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Theoretical Insights and Empirical Progression Within the Theory of the Marketing Firm: An Interdisciplinary Approach

In: The Marketing Firm, Volume I

Author

Listed:
  • Valdimar Sigurdsson

    (Reykjavik University)

  • Gordon R. Foxall

    (Reykjavik University
    Cardiff University)

Abstract

The Theory of the Marketing Firm (TMF) posits a paradigm shift in understanding the raison d’être of contemporary business enterprises, emphasizing a marketing-oriented approach as pivotal for profitability and sustainability. This perspective diverges from traditional economic theories, which often marginalize the role of consumer choice and sophistication, thereby underestimating the critical importance of a marketing-centric management philosophy. TMF, as initially articulated by Foxall (1999) and subsequently expanded and augmented (Foxall, 2021; Vella & Foxall, 2011), situates firms within an economy where structural imperatives favour a marketing-centric management philosophy, asserting that the primary function of these entities is to devise and implement effective marketing strategies. This theoretical framework transcends the transaction cost analysis of Coase (1937) and Williamson (1975, 1985) and the production system dynamics proposed by Austrian economists, advocating for an economic behavioural study approach that marries psychological insights with economic principles to foster a comprehensive understanding of economic behaviour from an interdisciplinary standpoint.

Suggested Citation

  • Valdimar Sigurdsson & Gordon R. Foxall, 2025. "Theoretical Insights and Empirical Progression Within the Theory of the Marketing Firm: An Interdisciplinary Approach," Springer Books, in: Valdimar Sigurdsson & Gordon R. Foxall (ed.), The Marketing Firm, Volume I, chapter 1, pages 1-4, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-91595-6_1
    DOI: 10.1007/978-3-031-91595-6_1
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