Formalizing service-dominant logic as a general theory of markets: taking stock and moving forward

Abstract

Advancement of the marketing discipline requires a marketing-based, general theory of markets. However, most academic marketing is developed from normative theories of economics and direct application of psychological and sociological theories. Indigenous marketing theories about markets are rare but can increase the relevance of marketing scholarship. Although theories are never fully finalized, theoretical formalizing processes can establish a general framework for theory development on markets. The aim of this paper is to provide a conceptual base for a general theory of markets by explicating the ongoing progression toward formalization of service-dominant (S-D) logic. We outline a recursive, cocreative process of theory formalization to take stock of the status of S-D logic’s development so far—what has been done and what we know and don’t know about markets. We propose specific areas of inquiry and research directions for moving forward in developing a general theory of markets that is indigenous to marketing.