Marketing communication: principles and practice

The fourth wave: from around 2030–50 onwards?
Corporations take on responsibility for a wider contribution to well-being –
the business of business is no longer only business. Corporations strive to
serve their stakeholders, with integrated business principles, environmental
concern, personal integrity, and spiritual values. This stewardship takes effect
within a democratic community which values participation and contribution
in ethical decision-making and life is lived more intentionally. The collapse
M A N A G I N G W I T H S T A K E H O L D E R S
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of ‘privatism’ is brought about by a quest for wholeness – interconnection
and caring for all, based on honesty, truth, conviction, self-worth, and a
concern for the quality of relationships and personal fulfilment. Business
becomes the means to promote economic and social justice
Communication assumptions and styles will shift from dominance or
passivity, to an assertive leadership in community.
THE INCLUSIVE COMPANY
Debate continues about that part of the overall management task having to
do with the management of important relationships, and with communication
with groups in these relationships. This ‘sub-task’ may be argued over by
marketing, customer relations, and human resource management or public
relations specialists. Its importance has been emphasized in recent years by
the extensive study of the Royal Society for the Encouragement of the Arts,
Manufactures and Commerce on the sustainable success of the company of
the future (RSA, 1995).
The study report was the result of an enquiry lasting more than two years
and involving some of the UK’s most prominent companies. It aimed to
stimulate competitiveness, offering a broad view of the possible sources of
sustainable business success. The study concluded that an inclusive approach
to business leadership, investment needs, people and society is needed for
world-class business success. The approach requires companies to:
• clearly define purpose and values and communicate these consistently to
all those people and groups who are important to success
• develop their own success models, drawing on stated purposes and values
• value reciprocal relationships, working actively to build these
• expect relationships to contribute to maintenance of a strong ‘license to
operate’
The RSA study concluded that the successful company of the future will be
inclusive, that is, it will recognize and respond to the interests of those with
a stake in a company’s success, and will ‘include’ all such groups.
The part of management concerned with the management of relationships
is public relations, which may also be described as: ‘public affairs’; ‘corporate
communications’; and ‘corporate affairs’. These terms do have different
meanings: public relations is the practice of managing important relation-
ships, and public affairs deals with relationships involved in public policy
development (with government, political parties, pressure groups and the
media, as they contribute to public policy debate), and with issues manage-
ment. ‘Corporate communications’ recognizes the importance of managed
communication in relationships and includes forms of communication used
for corporate
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purposes.