Hillebrand et al. (2015): Stakeholder Marketing: Theoretical Foundations and Consequences for Marketing Capabilities
12 important questions on Hillebrand et al. (2015): Stakeholder Marketing: Theoretical Foundations and Consequences for Marketing Capabilities
In which part of the roadmap fits this article?
Which focus and recognition belongs to stakeholder marketing?
- It focuses on
- co-creation in network relationships
- acknowledges the potential of indirect creation of value.
- It recognizes that
- customer relationships may be influenced by relationships with other stakeholders
- a diverse network of stakeholders creates value.
What are the two contributions of the paper by Hillebrand et al. (2015)?
- Provide perspective on marketing discipline that takes the interrelatedness of stakeholders into account: ‘Revised theoretical perspective’.
- Proposed set of specific capabilities that firms require in order to meet new challenges arising from complex stakeholder networks: ‘Marketing capability gap’. Requires systems, paradoxical, and democratic thinking.
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What is the definition of stakeholder theory and which other theories are related to this?
- May be regarded as an extension of agency theory because managers are viewed as agents not just for shareholders, but for all stakeholders.
- Normative (theory dealing with ethics and morality of business) & Instrumental (theory dealing with effectiveness of business).
What entails the hub-and-spokes perspective?
- Firm (hub) maintains dyadic relationships with stakeholder groups (spokes).
- Stakeholders themselves are interrelated in networks and the current hub-and-spokes perspective does not fully reflect problems that marketing managers experience in a complex network of interrelated stakeholders. Multiplicity perspective is needed.
What is multiplicity (theory) and which two perspectives belong to it?
synthesis of a number of simple elements or singularities.
Two perspectives:
- Discrete:
- Homogeneous and countable
- Does not change in nature
- No room for parellel mulitple interpretation at the same time
- Sequentially focus on the elements as if they are independent
- Continuous:
- Heterogeneous and not countable
- Changes in nature
- Allow different interpretations in parallel
- Holistic view (rather than focus on individual elements)
What are the main differences between traditional marketing perspective and stakeholder marketing perspective?
- Interests of stakeholders are seen as independent
- Value perceptions of stakeholders are viewed as differing in importance, with customer taking primacy
- Value is viewed as created by the firm
Stakeholder marketing perspective = Stakeholder netwerorks are viewed as continuous multiplicities
- Interests of stakeholders are viewed as interrelated
- Acknowledging the value perceptions of multiple stakeholders is critical for success
- Value is viewed as co-created with a multitude of stakeholders
Wich three transitions in marketing practice make
the traditional perspective on stakeholder networks increasingly inappropriate and propose new capabilities to deal with these transitions? (implications for practice)
- Type of value exchange
- From dyadic (relational thinking) to complex (system thinking)
- Understanding the whole stakeholder value system
- Tension
- From implicit (logical thinking) to explicit (paradoxical thinking)
- Accepting and learning from tension between stakeholder interests
- Control
- From centralized (responsive thinking) to dispersed (democratic thinking)
- Sharing control over marketing decision with a multitude of stakeholders
Which 7 propositions are mentioned in the paper by Hillebrand et al. (2015)?
- P1: Viewing stakeholder networks as continuous multiplicities instead of discrete multiplicities.
- P2: Stakeholder marketing provides a better understanding of stakeholder networks with high complexity of value exchange
- P3: A central capability of stakeholder marketing is system thinking
- P4: Stakeholder marketing provides a better understanding of stakeholder networks with high explicitness of tension
- P5: A central capability of stakeholder marketing is paradoxical thinking
- P6: Stakeholder marketing provides a better understanding of stakeholders networks with high dispersion of control
- P7: A central capability of stakeholder marketing is democratic thinking
What are the 4 implications for firm performance?
- Stakeholder marketing capabilities are unlikely to have short term and direct effect on traditional peformance measures.
- Expect their impact to be long term and indirect.
- System thinking:
- Generate stronger stakeholder relationships because understanding the whole stakeholder value system lies at the root of bulding networs for shared value creation.
- Paradoxical thinking:
- Increase perceived fairness of firms in eyes of stakeholders because it implies taking all stakeholder issues serisously, even when they conflict
- Democratic thinking:
- Likely to improve stakeholder relationships, firms that share control with multiple stakeholders are likely to be perceived as more fair by their stakeholders.
What are the 5 implications for marketing theory?
- Stakeholder marketing goes beyond acknowledging that firms have more stakeholder groups than only customers
- Highlights the interdepencence between multiple relationships with a diverse set of stakeholders
- Revitalizes insights form the systems perspective and further these insights by taking the complexities of networks seriously
- Contribution to the debate on whether managing stakeholder relatinships should be a part of marketing
- Principle of customer primacy/customer centricity is challanged
What is the conclusion of the paper by Hillebrand et al. (2015)?
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