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abstract

Despite the stakeholder view's growing popularity among marketing academics and managers, stakeholder marketing is still in its infancy. This research invigorates stakeholder marketing by integrating stakeholder theory and the resource-based view (RBV) of the firm to propose that the network of stakeholder relationships (i.e., a key component of stakeholder marketing) is, in essence, a strategic resource with the inherent potential to contribute substantively to a firm's competitive advantage and superior performance. Based on this fundamental premise, the article explores the causal chain by which the firm's network of stakeholder relationships converts into superior performance, while paying particular attention to the role of competitive advantage in this linkage. The aim of the proposed RBV of stakeholder marketing is to provide a theoretical basis to stimulate further research and, in turn, direct marketers to actions that can benefit their exchange relationships with the stakeholder network.

4. Discussion

The RBV recognizes that the strategic resources a firm controls are essential to superior performance (Barney, 1991). Such a perspective has provided a needed alternative to other views of strategy that emphasize external factors, such as industry structure (e.g., Schmalensee, 1985). As a result, theoretical attention of RBV research has mostly remained on internal resources, whether tangible, such as ownership of a gold mine, or more intangible, such as capabilities and core competencies (Day, 1994; Hunt & Morgan, 1995). The central insight of this article is that the firm's relationships with multiple stakeholders, including those that are external to the firm, constitute a resource. To the extent that these relationships are valuable, rare, inimitable, and organizationally embedded, they can lead firms to respond to those stakeholders. This ability, in turn, provides a differentiation and/or cost advantage, which ultimately enhances firm performance.