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Gordon R. Foxall ()
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Gordon R. Foxall: Cardiff University

Chapter 3 in The Theory of the Marketing Firm, 2021, pp 43-79 from Springer

Abstract: Abstract Economic theories of the firm have important lessons for the theory of the marketing firm. They arise from the internalisation of contracting, asset-specificity and transaction costs, the intermediating function of the firm, goal separation as the definitional criterion of the firm, entrepreneurial encapsulation as the raison d’être of the marketing firm and the quest for the completion of the productive process. The marketing firm is treated generally as a profit-maximising organisation, but the possibility is raised here that it may be better represented as pursuing profit-constrained sales-revenue maximisation.

Keywords: Contracting; Transaction costs; Nexus of contracts; Austrian economics; Intermediation; Goal separation; Entrepreneurship; Profit-maximisation; Sales-revenue maximisation; Profit-constrained sales-revenue maximisation (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-86106-3_3

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DOI: 10.1007/978-3-030-86106-3_3

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