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A systems perspective on markets – Toward a research agenda

Author

Listed:
  • Vargo, Stephen L.
  • Koskela-Huotari, Kaisa
  • Baron, Steve
  • Edvardsson, Bo
  • Reynoso, Javier
  • Colurcio, Maria

Abstract

This paper addresses the implications of an emerging, increasingly important way of thinking about markets: systems thinking. A market is one of the most founational abstractions in marketing and business research; yet, it often receives too little attention. As a result, the taken-for-granted assumptions about markets spur from over-simplified conceptualizations of neoclassical economics that depict markets as static and mechanistic. Systems thinking represents a major change in perspective that involves transcending this mechanistic worldview and thinking instead in terms of wholes, relationships, processes, and patterns. We argue that building a theory of markets based on systems thinking, would enable scholars to develop more realistic models that correspond with fast-changing business environment and therefore, increase both the rigor and relevance of future research. To further this aim, we identify the main implications of systems thinking and formulate them into a research agenda to further the systemic understanding of markets.

Suggested Citation

  • Vargo, Stephen L. & Koskela-Huotari, Kaisa & Baron, Steve & Edvardsson, Bo & Reynoso, Javier & Colurcio, Maria, 2017. "A systems perspective on markets – Toward a research agenda," Journal of Business Research, Elsevier, vol. 79(C), pages 260-268.
    • Handle: RePEc:eee:jbrese:v:79:y:2017:i:c:p:260-268
    DOI: 10.1016/j.jbusres.2017.03.011
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