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According to the theory of the marketing firm, the fundamental reason for the existence of modern business enterprises is their ability to respond profitably to the demands of a marketing-oriented approach. In contrast, traditional economic theories of the firm often overlook key factors such as increased consumer choice and sophistication, which necessitate a marketing-driven perspective as the primary force behind a firm s operations.As a follow-up to Foxall s The Theory of the Marketing Firm (Palgrave Macmillan, 2021), which introduced a novel understanding of the marketing firm as a mechanism for encapsulating entrepreneurship, this second volume extends the theory further. It demonstrates its practical relevance through case studies, illustrating the theory s real-world applicability. Taken together, the two volumes provide a comprehensive perspective on the marketing firm, serving as a valuable resource for research and teaching, as well as a source of inspiration for various industries. They highlight the theory s utility across different sectors, each facing distinct managerial challenges.
List of contents
1.Introduction to case histories of the marketing firm.- 2. The theory of the marketing firm in the light of the imperatives of consumer-oriented management.- 3. The marketing firm and pay-per-outcome business models in the equipment manufacturing industry.- 4. The Theory of the Marketing Firm and Regulatory Affairs: Evaluating Consumer Relationship Practices of Service Providers.- 5. The retailing Firm s Multi-lateral Contingency.- 6. The Marketing Firm and Co-Innovation: The Case of the Banking Industry.- 7. Technology-EnabledHealthy Food Labels: A Hypothetical Case Study of the Interaction Between Firms and Consumers.- 8. The Marketing Firm and the Consumerate: Identifying Motivating Functions Using Neurophysiology.
About the author
Valdimar Sigurdsson is a Professor at Reykjavik University and Director of the Centre for Research in Marketing and Consumer Psychology (RU-CRMC). His research focuses on consumer behaviour analysis, retailing, digital marketing, and tourism. He has published extensively in high-ranking academic journals, contributed book chapters, and served on editorial boards. Beyond academia, Sigurdsson has delivered numerous invited presentations and executive training sessions. He has also consulted and collaborated with Nordic firms across industries such as retail, aviation, fishing, tourism, IT, advertising, media scheduling, digital marketing, banking, insurance, and telecommunications.
Gordon R. Foxall is Distinguished Research Professor at Cardiff Business School, Cardiff University, where he leads research in Consumer Behaviour Analysis and the Marketing Firm. He is also a Visiting Professor in Economic Psychology at Reykjavik University. He holds PhDs in industrial economics and business (University of Birmingham) and psychology (University of Strathclyde), along with a higher doctorate (DSocSc) from the University of Birmingham. He has authored over 250 refereed papers and around 35 books. His latest book, "The Theory of the Marketing Firm" (2021, Palgrave Macmillan), serves as the foundation for this current work. Foxall is a Fellow of the British Psychological Society (FBPsS), the British Academy of Management (FBAM), and the Academy of Social Science (FAcSS).
Summary
This book advances the Theory of the Marketing Firm (TMF), offering a rich collection of case studies that demonstrate how marketing-oriented enterprises operate across diverse sectors. Through empirical applications and conceptual analysis, it explores how firms build consumer relationships by adapting to behavioural patterns, technological change, and evolving market dynamics.
The volume includes seven chapters covering topics such as co-innovation in banking, technology-enabled food labelling, customer journey strategies in retail, and regulation in telecoms. Drawing on behavioural economics, consumer psychology, and marketing science, each chapter analyses firm–consumer contingencies to deepen understanding of TMF in practice. Theoretical contributions include insights into bilateral contingencies, value co-creation, and collective intentionality.
Written for researchers, educators, and practitioners in marketing, business, and behavioural economics, this book provides accessible, interdisciplinary insight into how firms navigate competitive environments by aligning their strategies with consumer behaviour. It serves as a valuable resource for teaching and research purposes.
