A stakeholder approach to relationship marketing strategy

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.