Competing assessments of market-driven, sustainability-centered, and stakeholder-focused approaches to the customer-brand relationships and performance
Jeannette A. Mena,
G. Tomas M. Hult,
O.C. Ferrell and
Journal of Business Research, 2019, vol. 95, issue C, 531-543
For over two decades, marketing strategy has centered on the importance of being primarily market-driven to achieve superior customer-brand relationships and firm performance. However, changes in the business environment have prompted some organizations to embrace newer approaches to marketing strategy development, such as being sustainability-centered or stakeholder-focused. Using a competing analysis framework, we assess the marketing performance implications of these three approaches to marketing strategy development (i.e., market-driven, sustainability-centered, and stakeholder-focused) while accounting for other firm and industry effects. The hypotheses are tested using secondary data involving 1716 firms over a four-year period. The results indicate that, in general, placing more emphasis on a broad set of stakeholders (i.e., customers, employees, suppliers, shareholders, communities, and regulators) when developing marketing strategy is more important in achieving superior performance than is engaging in market-driven or sustainability-centered efforts. These findings support previous research that social responsibility associated with a stakeholder-focused strategy has a positive impact on customer-brand relationships resulting in performance. The results also indicate that distinctive marketing strategies exist among tangible product firms, service firms, low/stable tech firms, and high-tech firms.
Keywords: Market-driven; Sustainability; Stakeholders; Hierarchical linear modeling; Marketing strategy (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:95:y:2019:i:c:p:531-543
Access Statistics for this article
Journal of Business Research is currently edited by A. G. Woodside
More articles in Journal of Business Research from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().