performance. This article contributes to marketing literature and to literature explaining how to improve organizational and social-economic performance by proposing a strategy by which the marketing perspective on exchange and valuation can be developed into a framework for an integrative marketing theory. That is to say that the article explains how and why marketing conceptualizations of valuation and exchange provide a source for determining the factors that apply as a multi-level and multi-dimensional approach to improving performance (i.e. increasing the performance of organizations and institutions in ways that create satisfactory and beneficial outcomes for a larger number of social stakeholders). This article is designed as an exploratory study of historical and contemporary conceptualizations of exchange, the market, and valuation as the means of collecting the necessary conceptual data for developing an integrative marketing theory. The exploratory study is the means for determining factors that can be applied as a multi-dimensional strategy for performance improvement. The conceptual data is triangulated to determine the conceptual categories that are expressed as factors that can be employed as a marketing model for satisfying the interests of stakeholders. In addition the article contributes to scholarship on marketing ethics by indicating how marketing theory increases the competitive advantage of businesses in a way that satisfies concerns regarding social responsibility.
Keywords
Co-generative, Functionalism, Formal Categorizations, Axiomatic System, Bridging Mechanism
To cite this article
Leon Miller, Developing an Integrative Marketing Theory: Re-conceptualizing Valuation, Market Theory and Exchange, International Journal of Accounting, Finance and Risk Management. Vol. 3, No. 2, 2018, pp. 5-15. doi: 10.11648/j.ijafrm.20180302.11
Copyright
Copyright © 2018 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Reference
[1]
Mick, David. & Oswald, Laura. (2006) The semiotic paradigm on meaning in the marketplace. (Belk, Russell. Edit.). Handbook of Qualitative Research Methods in Marketing. Cheltenham, UK: Edward Elgar Publishing Limited, 31-43.
[2]
Kotler, Philip. & Zaltman, Gerald. (1971) Social Marketing: an approach to planned social change. Journal of Marketing. Volume 35, 5.
[3]
Martin, Diane. & Schouten, John. (2014) Sustainable Marketing through the Natural Step. Humanistic Marketing. (Varey, Richard. & Pirson, Michael. Edits.). Hampshire, UK: Palgrave MacMillan, 231-243.
[4]
Prahalad, C. & Ramaswamy, Venkat. (2004) Co-creation Experiences: The Next Practice in Value Creation. Journal of Interactive Marketing. Volume 18, Number 3, 10-11.
[5]
Vargo, Stephen. & Lusch, Robert. (2004) Evolving to a New Dominant Logic for Marketing. Journal of Marketing. Volume 68, Issue 1, 1-17.
[6]
Porter, Michael & Kramer, Mark (2011) Creating shared value. Harvard Business Review.
[7]
Miller, Leon. (2015a) A Marketing Strategy for Democratizing Value Creation. Research Journal of Economics, Business and ICT. Volume 10, Issue 1, 17-24.
[8]
Parsuraman, A. (1982) Is a 'Scientist' versus 'Technologist' Research Orientation Conducive to Marketing Theory Development? Marketing Theory: Philosophy of Science Perspectives.1982 Proceedings of American Marketing Association (Bush, R. & Hunt, S. Edits.). Chicago, IL: American Marketing Association, 78-79.
[9]
Vargo, Stephen. Lusch, Robert. & Akaka, Melissa. (2010) Advancing Service Science with Service-Dominant Logic: Clarifications and Conceptual Development. Handbook of Service Science. (Maglio, Paul. Kieliszewski, Cheryl. & Spohrer, James. Edits.). New York: Springer Publishing, 140.
[10]
Boulding, Kenneth. (1956) General Systems Theory: The Skeleton of Science. Management Science. Volume 2, Issue 3, 197-208.
[11]
Boulding, Kenneth. (1966) The Economics of Knowledge and the Knowledge of Economics. The American Economic Review. Volume 56, Number 1/2, 1-13.
[12]
[12.]Giddens, Anthony. (1984) The Constitution of Society: Outline of the Theory of Structuration. Oxford, UK: Polity Press, 24-25.
[13]
Tanev, Stoyan. Knudsen, Mette. & Gerstlberger Wolfgang. (2013) Value Co-creation as Part of an Integrative Vision of Innovation Management. Value Co-Creation: Best of TIM Review. (Tanev, Stoyan. & Seppä, Marko. Edits.). Ottawa, Canada: Talent First Network.
[14]
Johnson, Mark. Christensen, Clayton. & Kagermann, Henning. (2008) Reinventing Your Business Model. Harvard Business Review. Issue 86, Number 12, 50-59.
[15]
Drucker, Peter. (1994) The Theory of the Business. Harvard Business Review. Volume 72, Number 5, 95-104.
[16]
Miller, Leon. (2015a) A Marketing Strategy for Democratizing Value Creation. Research Journal of Economics, Business and ICT. Volume 10, Issue 1, 17-24.
[17]
Lamb, Charles. Hair, Jr., Joseph. & McDaniel, Carl. (2009) Essentials of Marketing. Mason, Ohio: South-Western Cengage Learning, 4.
[18]
Kotler, Philip. Armstrong, Gary, Wong, Veronica. & Saunders, John. (2008) Principles of Marketing. Essex, England: Pearson Education Limited.
[19]
Searing, Elizabeth. & Searing, Donald. (2016) A Basic Primer: People to Know. Practicing Professional Ethics in Economics and Public Policy. Dordrecht, The Netherlands: Springer Publishing.
[20]
Vargo, Stephen. & Lusch, Robert. (2004) Evolving to a New Dominant Logic for Marketing. Journal of Marketing. Volume 68, Issue 1, 1-17.
[21]
Ng, Irene. & Smith, Laura. (2012) An Integrative Framework of Value. Toward a Better Understanding of the Role of Value in Markets and Marketing. Bingley, UK: Emerald Group Publishing Limited, 208-244.
[22]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press.
[23]
Weber, Max. (1964) The Theory Of Social And Economic Organization. New York: The Free Press.
[24]
Parsons, Talcott. (1949) The Structure of Social Action. Glencoe, Illinois: The Free Press.
[25]
Schmoller, Gustav. (1894) The Idea of Justice in Political Economy. Annals of the American Academic of Political and Social Science. Volume 4, 1-41.
[26]
Schumpeter, J. (1936) The theory of economic development. Cambridge, MA: Harvard University Press, 3.
[27]
Pawar, Badrinarayan. (2009) Theory Building for Hypothesis Specification in Organizational Studies. New Delhi: Response Books, 1-4.
[28]
Pawar, Badrinarayan. (2009) Theory Building for Hypothesis Specification in Organizational Studies. New Delhi: Response Books, 10-11.
[29]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 89-92.
[30]
Flyvbjerg Bent. (2001) Making Social Science Matter: Why Social Inquiry Fails and How it Can Succeed Again. Cambridge, UK: Cambridge University Press, 130.
[31]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 89-92.
[32]
Aristotle (1959) Politics. (Rackham, H. Trans.) London: William Heinemann LTD, 9 & 37-49.
[33]
Vargo, Stephen. Maglio, Paul. & Akaka, Melissa. (2008) On Value and Value Co-creation: A Service Systems and Service Logic Perspective. European Management Journal. Volume 26, Issue 3, 145–52.
[34]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 106-124.
[35]
[35.]Rossides, Daniel. (1998) Social Theory: Its Origins, History, and Contemporary Relevance. Dix Hills, New York: General Hall, Inc, 22-30.
[36]
Aristotle. (2002) DeAnima, (Hamlyn, D. W. Trans.). Oxford, Clarendon Press, 24.
[37]
Nussbaum, Martha. (1978) Aristotle's De Motu Animalium. Princeton, New Jersey: Princeton University Press, 337.
[38]
[38.] Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 36-48.
[39]
Lessem, Ronnie. & Schieffer, Alexander. (2010) Integral Research and Innovation:Transforming Enterprise and Society. Surry, England: Gower Publishing Limited, 300.
[40]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 106-124.
[41]
Scollon, Ron. (2001) Mediated Discourse: The Nexus of Practice. London: Routledge, 163.
[42]
Aristotle. (1984) The Complete Works of Aristotle. (Barnes, Jonathan. Edit.). Princeton, New Jersey: Princeton University Press, 184 & 193-199.
[43]
Bertalanffy, Ludwig Von. (1972) The History and Status of General Systems Theory. The Academy of Management Journal. Volume 15, Number 4, 407-426.
[44]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press, 105-106.
[45]
Aristotle. (1984) The Complete Works of Aristotle. (Barnes, Jonathan. Edit.). Princeton, New Jersey: Princeton University Press, 331-334.
[46]
Miller, Leon. (2015b) A Methodological and Theoretical Framework for Social Economic Value Theory. International Journal of Social Economics. Volume 44 Issue 2, 169-180.
[47]
Vargo, Stephen. & Lusch, Robert. (2004) Evolving to a New Dominant Logic for Marketing. Journal of Marketing. Volume 68, 6.
[48]
Vargo, Stephen. & Morgan, Fred. (2005) Services in Society and Academic Thought: A Historical Analysis. Journal of Macromarketing. Volume 25, Number 1, 42-53.
[49]
Smith, A. (2007). An Inquiry into the Nature and Causes of The Wealth of Nations. Hampshire, UK: Harriman House Ltd, 6-8.
[50]
Miller, Leon. (2015a) A Marketing Strategy for Democratizing Value Creation. Research Journal of Economics, Business and ICT. Volume 10, Issue 1, 19.
[51]
Stringham, Shand. (2012) Strategic Leadership and Strategic Management: Leading and Managing Change. Bloomington, Indiana: Universe, Inc, 103-107.
[52]
Isaacs, William. (1999) Dialogue: The Art Of Thinking Together. New York: Currency Books, 118.
[53]
Kotler, Philip. & Scheff, Joanne. (1977) Standing Room Only: Strategies for Marketing the Performing Arts. Boston, Massachusetts: Harvard Business School Press, 76.
[54]
White, Percival. (1926). Introduction: Market analysis as a basis for advertising. Advertising: Its problems and methods (Cover John. Edit.). New York: D. Appleton, 1–15.
[55]
White, Percival. (1921) Market Analysis: Its Principles and Methods. New York: McGraw Hill, 3.
[56]
Jones, Brian. (2010) Marketing Theory. (Baker, Michael. & Saren, Michael. Edits.). London: Sage Publication, Ltd, 52.
[57]
Alderson, Wroe. (2006) Introduction to Functionalism. A Twenty First Century Guide to Aldersonian Marketing Thought. (Wooliscroft, Ben. Tamilia, Robert. & Shiparo, Stanley. Edits). Boston: Kluwer Academic Publishers, 143- 144 & 168-174.
[58]
Dixon, Donald. (1990) Marketing as Production: The Development of a Concept. Journal of the Academy of Marketing Science. Volume 18, Number 4, 337-343.
[59]
Alderson, Wroe. (2006) Introduction to Functionalism. A Twenty First Century Guide to Aldersonian Marketing Thought. (Wooliscroft, Ben. Tamilia, Robert. & Shiparo, Stanley. Edits). Boston: Kluwer Academic Publishers, 166.
[60]
Slowinska, Maria. (2014) Art/Commerce: the convergence of art and marketing in contemporary culture. Bielefeld, Germany: Transcript-Verlag Publications, 128-134.
[61]
Varey, Richard. & Pirson, Michael. 2014 Closing Commentary: Towards Humanistic Marketing? Humanistic Marketing. Hampshire, UK: Palgrave Macmillan, 276.
[62]
Delanty, Gerard. (2005) Social Science. New York: Open University Press, 28.
[63]
Kotler, Philip. (2005) The Role Played by the Broadening of Marketing Movement in the History of Marketing Thought. Journal of Public Policy & Marketing. Volume 24 (1), 114–116.
[64]
Peter, Paul. & Olson, Jerry. (1983) Is Science Marketing? Journal of Marketing. Volume 47, 111-145.
[65]
Guillet de Monthoux, Pierre. & Strati, Antonio. (2002) Modernity/art and Marketing/aesthetics—a Note on the Social Aesthetics of Georg Simmel. Consumption Markets & Culture. Volume 5, Issue1, 1-11.
[66]
Simmel, Georg. (1971) Individuality and Social Forms. Chicago: University of Chicago Press, 43- 48.
[67]
Giddens, Anthony. (1984) The Constitution of Society: Outline of the Theory of Structuration. Oxford, UK: Polity Press, 24-26.
[68]
Hunt, Shelby. (2015) Marketing Theory: Foundations, Controversy, Strategy, and Resource- advantage Theory. Oxon, UK: Routledge, 175.
[69]
Miller, Leon. (2016) A Theoretical Framework for Value Creation: A MultidimensionalStrategy/Model for Improving Social Economic Performance. Journal of Creating Value. 2(2) 1– 11.
[70]
Risjord, Mark. (2014) Philosophy of Social Science. New York: Routledge Publishing, 38-40.
[71]
Hunt, Shelby. (2011) On the intersection of marketing history and marketing theory. Marketing Theory 11(4) 483–489.
[72]
Hunt, Shelby. (2015) Marketing Theory: Foundations, Controversy, Strategy, and Resource-advantage Theory. Oxon, UK: Routledge, 15-16.
[73]
Alderson, Wroe. (2006) Introduction to Functionalism. A Twenty First Century Guide to Aldersonian Marketing Thought. (Wooliscroft, Ben. Tamilia, Robert. & Shiparo, Stanley. Edits). Boston: Kluwer Academic Publishers, 53.
[74]
Alderson, Wroe. (2006) Introduction to Functionalism. A Twenty First Century Guide to Aldersonian Marketing Thought. (Wooliscroft, Ben. Tamilia, Robert. & Shiparo, Stanley. Edits). Boston: Kluwer Academic Publishers, 53.
[75]
Hunt, Shelby. (2015) Marketing Theory: Foundations, Controversy, Strategy, and Resource- advantage Theory. Oxon, UK: Routledge, 175.
[76]
Popper, Karl. (2002) The Logic of Scientific Discovery. London: published by Routledge Classics, 50-54.
[77]
Hempel, 2001) The Philosophy of Carl G. Hempel: Studies in Science, Explanation, and Rationality. (FETZER, JAMES). New York: Oxford University Press, 6.
[78]
Morgan, Robert. & Hunt, Shelby. (1994) The Commitment Trust-Theory of Relational Marketing. Journal of Marketing. Volume 58, 20-38.
[79]
Hunt, Shelby. (2003) Controversy in Marketing Theory: For Reason, Realism, Truth, and Objectivity. Armonk, New York: M. E. Sharpe, 15-16.
[80]
Hunt, Shelby. (2015) Marketing Theory: Foundations, Controversy, Strategy, and Resource-advantage Theory. Oxon, UK: Routledge, 77-79.
[81]
Dholakia, Nikhilesh. Zwick, Detlev. & Denegri-Knott, Janice. (2010) Technology, Consumers, and Marketing Theory. The SAGE Handbook of Marketing Theory. (Maclaran, Pauline. Saren, Michael. Stern, Barbara. Tadajewski, Mark. Edits.). London: Sage Publications, 494-506.
[82]
Constantinides (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management. Volume 22, Issue 3-4, 407-438.
[83]
Sheth, Jagdish. & Sisodia, Rajendra. (2006) Does Marketing Need Reform: Fresh Perspectives on the Future. Oxon, UK: Routledge Publications, 3-4.
[84]
Aristotle. (2004) Nicomachean Ethics. (Crisp, Roger. Trans. Edit.). Cambridge, UK: Cambridge University Press.
[85]
Alderson, Wroe. (2006) Introduction to Functionalism. A Twenty First Century Guide to Aldersonian Marketing Thought. (Wooliscroft, Ben. Tamilia, Robert. & Shiparo, Stanley. Edits). Boston: Kluwer Academic Publishers.
[86]
Dixon, Donald. (1990) Marketing as Production: The Development of a Concept. Journal of the Academy of Marketing Science. Volume 18, Number 4, 337-343.
[87]
Boulding, Kenneth. (1956) General Systems Theory: The Skeleton of Science. Management Science. Volume 2, Issue 3.
[88]
Giddens, Anthony. (1984) The Constitution of Society: Outline of the Theory of Structuration. Oxford, UK: Polity Press.
[89]
Grönroos, Christian. (2011) Value co-creation in service logic: A critical analysis. Marketing Theory. Volume 11, Issue 3, 279–301.
[90]
Kotler, Philip. (2000) Marketing Management, Millennium Edition. Upper Saddle River, New Jersey: Prentice-Hall, Inc, 4-10.
[91]
Hunt, Shelby. (1983) General Theories and the Fundamental Explanda of Marketing. Journal of Marketing. 47, 9-17.
[92]
Holbrook, Morris. (1994) The Nature of Customer Value: An Axiology of Services in the Consumption Experience. Service Quality: New Directions in Theory and Practice. (Rust, Roland. & Oliver, Richard. Edits.). Thousand Oaks, California: Sage Publications, 22.
[93]
Hunt, Shelby. (2002) Foundations of Marketing Theory: Toward a General Theory of Marketing. Armonk, New York: M. E. Sharpe Inc, 209-211.
[94]
Hatfield, Gary. (2000) Philosophy of Science. Concise Routledge Encyclopedia of. Philosophy. London: Routledge, 804-808.
[95]
Rossiter, John. (2001) What Is Marketing Knowledge? Stage I: forms of marketing knowledge. Marketing Theory. Volume 1, Number 1, 1 9-26.
[96]
Prahalad, C. & Ramaswamy, Venkat. (2004) Co-creation Experiences: The Next Practice in Value Creation. Journal of Interactive Marketing. Volume 18, Number 3, 10-11.
[97]
Grönroos, Christian. (2011) Value co-creation in service logic: A critical analysis. Marketing Theory. Volume 11, Issue 3, 279–301.
[98]
Porter, Michael & Kramer, Mark (2011). Creating shared value. Harvard Business Review, 1-4.
[99]
Bourdieu, Pierre. (1993) The Field of Cultural Production: Essays on Art and Literature. Cambridge, UK: Polity Press.
[100]
Constantinides (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management. Volume 22, Issue 3-4, 407-438.
[101]
Laamanen, Mikko. & Skålén, Per. (2015) Collective-conflictual value co-creation: A strategic action field approach. Marketing Theory. Volume 15, Issue 3, 381-400.
[102]
Vargo, Steven. & Lusch, Robert. (2011) Service-dominant logic: a necessary step. European Journal of Marketing. Vol. 45 No. 7/8, 1298-13
[103]
Constantinides (2006) The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management. Volume 22, Issue 3-4, 407-438.
[104]
Grönroos, Christian. (1994) From Marketing Mix to Relationship Marketing. Management Decision. Volume 32 Issue 2, 4-20.
[105]
Bartels, Robert. (1970) Marketing Theory and Metatheory. Homewood, Illinois: Richard D. Irwin.
[106]
American Marketing Association (2013) Definition of Marketing. American Marketing Association Press Announcement. Chicago, Illinois: AMA.
[107]
Hunt, Shelby. (2015) Marketing Theory: Foundations, Controversy, Strategy, and Resource-advantage Theory. Oxon, UK: Routledge, 43.
[108]
Zaltman, Gerald. Angelmar, Reinhard, & Pinson, Christian (1971) Metatheory in Consumer. SV - Proceedings of the Second Annual Conference of the Association for Consumer Research. (Gardner, David. Edit.). College Park, Maryland: Association for Consumer Research, Pages, 476-498.
[109]
Vargo, Stephen. & Akaka, Melissa. (2012) Value Co-creation and Service Systems (Re) Formation: A Service Ecosystems View. Service Science. 4(3), 207–217.
[110]
Giesler, Markus. (2003) Social Systems in Marketing. European Advances in Consumer Research Volume 6. (Turley, Darach. & Brown, Stephen. Edits.). Provo, Utah: Association for Consumer Research. Pages: 249-256.
[111]
Luhmann, Niklas. (2000) The Reality of the Mass Media. Cambridge, UK: Polity Press, 99.
[112]
Miller, Leon. (2015a) A Marketing Strategy for Democratizing Value Creation. Research Journal of Economics, Business and ICT. Volume 10, Issue 1, 17-24.
[113]
Kotler, Philip. & Levy, Sidney. (1969) Broadening the Concept of Marketing. Journal of Marketing. Vol. 33, No. 1, 10-15.
[114]
Miller, Leon. (2015a) A Marketing Strategy for Democratizing Value Creation. Research Journal of Economics, Business and ICT. Volume 10, Issue 1, 17-24.
[115]
Andreasen, Alan. (2002) Marketing Social Marketing in the Social Change Marketplace. Journal of Public Policy & Marketing. Vol. 21, No. 1, 3-13.
[116]
Macmillan, R. (2011) The Big Society and participation failure. People, Place & Policy Online. Volume 5, Number 2, 107-14.
[117]
Jordan, Bill. (2010) Why the Third Way Failed: Economics, morality and the origins of the Big Society. Bristol, UK: The Policy Press, 1.
[118]
Sinhav, Birud. (2011) Co-Creation of Value: Creating New Products through Social Media. International Journal of Management Research. Volume 2, Number 1, 6-15.
[119]
Seligman, James. (2012) Customer Experience in Modern Marketing. Raleigh, North Carolina: Lulu.com
Browse journals by subject