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Marketing benefits from the study of exchange relationships
Marketing is the study and management of exchange relationships.
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Marketing
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Leader–member exchange theory
The leader–member exchange (LMX) theory is a relationship-based approach to leadership that focuses on the two-way (dyadic) relationship between leaders and followers. It suggests that leaders develop an exchange with each of their subordinates, and that the quality of these leader–member exchange relationships influences subordinates' responsibility, decisions, and access to resources and performance. Relationships are based on trust and respect and are often emotional relationships that extend beyond the scope of employment. Leader–member exchange may promote positive employment experiences and augment organizational effectiveness.
Marketing
Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Marketing is defined by the American Marketing Association as ""the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."" The term developed from the original meaning which referred literally to going to market with goods for sale.
Marketing communications
Marketing communications (MC, marcom, marcomm) uses different marketing channels and tools in combination: Marketing communication channels focuses on any way a business communicates a message to its desired market, or the market in general. A marketing communication tool can be anything from: advertising, personal selling, direct marketing, sponsorship, communication, promotion and public relations. MC are made up of the marketing mix which is made up of the 4P's: Price, Promotion, Place and Product, for a business selling goods, and made up of the 7P's: Price, Promotion, Place, Product, People, Physical evidence and Process, for a service based business.
Gift economy
A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This contrasts with a barter economy or a market economy, where goods and services are primarily exchanged for value received. Social norms and custom govern gift exchange. Gifts are not given in an explicit exchange of goods or services for money or some other commodity. The nature of gift economies forms the subject of a foundational debate in anthropology. Anthropological research into gift economies began with Bronisław Malinowski's description of the Kula ring in the Trobriand Islands during World War I.
Societal marketing
The societal marketing concept is a marketing concept that holds that a company should make marketing decisions not only by considering consumers' wants, the company's requirements, but also society's long-term interests. The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well being of both the individual consumer and society in general. Therefore, marketers must endeavor to satisfy the needs and wants of their target markets in ways that preserve and enhance the well-being of consumers and society as a whole.
Destination Marketing Association International
Destination Marketing Association International (DMAI) is a professional organization representing destination marketing organizations and convention and visitor bureaus worldwide. As the world’s largest resource for official destination marketing organizations (DMOs), Destination Marketing Association International represents over 1,500 professionals from 658+ destination marketing organizations in more than 25 countries. They provide members professionals, industry partners, students and educators with educational resources, networking opportunities and marketing benefits available worldwide.
Trait activation theory
Trait activation theory is a personality theory of work performance based on the concept of trait activation, that is derived from an integration of trait theory, situationism, and personality-job fit theory. "Trait theory" is a psychological approach that includes studying personality traits as relatively stable individual differences that describe general predispositions or predictable common patterns of thinking and experiencing emotions that influence behavior. In fact, personality traits have been associated with important life outcomes (see Personality and life outcomes). The most well-known description or categorization of personality traits is called the "Big Five personality traits" which includes five broad personality dimensions: conscientiousness, extraversion, agreeableness, openness, and neuroticism (or emotional stability).