The article in detail reports on the different aspects of marketing exchange paradigm. The author has focused on examining the theory of marketing by exploring the different types of exchange including, complicated trade, restricted exchange, and generalized exchange (Bagozzi, 1986). Furthermore, the authors have suggested that all the identified marketing exchanges fall into three broad categories, symbolic exchange, utilitarian exchange and mixed exchange. Additionally, the author has examined social marketing as a critical subject with implications of marketing to the society discussed (Bagozzi, 1986). Marketing exchange showcase different marketing styles that are demonstrated today by various parties.
The author in detail has attempted to explain how different marketers have tried to broaden the concept of marketing exchange by exploring its nature, scope, and efficacy. Marketers over the years have attempted to restrict trade as involving the transfer of tangible products. But in recent times, there has been the inclusion of intangible products like services (Bagozzi, 1986). Secondly, the author has illustrated how the media has over time been used as the primary channel to offer a gripping on marketing strategies (Bagozzi, 1986). Indeed many marketing firms depend heavily on media infrastructure to ensure they reach their intended audience. Furthermore, the author has illustrated social marketing is becoming an integral marketing strategy. Currently, many businesses despite them having official channels of marketing, social marketing has been recognized as a critical medium for marketing exchange. According to the author, there are two definitions given to social marketing (Bagozzi, 1986). First, marketers have related social marketing as the social skills that are needed in marketing in the social classes. The second meaning of social marketing entails the study of social markets and ensures the marketing activities that employed in the system are social inclusive on the particular order. Therefore, based on the two definitions done by the author, the marketers have been given an opportunity to explore their social marketing preference either by examining the social market's choice upon studying the market or using the identified social skills in the market (Bagozzi, 1986). Critics have been raised on the authors two definitions given about social marketing. Based on the two meanings it can be argued when classifying the types of marketing exchange, there is a direct influence on nature, scope, and efficacy.
The author notes there are two distinctive characteristics that in detail explain restricted exchange, the traders try to maintain equality between the trading partners and there is an attempt to balance activities as part of mutual reciprocal relations. Thus, in restricted exchange, there are only two players. This can be critiqued in marketing it is difficult to put off other third parties who play a role in marketing despite the characters being indirect. Moreover, maintaining equality is a challenge for any trading party. There is a tendency of one side making more significant benefits at the expense of the other party (Bagozzi, 1986). The author illustration of generalized exchange is there are at least actors in the marketing exchange platform. The actors do not have to benefit directly from each other as there are also indirect benefits identified. In the generalized exchange, one actor gives the other but does not receive from who he gave. Therefore, it can determine with a straight chain where their univocal reciprocity. The complex exchange is described by the author to entail a significant web where there are interconnecting web relationships (Bagozzi, 1986). Different actors, directly and indirectly, exchange their goods and services without much restriction. Marketers have identified complex marketing exchange as the most applicable form of marketing as it depicts what indeed happens in the real world with the exchange of goods and services. Furthermore, the author has indicated, generalized and complex transactions are present in unconscious systems of economic and social relationships.
As noted earlier, the author has mentioned the identified marketing exchange types can be categorized in symbolic exchange, utilitarian exchange and mixed exchange. The authors have pointed out human behavior is more than the outward reaction that is displayed while responding to a situation. Humans action is intentional, motivated and purposeful as by nature humans are information seekers and generators (Bagozzi, 1986). Therefore, the utilitarian exchange is motivated by the economic benefit the actors are bound to receive with the marketing exchange. Furthermore, the author explains symbolic transfer is more of social, psychological or other intangible entities (Bagozzi, 1986). Thus according to the author symbol is more of invisible marketing forum where there are social gains to be achieved than tangible benefits. Mixed exchanges according to the author have both utilitarian and symbolic aspects.
In conclusion, the author has in detailed explored on the three types of marketing exchange programs investigated today. Furthermore, the author has explicitly noted nature scope, and efficacy governs the marketing exchange types. Notably, marketing strategies are dictated by either being tangible or intangible. Furthermore, the authors identification of two definitions of social markets has been criticized as they confuse different views regarding the social marketing strategies.
Bagozzi, R. P. (1986). Marketing as Exchange. Journal of Marketing, 32-39.
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