IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v74y2007i1p17-23.html
   My bibliography  Save this article

Consumer Trust, Social Marketing and Ethics of Welfare Exchange

Author

Listed:
  • Chong Choi
  • Tarek Eldomiaty
  • Sae Kim

Abstract

The global corporate scandals such as Enron, Worldcom and Global Crossing have raised fundamental issues of business ethics as well as economic, social and anthropological questions concerning the nature of business competition and global capitalism. The purpose of this conceptual paper is to introduce the concept of “welfare exchangeâ€\x9D to the existing notions of economic, social and anthropological notions of business and exchange in markets and society in the 21st century. Global competition and business success in the 21st century continue to raise the nature of economic value and the interaction among diverse actors in international markets, institutions and society. We believe that the nature of such exchange between consumers and organizations, which can also be termed social marketing, need to increasingly take into account a welfare and ethical component. In this paper, we introduce our concept of welfare exchange to emphasize the importance of such welfare and ethical issues in the global business environment of the 21st century. Copyright Springer Science+Business Media, Inc. 2007

Suggested Citation

  • Chong Choi & Tarek Eldomiaty & Sae Kim, 2007. "Consumer Trust, Social Marketing and Ethics of Welfare Exchange," Journal of Business Ethics, Springer, vol. 74(1), pages 17-23, August.
    • Handle: RePEc:kap:jbuset:v:74:y:2007:i:1:p:17-23
    DOI: 10.1007/s10551-006-9128-z
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s10551-006-9128-z
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10551-006-9128-z?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-329, March-Apr.
    2. Yoram Barzel, 1997. "Measurement Cost and the Organization of Markets," Chapters, in: Svetozar Pejovich (ed.), The Economic Foundations of Property Rights, chapter 13, pages 171-192, Edward Elgar Publishing.
    3. Bazerman, Max H, 2001. "Consumer Research for Consumers," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 27(4), pages 499-504, March.
    4. Jai-Beom Kim & Chong Ju Choi, 2003. "Reputation and product tampering in service industries," The Service Industries Journal, Taylor & Francis Journals, vol. 23(4), pages 3-11, September.
    5. Jay B. Barney & Mark H. Hansen, 1994. "Trustworthiness as a Source of Competitive Advantage," Strategic Management Journal, Wiley Blackwell, vol. 15(S1), pages 175-190, December.
    6. Chong Ju Choi & Carla C. J. M. Millar & Caroline Y. L. Wong, 2005. "Knowledge and Entanglements," Palgrave Macmillan Books, in: Knowledge Entanglements, chapter 0, pages 9-17, Palgrave Macmillan.
    7. Schmalensee, Richard, 1982. "Product Differentiation Advantages of Pioneering Brands," American Economic Review, American Economic Association, vol. 72(3), pages 349-365, June.
    8. Aharony, Joseph & Swary, Itzhak, 1996. "Additional evidence on the information-based contagion effects of bank failures," Journal of Banking & Finance, Elsevier, vol. 20(1), pages 57-69, January.
    9. Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(3), pages 797-817.
    10. Darby, Michael R & Karni, Edi, 1973. "Free Competition and the Optimal Amount of Fraud," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 67-88, April.
    11. Armand Picou & Michael Rubach, 2006. "Does Good Governance Matter to Institutional Investors? Evidence from the Enactment of Corporate Governance Guidelines," Journal of Business Ethics, Springer, vol. 65(1), pages 55-67, April.
    12. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-154, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lamberti, Lucio & Lettieri, Emanuele, 2011. "Gaining legitimacy in converging industries: Evidence from the emerging market of functional food," European Management Journal, Elsevier, vol. 29(6), pages 462-475.
    2. Krittinee Nuttavuthisit & John Thøgersen, 2017. "The Importance of Consumer Trust for the Emergence of a Market for Green Products: The Case of Organic Food," Journal of Business Ethics, Springer, vol. 140(2), pages 323-337, January.
    3. Chris Bell & Kelley Main, 2011. "Deonance and Distrust: Motivated Third Party Information Seeking Following Disclosure of an Agent’s Unethical Behavior," Journal of Business Ethics, Springer, vol. 102(1), pages 77-96, August.
    4. Lucio Lamberti & Emanuele Lettieri, 2009. "CSR Practices and Corporate Strategy: Evidence from a Longitudinal Case Study," Journal of Business Ethics, Springer, vol. 87(2), pages 153-168, June.
    5. W. Puwirat & S. Tripopsakul, 2019. "The Impact of Digital Social Responsibility on Customer Trust and Brand Equity: An Evidence from Social Commerce in Thailand," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 181-198.
    6. Sandro Castaldo & Katia Premazzi & Fabrizio Zerbini, 2010. "The Meaning(s) of Trust. A Content Analysis on the Diverse Conceptualizations of Trust in Scholarly Research on Business Relationships," Journal of Business Ethics, Springer, vol. 96(4), pages 657-668, November.
    7. Ying Sun & Biao Luo & Shanyong Wang & Wenpei Fang, 2021. "What you see is meaningful: Does green advertising change the intentions of consumers to purchase eco‐labeled products?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 694-704, January.
    8. Danièle Benezech, 2011. "La confiance entre les partenaires de l'échange, au-delà des labels," Post-Print halshs-00592488, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kirsten Foss, 1996. "A Transaction cost Perspective on the Influence of Standards on Product Development Examples from the Fruit and Vegetable Market," DRUID Working Papers 96-9, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    2. Liangfei Qiu & Arunima Chhikara & Asoo Vakharia, 2021. "Multidimensional Observational Learning in Social Networks: Theory and Experimental Evidence," Information Systems Research, INFORMS, vol. 32(3), pages 876-894, September.
    3. Grolleau, Gilles & Caswell, Julie A., 2006. "Interaction Between Food Attributes in Markets: The Case of Environmental Labeling," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(3), pages 1-14, December.
    4. Smith, Trenton G. & Chouinard, Hayley H. & Wandschneider, Philip R., 2011. "Waiting for the invisible hand: Novel products and the role of information in the modern market for food," Food Policy, Elsevier, vol. 36(2), pages 239-249, April.
    5. Frode Alfnes, 2007. "Willingness to Pay versus Expected Consumption Value in Vickrey Auctions for New Experience Goods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(4), pages 921-931.
    6. Raynaud, Emmanuel & Sauvee, Loïc, 1999. "Common labelling and producer organisations: a transaction cost economics approach," 67th Seminar, October 28-30, 1999, LeMans, France 241743, European Association of Agricultural Economists.
    7. Yang, Jun & Mai, Enping (Shirley), 2010. "Experiential goods with network externalities effects: An empirical study of online rating system," Journal of Business Research, Elsevier, vol. 63(9-10), pages 1050-1057, September.
    8. Marek Jenöffy-Lochau, 2013. "Information, Credibility, and Endogenous Preferences," Post-Print hal-04139636, HAL.
    9. Douadia Bougherara & Virginie Piguet, 2008. "Marchés avec coûts d'information sur la qualité des biens : une application aux produits écolabellisés," Economie & Prévision, La Documentation Française, vol. 0(1), pages 77-96.
    10. Haucap, Justus, 2017. "The rule of law and the emergence of market exchange: A new institutional economic perspective," DICE Discussion Papers 276, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    11. Trenton Smith & Hayley Chouinard & Philip Wandschneider, 2009. "Waiting for the Invisible Hand: Market Power and Endogenous Information in the Modern Market for Food," Working Papers 2009-07, School of Economic Sciences, Washington State University.
    12. Stephen Standifird & Marc Weinstein, 2007. "The Transaction Cost Economics of Market-based Exchange: The Impact of Reputation and External Verification Agencies," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 14(3), pages 409-431.
    13. Marek Jenöffy-Lochau, 2023. "Preference Formation and Economic Theory," Working Papers hal-04139498, HAL.
    14. Mehdi Ayouni & Thomas Lanzi, 2022. "Credence goods, consumer feedback and (in)efficiency," Working Papers of BETA 2022-27, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    15. Mamine, Fateh & Montaigne, Étienne & Boutonnet, Jean-Pierre, 2016. "Perception de la qualité des produits laitiers et comportement du consommateur algérien," Économie rurale, French Society of Rural Economics (SFER Société Française d'Economie Rurale), vol. 355(September).
    16. Alessandro Bonanno & Carlo Russo & Luisa Menapace, 2018. "Market power and bargaining in agrifood markets: A review of emerging topics and tools," Agribusiness, John Wiley & Sons, Ltd., vol. 34(1), pages 6-23, December.
    17. Mehdi Ayouni & Thomas Lanzi, 2024. "Credence goods, consumer feedback and (in)efficiency," Working Papers hal-03740494, HAL.
    18. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.
    19. J. K. Pappalardo, 2022. "Economics of Consumer Protection: Contributions and Challenges in Estimating Consumer Injury and Evaluating Consumer Protection Policy," Journal of Consumer Policy, Springer, vol. 45(2), pages 201-238, June.
    20. Dhaval M. Dave, 2013. "Effects of Pharmaceutical Promotion: A Review and Assessment," NBER Working Papers 18830, National Bureau of Economic Research, Inc.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbuset:v:74:y:2007:i:1:p:17-23. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.