Marketing's role in multi-stakeholder engagement

In 2019 the CEOs of more than 180 of the largest U.S. firms signed a statement of corporate purpose indicating that corporations are responsible for providing economic benefits to all stakeholders, not just shareholders. Although stakeholder theory states that there are sev-eral stakeholders (internal and external) whose continuing participation affects a firm's sustainability and long-term profitability, the marketing literature has focused primarily on customer engagement. This research argues for a broadened focus by marketing schol-ars and introduces a stakeholder engagement framework based on a triangulation approach including a systematic review of marketing research from a stakeholder perspec-tive, the results of a survey of 254 editorial review board members from top marketing journals, and business case examples. The framework identifies three dimensions of firms' stakeholder engagement strategies (stakeholder recognition, support, and dialogue) linked to stakeholder responses (stakeholder contribution to the firm or retaliation) that ulti-mately influence firm performance (financial, reputation, and risk). Two core propositions of multi-stakeholder engagement provide a foundation for a detailed future research agenda for marketing.(c) 2021 Elsevier B.V. All rights reserved.

Automated summary

This research argues for a broadened focus by marketing scholars on stakeholder engagement. It introduces a stakeholder engagement framework based on a triangulation approach and highlights the three dimensions of firms' stakeholder engagement strategies linked to stakeholder responses and firm performance.