The stakeholder approach and two value exchange models are offered as tools to assist market managers to strategically manage the marketing function. The stakeholder concept is introduced to aid in identifying all of the constituents and other stakeholders of marketing, both internal and external, and to more completely recognise the various stakes involved. The Corporate Value Exchange Model provides the means for integrating and quantitatively measuring the most important direct value exchange relationships with the constituents and/or indirectly among them; and the Individual Value Exchange Model is suggested for use in analysing interpersonal and other one‐on‐one value exchange relationships.
Lee Miller, R. and Lewis, W.F. (1991), "A Stakeholder Approach to Marketing Management Using the Value Exchange Models", European Journal of Marketing, Vol. 25 No. 8, pp. 55-68. https://doi.org/10.1108/03090569110003553
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