Open AccessMarketing and Non-Market Based Value Creation: Gifts and “Guanxi”
Author(s) -
Ron Berger,
Ram Herstein
Publication year - 2013
Publication title -
journal of business theory and practice
Language(s) - English
Resource type - Journals
eISSN - 2372-9759
pISSN - 2329-2644
DOI - 10.22158/jbtp.v1n1p166
Subject(s) - guanxi , value (mathematics) , business ethics , marketing , business , business administration , economics , sociology , management , china , political science , law , machine learning , computer science
This conceptual paper analyses the general role of long term, non-market based value creation as being fundamental to business ethics and also to marketing concepts in societies in the 21st century. A framework is provided that combines the monetary nature of value in market-based exchange and the more social and emotional nature of long-term relationships. Particular attention is given to gift giving and to business interactions based on personal relationships, as exemplified in the Chinese concept of, “guanxi”. It is argued that they constitute important forms of value creation in a broad range of societies.