Forelæsning 1
Hunt, S. (1983). General theories and the fundamental explananda of marketing. Journal of
Marketing, 47(4), 9-17
In addition to the special conferences and books on marketing theory, theorists have devoted
signifi- cant attention to the conceptual domain of the mar- keting discipline (Ferber 1970; Hunt
1976b; Kotler 1972; Kotler and Levy 1969; Kotler and Zaltman 1971; Luck 1969, 1974). These
debates on the nature of marketing concluded that
(1) the primary focus of marketing is the exchange relationship,
(2) marketing includes both profit sector and nonprofit sector or- ganizations, and
(3) all the problems, issues, theories, and research in marketing can be analyzed using the three
categorical dichotomies of profit sector/non- profit sector, micro/macro, and positive/normative
Fra GPT:
Summary: In the article "General Theories and the Fundamental Explananda of Marketing,"
authored by S. Hunt and published in the Journal of Marketing in 1983, the author explores the
role of general theories in marketing and their ability to explain fundamental marketing
phenomena, also referred to as "explananda." The article delves into the importance of developing
comprehensive theories in marketing to provide a framework for understanding and explaining
various marketing phenomena.
Key Points and Findings:
1. The article emphasizes the need for general theories in marketing to provide a systematic
and structured approach to understanding the discipline.
2. S. Hunt argues that general theories can help identify and explain the fundamental
marketing phenomena or "explananda," which are the core elements of marketing that
require theoretical explanations.
3. The author discusses how general theories can aid in the development of marketing
knowledge by facilitating the integration of various concepts and perspectives within the
field.
4. The article highlights the limitations of existing marketing theories and calls for the
development of more robust and encompassing general theories.
5. S. Hunt encourages scholars and researchers to engage in theoretical development and
synthesis to advance the field of marketing.
Overall, the article by S. Hunt serves as a call to action for the marketing community to focus on
developing general theories that can provide a solid foundation for understanding and explaining
the fundamental aspects of marketing. It underscores the importance of theoretical work in
advancing the field's knowledge and contributing to its academic rigor.
The Need for General Theories:
 Hunt underscores the fragmented nature of marketing knowledge, with numerous
concepts and models, but lacking overarching theoretical foundations.
 General theories can help unify and organize this knowledge, making it more coherent and
systematic.
Fundamental Explananda:
 The term "explananda" refers to the essential marketing phenomena that require
theoretical explanation, such as consumer behavior, market segmentation, and product
adoption.
 The article identifies these as the core subjects for which general theories should provide
insights and understanding.
Challenges in Marketing Theories:
 Hunt acknowledges the challenges faced by marketing scholars, including a lack of
universally accepted theories, and a reliance on borrowed theories from other disciplines.
 Marketing's diverse nature, incorporating elements from economics, psychology, sociology,
and more, makes it challenging to develop cohesive theories.
Role of General Theories:
 General theories should provide a foundation for marketing scholars to build upon,
allowing them to create more specific and context-specific theories.
 These theories should guide researchers in explaining, predicting, and understanding
marketing phenomena.
Integration and Synthesis:
 The article emphasizes the importance of synthesizing existing knowledge into general
theories.
 Hunt encourages researchers to draw from various disciplines and sources to create
comprehensive frameworks for marketing.
Call to Action:

The article serves as a call to action for the marketing community, urging scholars to engage
in theoretical development.
 It stresses that without robust general theories, marketing risks stagnation and lacks the
theoretical depth found in other disciplines.
Conclusion:
 S. Hunt's article underscores the vital role of general theories in advancing the field of
marketing.
 It advocates for a concerted effort among marketing scholars to develop comprehensive
theoretical frameworks that can explain fundamental marketing phenomena, ultimately
enhancing the discipline's academic rigor and practical applicability.
Bagozzi, Richard P. “Marketing as Exchange.” Journal of Marketing, vol. 39, no. 4, 1975, pp. 32–
39.
1. Restricted Exchange:

Bagozzi introduces the concept of restricted exchange, where the scope of the
exchange is limited to a specific transaction.

In this type of exchange, the focus is primarily on the immediate transactional
value, with less emphasis on building long-term relationships.
2. Generalized Exchange:

Generalized exchange, as proposed by Bagozzi, extends beyond individual
transactions and emphasizes the development of ongoing relationships between
buyers and sellers.

It involves mutual trust, cooperation, and communication between parties, leading
to repeated interactions.
3. Complete Exchange:

This type of exchange is characterized by a deep and comprehensive relationship
between buyers and sellers.

It goes beyond product or service exchanges and includes shared goals, values, and
mutual benefits. It represents a high degree of integration between parties.
4. Incomplete Exchange:

In incomplete exchange, the relationship is more transactional, and the parties may
not fully engage in ongoing interactions or develop deep connections.

This type of exchange is less focused on building long-term relationships and more
on individual transactions.
5. Pure Exchange:

Pure exchange refers to a situation where there is a straightforward, one-time
transaction with no expectation or intention of future interactions.

It is characterized by a lack of ongoing relationship development.
6. Mixed Exchange:

Mixed exchange represents a combination of different exchange types within a
single marketing relationship.

This concept recognizes that exchanges can evolve over time, with parties
transitioning between different levels of interaction.
7. Ethical Exchange:

Bagozzi discusses the importance of ethical considerations within exchanges.

Ethical exchange involves fairness, honesty, and transparency in interactions,
contributing to trust and sustainable relationships.
Generalized Exchange:
Complex Exchange:
Summary: Richard P. Bagozzi's article "Marketing as Exchange," published in the Journal of
Marketing in 1975, explores the concept of marketing as a process of exchange between buyers
and sellers. Bagozzi presents a theoretical framework that emphasizes the interactive and
relational nature of marketing transactions.
Key Points and Findings:
1. Exchange as the Core: Bagozzi asserts that at the heart of marketing lies the concept of
exchange, where individuals or organizations give and receive something of value. This
exchange forms the foundation of all marketing activities.
2. Interactive Nature: The author highlights that marketing is not a one-sided process but
rather an interactive and dynamic one. It involves negotiation, communication, and
cooperation between buyers and sellers.
3. Relationship Marketing: Bagozzi introduces the idea that marketing is not just about
individual transactions but also about building long-term relationships. Customer loyalty
and repeat business are emphasized as crucial aspects of marketing.
4. Value Creation: The article stresses that marketing should focus on creating value for both
buyers and sellers. It is not merely about transferring products or services but enhancing
the overall well-being of both parties.
5. Ethical Considerations: Bagozzi touches upon the ethical dimension of marketing,
highlighting the importance of fairness and honesty in exchanges. He suggests that
unethical practices can undermine the trust necessary for successful marketing
relationships.
6. Practical Implications: The article's insights have practical implications for businesses and
marketers, as it underscores the need to understand customer needs, communicate
effectively, and build trust for sustainable success.
7. Theoretical Contribution: Bagozzi's article contributes to marketing theory by framing
marketing as a complex and interactive process, moving beyond a simple transactional
view. It encourages scholars to explore the relational aspects of marketing.
Conclusion: Richard P. Bagozzi's article "Marketing as Exchange" redefines marketing as a dynamic,
interactive, and value-creating process centered around the concept of exchange. It emphasizes
the importance of building lasting relationships and ethical conduct in marketing. This conceptual
shift has had a lasting impact on the field, influencing discussions around relationship marketing
and the broader understanding of marketing as a discipline.
Slides L1
THEORY: WHAT IS NOT?
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
- References
- Data, observations, and results
- Categories and lists of variables.
- Diagrams or models , fx A  B
It is instead:
Theories are (testable) explanations of observations. Why does A lead to B?
“THERE’S NOTHING AS PRACTICAL...”
- FROM OBSERVATION ...TO THEORY ...TO DECISION
An observation (empirical relation between 2 or more entities)
For FMCGs , First movers often have the highest market shares
A theory (testable explanation)
- Experience with FMCG production and marketing is accumulative and leads to lower costs and
better products
Strategic principles (if the market situation is X then do Y)
- Aim for market leadership by moving first
- If this is not possible, consider buying (recruiting )the necessary experience
TPB model  search on google for more.
EXCHANGES
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There are at least two parties
Each party has something that might be of value to the other
Each party is capable of communication and delivery
Each party is free to accept or reject the offer
Each party believes it is appropriate to deal with the other party
DOMAINS OF MARKETING THEORY
1.
2.
3.
4.
The behavior of buyers directed at consummating exchanges
The behavior of sellers directed at consummating exchanges
The institutional framework directed at consummating and/or faciliating exchanges
The consequences on society of the behaviour of buyers, the behaviors of sellers, and the
institutional framework
Hunt, S. (1983). General theories and the fundamental explananda of marketing. Journal of
Marketing, 47(4),