Cambridge Marketing Handbook: Stakeholder

Book excerpt: Marketers have long held the view that the customer should be central to all they think about, all they do. Yet the developments of the last few years have shown that other forces are at play that can be at least as powerful and long lasting. A broader group of stakeholders exists whose needs and interests must be understood and satisfied in the quest for a strong corporate reputation and business success. Most recently the impact of the internet and social media has amplified the power of individuals to comment on, and ultimately to influence, the activities of organizations of all types. This handbook examines the identification of stakeholders: internal, connected and external, their ability to affect the organization, and how organizations should relate to them. It also examines the organization itself and the factors which influence the development of its corporate image among its various stakeholder audiences.