Stakeholder Marketing: Beyond the Four Ps and the Customer

Abstract

[Excerpt] This year's Stakeholder Marketing Conference was hosted by Boston University in partnership with The Aspen Institute and the Marketing Science Institute. Consortium members included leading scholars of business as well as senior practitioners who were tasked with pushing scholarly debate in marketing to include often neglected stakeholders (i.e. employees, investors, society at large, and regulators). Building on the previous year's conference in Aspen, Colorado, the conference focused on the complexities of marketing to different stakeholders and the difficult role of managing the often divergent interests of multiple stakeholders.

Stakeholder marketing: theoretical foundations and required capabilities

“…When faced with complex exchange, firms need to understand the indirect nature of value creation. Taking into account all stakeholders and their interrelationships helps firms to better understand how to deal with complex value exchange (Bhattacharya and Korschun 2008;Frow and Payne 2011;Layton 2007). This insight dovetails with the literature on business ecosystems (Adner 2012), co-opetition (Brandenburger and Nalebuff 1997), and organizational learning (Senge 1990) that emphasize the importance of focusing on the whole rather than the parts.…”

“…Recently, the introduction of the notion of stakeholder marketing (Bhattacharya and Korschun 2008) has raised renewed attention for the existence of an extended number of stakeholders. Stakeholder marketing is defined as "activities within a system of social institutions and processes for facilitating and maintaining value through exchange relationships with multiple stakeholders" (Hult et al 2011, p. 57).…”

From conspicuous to considered fashion: A harm-chain approach to the responsibilities of luxury-fashion businesses

“…Indeed, Bendell and Kleanthous (2007) highlight shifts emerging from these changing social dynamics, and suggest quality and good service will be measured in the future by the brands that generate the most benefit to those involved in its production and trade, with consumers demanding genuine commitment to social and environmental performance. This requires firms to acknowledge the new audiences to which marketing needs to cater for, and the new metrics for monitoring progress (Bhattacharya & Korschun, 2008;Smith et al, 2010;), which will inevitably present considerable challenges for luxury fashion businesses, particularly in light of the institutional forces faced by this industry.…”

Stakeholder marketing: a definition and conceptual framework

“…The major research gap is the narrow focus on one or two stakeholders and the failure to respond to the practical reality that firms increasingly seek to provide value to multiple stakeholders beyond customers and shareholders. Hence, given the growing importance of stakeholder relationships in marketing and the limited marketing research capturing this practical reality, it is imperative to examine, from a holistic perspective, the marketing implications of paying attention and responding to the demands of multiple stakeholder groups (e.g., Bhattacharya and Korschun 2008;Ferrell et al 2010).…”