Using stakeholder relationship marketing to enhance entrepreneurship : a thesis presented in partial fulfilment of the requirements for the degree of Master of Business Studies in Marketing at Massey University
Relationship marketing has received extensive attention from marketing scholars in the last two decades. It evolved in the 1980s from the transactional marketing of the 1960s and 1970s. Due to the high cost of competition, a lot of organizations have to reexamine the business environment and their long term strategies. A simple transaction was no longer sufficient to ensure corporate sustainability and there was a growing awareness of the importance of building longer term customer relationships (Maguiness, 2004). The relationship marketing, as a new marketing paradigm has been supported and reinforced by a considerable body of theoretical and empirical work over the last two decades. More and more business people realized that the success of their business should establish good customer relationships from short term to long term (Berry, 1983; Gronroos, 1997; Gummesson, 1999; Kotler & Armstrong, 1999). However, many marketing commentators (Freeman, 1984; Arrow, 1988; Murphy, 1988; Verbeke, 1992; Polonsky, 1995; Murphy et al., 1997, 1999; Payne et al., 2001; Polonsky et al., 2002; Christopher et al., 2003; Murphy et al., 2004) have expressed the view that a business is a coalition of stakeholders including employees, suppliers, shareholders, the community, as well as customers. Hence, business should shift their focus from relationship marketing to stakeholder relationships.