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A Twenty-First Century Guide to Aldersonian Marketing ThoughtMarketing Behaviour and Entrepreneurship: A Synthesis of Alderson and Austrian Economics

A Twenty-First Century Guide to Aldersonian Marketing Thought: Marketing Behaviour and... Chapter 27 MARKETING BEHAVIOUR AND ENTREPRENEURSHIP: A SYNTHESIS OF ∗† ALDERSON AND AUSTRIAN ECONOMICS W. Duncan Reekie Ronald Savitt Marketing is multi-faceted and describes a societal institution and an organisa- tional function as well as prescribing a philosophy of decision making. In all three of these dimensions the main concern is understanding how markets work and how market participants actually behave. As a philosophy of decision making marketing is the process of first determining and then fulfilling consumer wants. It is premised on a recognition of the heterogeneity found in real life markets and on the appreciation of how decision makers go about the matching of mar- ket offerings with market demands. Efficiency of want satisfaction is the prime consideration, not Pareto optimality. This, of course, only begs the question. In brief, marketing analysis assumes ab initio that the true state of the world is diversity rather than homogeneity. Hence for decision makers the attainment of efficiency implies some “matching” of the discrepancies between heterogeneous supplies and demands as the source of want satisfaction. This matching is never total. The clearance of markets as described in basic economic theory is viewed as the exception. Hence the role of the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Twenty-First Century Guide to Aldersonian Marketing ThoughtMarketing Behaviour and Entrepreneurship: A Synthesis of Alderson and Austrian Economics

Editors: Wooliscroft, Ben; Tamilia, Robert D.; Shapiro, Stanley J.
Reekie, W. Duncan; Savitt, Ronald
A Twenty-First Century Guide to Aldersonian Marketing Thought — Jan 1, 2006
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Publisher
Springer US
Copyright
© Springer Science+Business Media, Inc. 2006
ISBN
978-0-387-26175-1
Pages
351 –364
DOI
10.1007/0-387-28181-9_27
Publisher site
See Chapter on Publisher Site

Abstract

Chapter 27 MARKETING BEHAVIOUR AND ENTREPRENEURSHIP: A SYNTHESIS OF ∗† ALDERSON AND AUSTRIAN ECONOMICS W. Duncan Reekie Ronald Savitt Marketing is multi-faceted and describes a societal institution and an organisa- tional function as well as prescribing a philosophy of decision making. In all three of these dimensions the main concern is understanding how markets work and how market participants actually behave. As a philosophy of decision making marketing is the process of first determining and then fulfilling consumer wants. It is premised on a recognition of the heterogeneity found in real life markets and on the appreciation of how decision makers go about the matching of mar- ket offerings with market demands. Efficiency of want satisfaction is the prime consideration, not Pareto optimality. This, of course, only begs the question. In brief, marketing analysis assumes ab initio that the true state of the world is diversity rather than homogeneity. Hence for decision makers the attainment of efficiency implies some “matching” of the discrepancies between heterogeneous supplies and demands as the source of want satisfaction. This matching is never total. The clearance of markets as described in basic economic theory is viewed as the exception. Hence the role of the

Published: Jan 1, 2006

Keywords: Austrian Economic; Market Process; Sorting Process; Resource Owner; General Equilibrium Analysis

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