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Discusses stakeholder theory (ST) in the context of developing environmental marketing strategy. ST has not been utilized extensively in the marketing literature. Discusses how environmental marketing strategy can be improved by following the four‐step stakeholder management process. This process involves: identifying the relevant stakeholder groups; determining the stake of each group; determining how effectively the “expectations” of each group are met; and developing corporate objectives and priorities that consider the stakeholder′s interests. Through understanding and attempting to socialize key stakeholders, environmental marketing strategy can be made more effective. Provides some examples of the stakeholder socialization process.
Michael Jay Polonsky (Tue,) studied this question.