The principal distinction between the groups in the influence
market domain and the concept of stakeholders or publics is in the
marked difference in relational emphasis that is placed on them.
Addressing these groups as markets involves the rigorous use of
marketing techniques such as segmentation, positioning and the
development of marketing strategies and plans to achieve specific
strategic market objectives. We view this market-based approach as
fundamentally different in the manner in which relationships are
managed. This can be contrasted with the concept of influencing or
communicating with these groups, as emphasized in public rela-
tions. Further, the concept of stakeholders implies a ‘stake’ in the
business. However, some constituent groups within the influence
market domain may have no formal ‘stake’ in the organization itself
but nevertheless may have an important influence on it. We also
consider that the analytical tools and disciplines of relationship
marketing can overcome some of the difficulties (raised by authors
such as Argenti^12 ) of determining trade-offs between different stake-
holders.
Campbell^13 has provided some compelling arguments for the
need to consider the constituent groups in what we term influence
markets. He argues that companies compete for ‘space’ in an ‘eco-
nomic jungle’ and that to survive in this jungle a company must win
the loyalty of important groups and that it must maintain loyalty
from these groups; without this loyalty the company’s space will
gradually erode until it disappears. He further points out that this
approach helps managers think of the full range of communities
from whom they need loyalty, as well as where other major con-
stituent groups should be considered.
Major categories within the influence market domain
Who then are the constituent groups an organization should con-
sider? There is considerable debate regarding this in the stakeholder
literature. Argenti^14 suggests an infinite number of potential groups.
On the other hand, Freeman^15 points to excessive breadth in identi-
fication of stakeholders.
The number of potential groups that may constitute the influence
market domain is considerable. However, the important ones
for a firm to address at a given point in time may be relatively few.
Figure 4.3 outlines many of the key groups within the influence
The referral and influence market domains 237