Stakeholder Marketing: Why “Stakeholder” Was Omitted from the American Marketing Association's Official 2007 Definition of Marketing and why the Future is Bright for Stakeholder Marketing

Abstract

In 2004, the term “stakeholder” was included for the first time in the official definition of marketing issued by the American Marketing Association (AMA). This was a notable change because the official definition had been revised only twice in 70 years. Furthermore, it appeared to cement the concept of stakeholder marketing as central to the field's body of thought. Then, in 2007, the American Marketing Association revised the 2004 definition, replacing it with a new offering in which the term “stakeholder” was no longer present. Was this a setback for the stakeholder concept, even a repudiation of it? This short essay briefly explains what happened behind the scenes, why the revision occurred, and what this might mean for the future for the stakeholder marketing movement.