Theories of markets: Insights from marketing and the sociology of markets
The unclear understanding of markets creates a gap that deters the construction of a Theory of Markets. The aim here is to disambiguate, for the marketing reader, the use of the market concept. To further this aim, a literature review surveys three approaches anchored not only in marketing
but also in the sociology of markets. From the sociology of markets, Network analysis, Field analysis, and Performativity are used. From marketing, Trade arenas of price uniformity, Consumers' cognitive frameworks, and Value systems are used. This literature review reveals that, to a large
extent in mainstream marketing, markets are taken for granted. However, research streams within marketing, such as IMP, Macromarketing, or Service-Dominant Logic, have developed novel understandings of markets. This is the first time that a literature review on markets outlines understandings
from both marketing and the sociology of markets.
Keywords: CONSUMER CULTURE; MARKET DYNAMICS; MARKET THEORY; PERFORMATIVITY; SERVICE SYSTEMS
Document Type: Research Article
Publication date: 01 March 2012
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