Theories of markets: Insights from marketing and the sociology of markets

The unclear understanding of markets creates a gap that deters the construction of a Theory of Markets. The aim here is to disambiguate, for the marketing reader, the use of the market concept. To further this aim, a literature review surveys three approaches anchored not only in marketing but also in the sociology of markets. From the sociology of markets, Network analysis, Field analysis, and Performativity are used. From marketing, Trade arenas of price uniformity, Consumers' cognitive frameworks, and Value systems are used. This literature review reveals that, to a large extent in mainstream marketing, markets are taken for granted. However, research streams within marketing, such as IMP, Macromarketing, or Service-Dominant Logic, have developed novel understandings of markets. This is the first time that a literature review on markets outlines understandings from both marketing and the sociology of markets.