Definition of stakeholder marketing

This involves the design, implementation and evaluation of marketing initiatives so as to maxime benefit for all stakeholders such as customers, employees, shareholders (i.e., actors that operate in the business domain) as well as nonprofits, the environment and society in general.

The recent U.S. initiative to replace disposable plastic bags with resuable cloth bags for grocery shopping is an example of stakeholder marketing. Although consumers need to buy the cloth bags the first time around, they feel better about themselves as they are seen to be contributing to a more sustainable planet. Retailers are better off as they reduce costs by not having to pay for the plastic bags, and finally, the environment is benefited too.  [1]

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