Stakeholder perceptions presage holistic stakeholder relationship marketing performance

Abstract

Purpose To measure marketing performance in a holistic sense. Design/methodology/approach To augment the prevailing customer relationship marketing paradigm, a holistic stakeholder relationship marketing paradigm is proposed in which holistic marketing performance is reflected in the delivery of long‐term economic, social, and environmental value to customer, employee, supplier, community, and shareholder stakeholders of a business in order to enhance sustainable financial performance. Present stakeholder attitudes are measured in a stakeholder performance appraisal within a stakeholder relationship marketing model, as timely, early warning signals of future stakeholder behaviour and concomitant future business performance. Findings Stakeholder performance appraisal results to date indicate that a holistic stakeholder relationship marketing orientation that incorporates triple bottom line philosophy significantly enhances business financial performance beyond that achieved by a customer relationship marketing orientation. Research limitations/implications The stakeholder performance appraisal has been applied to only 33 businesses to date providing scope for wider application of this measurement system to demonstrate its practical usefulness in measuring holistic marketing performance and future financial performance. Practical implications The stakeholder performance appraisal provides a perceptual overview of holistic marketing performance and concomitant business financial performance from stakeholders in terms of quantitative ratings of economic, social and environmental performance, and qualitative strengths, weaknesses, opportunities and threats. These data enable a business to plan stakeholder relationship marketing strategies to enhance performance and to predict future financial performance. Originality/value The stakeholder relationship marketing model and the stakeholder performance appraisal are new, unique, managerially useful additions to existing stakeholder models and metrics.

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