Market Exchange, Social Structures and Time

Market Exchange, Social Structures and Time Two important, although neglected, dimensions of market exchange are the temporal and the social. Exchanges, particularly those between organizations, may be thought of as embedded in a social framework which rewards continuity. Similarly exchanges between the same entities which recur over time take on a different character from those which are instantaneous and atomistic. Such patterns of exchange create a framework, of among other things, expectations, trust, adaptations and investments which can be said to comprise the elements of a relationship. Addresses the many reasons why individuals, but especially organizations, choose to give up freedom of choice and the open market for the confines of a stable and long‐term relationship. Where such relationships exist they provide a measure of continuity in the workings of markets. This, in turn, gives rise to enduring structures which have been labelled industrial networks. Such structures provide an important framework for exchanges within a market since they introduce interdependence and stability into the system. Markets are thus networks of connected exchange relationships, among individuals and organizations, located in time and space, and whose identity is both the product and the outcome of these exchange patterns. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png European Journal of Marketing Emerald Publishing

Market Exchange, Social Structures and Time

European Journal of Marketing, Volume 28 (3): 13 – Mar 1, 1994

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Publisher
Emerald Publishing
Copyright
Copyright © 1994 MCB UP Ltd. All rights reserved.
ISSN
0309-0566
DOI
10.1108/03090569410057317
Publisher site
See Article on Publisher Site

Abstract

Two important, although neglected, dimensions of market exchange are the temporal and the social. Exchanges, particularly those between organizations, may be thought of as embedded in a social framework which rewards continuity. Similarly exchanges between the same entities which recur over time take on a different character from those which are instantaneous and atomistic. Such patterns of exchange create a framework, of among other things, expectations, trust, adaptations and investments which can be said to comprise the elements of a relationship. Addresses the many reasons why individuals, but especially organizations, choose to give up freedom of choice and the open market for the confines of a stable and long‐term relationship. Where such relationships exist they provide a measure of continuity in the workings of markets. This, in turn, gives rise to enduring structures which have been labelled industrial networks. Such structures provide an important framework for exchanges within a market since they introduce interdependence and stability into the system. Markets are thus networks of connected exchange relationships, among individuals and organizations, located in time and space, and whose identity is both the product and the outcome of these exchange patterns.

Journal

European Journal of MarketingEmerald Publishing

Published: Mar 1, 1994

Keywords: Economic systems; Relationship marketing; Selling; Time

References

  • International Marketing and Purchasing of Industrial Goods
  • The Sources of Innovation
    Von Hippel, E.

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