A Stakeholder Perspective on Relationship Marketing

Abstract

This paper proposes a broad framework of relationship marketing using the stakeholder approach. Drawing from Peck et al. (1999) framework and proposing several modifications, the authors identify the following relational groups-supplier markets, customer markets (channels), customer markets (end users), competitor markets, external influence markets, and internal markets. The growing importance of strategic alliances is reflected in all constituent groups as well as in a proposed modification of the Berry and Parasuraman (1991) levels of relationships. This paper also re-examines the strategic role of the traditional marketing mix strategies (namely, product, price, place, and promotion) in the new relationship paradigm. Finally, implementation strategies for the stakeholder markets, in general, and customer markets, in particular, are proposed. Several propositions are derived throughout the paper, many of which can be fertile areas for future research investigations.