Integrating stakeholder management and relationship management: contributions from the relational view of the firm

This paper offers a synthesis of the stakeholder management and relationship marketing literature in terms of how both strands can inform each other. Based on the suggestions of Luk, Yau, Tse, Sin and Chow (2005), stakeholders are seen as synergistic or hindering in terms of the overall strategic prospects of the organisation. This conflict is central to traditional stakeholder management approaches. The relational view of the firm (Dyer and Singh, 1998) offers an interesting framework on which stakeholder relationships can be based. Using the four key variables contained within the relational view, this paper argues for a stakeholder analysis process that is underpinned by the notion of competitive rivalry in stakeholder markets rather than on incumbency.