A Stakeholder Marketing Approach to Sustainable Business
Marketing in and for a Sustainable Society
ISBN: 978-1-78635-282-8, eISBN: 978-1-78635-281-1
Publication date: 27 June 2016
Abstract
Purpose
Further understanding of how stakeholder marketing explains firm performance through greater customer satisfaction, innovation, and reputation of a firm.
Methodology/approach
Grounded in stakeholder theory, the study provides a conceptualization of stakeholder orientation based on cultural values that is distinctive from stakeholder responsiveness and examines the relationship of stakeholder responsiveness to firm performance. The study determines the mediating role of marketing outcomes on the impact of stakeholder responsiveness on firm performance. Multiple regression analysis tests hypotheses using a data set consisting of qualitative data obtained from corporate documents and quantitative data from respected secondary sources.
Findings
Our findings provide support for stakeholder marketing creating a strong relationship to organizational outcomes. There exists a positive relationship between stakeholder responsiveness and firm performance through customer satisfaction, innovation, and reputation.
Research implications
Our definition implies that stakeholder responsiveness is acting in the best interests of the stakeholder as a responsible business. This study shows that stakeholder marketing may not always represent socially responsible marketing. Further research could explore how and why firms may not respond ethically and responsibly to stakeholders.
Practical implications
We further the discussion whether stakeholder marketing equates to sustainability. 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.
Originality/value
We further the discussion whether stakeholder marketing equates to sustainability. 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.
Keywords
Acknowledgements
Acknowledgments
We appreciate the financial support from the Center for International Business Education and Research at Michigan State University, and the input provided by Patrick L. Murphy, S. Tamer Cavusgil, and Robert Nason.
Citation
Gonzalez-Padron, T.L., Hult, G.T.M. and Ferrell, O.C. (2016), "A Stakeholder Marketing Approach to Sustainable Business", Marketing in and for a Sustainable Society (Review of Marketing Research, Vol. 13), Emerald Group Publishing Limited, Leeds, pp. 61-101. https://doi.org/10.1108/S1548-643520160000013012
Publisher
:Emerald Group Publishing Limited
Copyright © 2016 Emerald Group Publishing Limited