Abstract
The present research is aimed at analyzing and evaluating the influence of key stakeholders on sustainability marketing strategies (SMSs) of multi-industry Indian companies. The study objective is achieved in several phases, including development of typology of SMS of Indian companies, identification and classification of stakeholders, and evaluation of influence of various stakeholders on SMS of Indian companies. To achieve these objectives, data were collected from Business Standard 1,000 companies through email survey, and 153 complete responses were received. Empirical evidence shows that most of the Indian companies are either undecided about or uninterested in adopting sustainability marketing (SM) practices, or are not showing their interest in adopting sustainability. Findings further reveal that stakeholders exert environmental, social, and economic pressures on Indian companies; managers of Indian companies feel considerable pressure from environmental stakeholders for adopting SMS, while the pressure from social and economic stakeholders is comparatively less. The study will help managers manage stakeholders effectively while formulating SMSs.
Highlights
Over the years, sustainability marketing (SM) and related issues have gained considerable attention from academics and practitioners (Belz & Schmidt-Riediger, 2010; Hult, 2011)
Sustainability marketing strategy (SMS) deals with decisions related to sustainability-based market segmentation and targeting, and designing positioning strategy for bringing sustainability in the marketing mix
Very few studies have been carried out that are directly linked to the field of SM, and existing studies on SM and strategy are not sufficient to design the methodology of the present research, which is why studies on environmental marketing and strategy have been taken into consideration
Summary
Sustainability marketing (SM) and related issues have gained considerable attention from academics and practitioners (Belz & Schmidt-Riediger, 2010; Hult, 2011). Sustainability issues are becoming a vital part of marketing agenda too (Charter, Peattie, Ottman, & Polonsky, 2006). According to Belz and Peattie (2009), SM is defined as “building and maintaining sustainable relationships with customers, the social environment and the natural environment.”. While referring to marketing strategy, Slater and Olson (2001) stated, “marketing strategy deals with decisions related to market segmentation and targeting, and the designing of positioning strategy based on marketing mix.”. Sustainability marketing strategy (SMS) deals with decisions related to sustainability-based market segmentation and targeting, and designing positioning strategy for bringing sustainability in the marketing mix While referring to marketing strategy, Slater and Olson (2001) stated, “marketing strategy deals with decisions related to market segmentation and targeting, and the designing of positioning strategy based on marketing mix.” sustainability marketing strategy (SMS) deals with decisions related to sustainability-based market segmentation and targeting, and designing positioning strategy for bringing sustainability in the marketing mix
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