Stakeholder Marketing 2.0

Abstract

As more companies pursue "open innovation" and adopt social networking and Web 2.0 tools, there is an emerging opportunity for them to connect with a diverse body of stakeholders and incorporate their interests and ideas. However, this also introduces many new challenges. The author identifies key properties that such networking mechanisms must satisfy if they are to succeed. He introduces a simple framework based on two dimensions of choices for designing such mechanisms: how the stakeholders are motivated to participate and how the company uses their inputs and makes decisions. For any choice, there are trade-offs to be considered. The author concludes by identifying the design that is most likely to succeed in fundamentally advancing the state-of-the-art of stakeholder marketing. Examples of many pioneering companies, such as Starbucks, Dell, Staples, Muji, and several others, are included in the discussion to illustrate the key propositions presented.

Corporate Social Responsibility, Customer Orientation, and the Job Performance of Frontline Employees

“…Such a view looks "beyond customers as the [sole] target of marketing activities" (Bhattacharya and Korschun 2008, p.115) in an effort to understand how multiple relationships ultimately drive corporate performance. Thus, our study responds to recent calls to expand the purview of marketing by considering the linkages among and between all of the firm's stakeholders (Chakravorti 2010;Gundlach and Wilkie 2010). Future research may extend this perspective even further, examining how CSR and other corporate activities impact the relationships between and among stakeholder segments, such as employees, customers, suppliers, and local communities.…”

Stakeholder marketing: theoretical foundations and required capabilities

“…Volkswagen felt forced to change product specifications in 2013, after Greenpeace had waged a long battle while mobilizing over half a million supporters in demand of more efficient cars and lower car emissions (Greenpeace 2013). Starbucks uses a virtual dialogue with stakeholders to generate ideas, covering issues as product innovation, service improvements, and social responsibility (Chakravorti 2010). In general, a greater and more diverse set of stakeholders has gained control over a variety of marketing decisions (Chakravorti 2010;Day 2011).…”

“…Starbucks uses a virtual dialogue with stakeholders to generate ideas, covering issues as product innovation, service improvements, and social responsibility (Chakravorti 2010). In general, a greater and more diverse set of stakeholders has gained control over a variety of marketing decisions (Chakravorti 2010;Day 2011).…”

B2B branding in emerging markets: A sustainability perspective

“…The normative management concept that maximizing benefits for all stakeholders (e.g., regulators, advocacy groups, governments, and other value chain participants) can be a source of competitive advantage (Chakravorti, 2010) is different from the instrumental marketing concept that firms profits by satisfying customers (Svendsen, 1998). Recent interest from marketing scholars includes works such as by Mish and Scammon (2010) who urge the adoption of principle based stakeholder management for increasing firms' legitimacy by committing to distributive justice i.e., fair distribution of the benefits and burdens between firms and their stakeholders, especially for the most disadvantaged.…”