Stakeholder Marketing: A Marketing Approach To Responsive Management

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Stakeholder marketing There is a marketing approach which assist firms to build stakeholder relationships using a marketing orientation. Marketers can build on expertise of managing customer relationship and generating customer value to develop a stakeholder marketing approach that addresses the economic, social, and environmental concerns of multiple stakeholders. Stakeholder marketing includes a stakeholder orientation and stakeholder responsiveness that creates a competitive advantage in greater customer satisfaction, innovation, and reputation of a firm. (Tracy L. Gonzalez-Padron G. Tomas M. Hult O. C. Ferrell, 2016) The “marketing approach to responsive management” was developed in 1986 by Keith Murray and John Montanari to help companies…show more content…
First, although both the traditional marketing and stakeholder marketing state that an organization faces diverse interests of multiple stakeholders (Ingenbleek and Immink 2010; Lewin et al. 2011), the way they deal with these interests is different. Traditional marketing approach treats them as they are independent, while stakeholder marketing acknowledges that stakeholders interact with each other (Neville and Menguc 2006; Shipilov and Li 2012). Second, value perceptions of stakeholders in traditional marketing are viewed as differing in importance: consumers and to a lower extent distributors (Jones and Ritz 1991; Siguaw et al. 1998). It can be explained by consumers generating more revenues. Stakeholder marketing recognizes that generation of revenues is made not only by consumers but rather by other stakeholders which is crucial for success (Hult et al.…show more content…
This diagram shows the system of the exchange relationships with multiple stakeholders that influence marketing activities through “faciliting and maintaining value”. According to the authors, due to these interactions stakeholders co-create value in form of a firm’s social performance which should be an additional outcome to financial performance. Conclusion The main conclusion that can be made from a large variety of literature is that stakeholder theory research is growing in importance across a number of disciplines. One of the studies that we have highlighted is based on the classical theory stakeholder marketing and its increasing impact on a marketing

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