AGENCY RELATIONSHIPS IN MARKETING - A REVIEW OF THE IMPLICATIONS AND APPLICATIONS OF AGENCY AND RELATED THEORIES

Agency and related theories have proven useful as theoretical frameworks for examining relationships between principals and their agents in many disciplines. However, though marketing involves a wide array of agency relationships, agency-based research has only recently begun to be reported in the marketing literature. The authors therefore attempt to clarify the marketing implications of agency theory by describing its major constructs, the two different types of models embedded within the theory, and some closely related theoretical structures. They also critically review past and potential agency-based research in marketing and suggest ways in which marketers might contribute to improving its validity and usefulness.