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While always deeply involved in the advancement of marketing science he also believed that theory and practice go hand in hand. This also suited his scientific method. From a methodological perspective, he emphasized inductive theorizing from market place events, providing a balanced to the neo-classical theories of firm behaviour. [ 3 ]
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Service-dominant (S-D) logic, in behavioral economics, is an alternative theoretical framework for explaining value creation, through exchange, among configurations of actors.
Download as PDF; Printable version ... versus 'marketing' as a simple form distribution and exchange. ... the development of marketing theory decade by decade from ...
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Bayesian decision theory can be applied to all four areas of the marketing mix. [11] Assessments are made by a decision maker on the probabilities of events that determine the profitability of alternative actions where the outcomes are uncertain. Assessments are also made for the profit (utility) for each possible combination of action and event.
Exchange and reciprocity The BRM model of exchange and reciprocity must extend traditional dimensions to account for not only financial exchange, but also time, money, knowledge, and reputation exchanges. These are a key feature of business relationships.
Relationship marketing aims to strengthen the relationship with clients and secure them. Morgan and Hunt (1994) made a distinction between economic and social exchange on the basis of exchange theory and concluded that the basic guarantee of social exchange was the spirit of the contract of trust and commitment.