An Empirical Analysis of Market Orientation and Business Performance Relationship in the Context of Developing Economy

Abstract

Management ideology has evolved over the years and has moved from a manager-worker relationship to a business-society relationship. This has led to key stakeholders for organizations to come from diverse perspectives, and has changed the focus for stakeholder relations. This paper looks at literature on management to identify the range of stakeholders, and how these stakeholders' relationships are best managed by the modern organization. 1. Introduction This selective literature review paper will analyse contemporary literature in relation to the business-society relationship and the roles stakeholder management plays in this relationship. It also reviews the responsibility for stakeholder relationship management and the role the public relations profession has in this strategic process. The paper compares the evolution of management theories and philosophies to identify key stakeholders for organizations and the key considerations to effectively managing these relationships.