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Abstract
Purpose - The purpose of this paper is to examine the development, extension and use of the "six markets" model and to outline a framework for analysing stakeholder relationships and planning stakeholder strategy.
Design/methodology/approach - The "six markets" stakeholder model is examined. Refinement of the model and improved understanding as a result of field-based research is described. A stakeholder relationship planning framework is proposed.
Findings - The paper examines the use of the "six markets" model in a wide range of organisational contexts utilizing a range of research approaches. A stakeholder relationship planning model is developed consisting of four inter-related elements, i.e. stakeholder value propositions, value delivery design, stakeholder relationship marketing plans, and measurement and feedback.
Research limitations/implications - The article suggests a number of areas for future research, including the development of planning approaches for different classes of stakeholders and more detailed testing of the stakeholder model and planning framework in specific market sectors.
Practical implications - The research suggests that managers find that the development and implementation of relationship plans for the key stakeholder markets generates valuable new knowledge and insights into stakeholder conditions, constraints and opportunities.
Originality/value - This article contributes to knowledge in the relationship marketing and stakeholder theory areas through the development, refinement and use of a planning model that addresses the complexity of stakeholder relationships and networks. The stakeholder planning approach that is developed represents a means by which managers can achieve greater transparency of stakeholders' interests and improved rigour in planning relationships with stakeholders.
Keywords Marketing strategy, Relationship marketing, Stakeholder analysis, Business planning
Paper type Research paper
Introduction
The idea that business organisations have a range of stakeholders other than shareholders is obvious. Yet stakeholder theory has not guided mainstream marketing practice to any great extent (Polonsky, 1995). To use the theory/practice distinction provided by Argyris and Schon (1978), it is a theory espoused rather more than a theory practiced in action.
Research by Freeman and Reed (1983) traced the origins of the stakeholder concept to the Stanford Research Institute. They suggest a SRI internal document of 1963 is the earliest example of the term's usage. This document included customers, shareowners, employees, suppliers, lenders and society in its list of stakeholders. The stakeholder concept has attracted...