The role of strategic philanthropy in marketing strategy

Abstract

Outlines the concept of strategic philanthropy, assesses its development and evolution, gives examples of the stakeholder focus, discusses marketing issues and addresses elements to consider in implementation. Organizations have long realized the benefits of benevolent philanthropy in supporting community, employees and the interests of investors. It has only been in recent years that organizations have formalized and integrated the philanthropic decisions with corporate citizenship and other key strategic organizational performance‐related decisions. Organizations in the twenty‐first century are increasingly concerned about managing societal issues in marketing to benefit key stakeholder interests. A new definition of strategic philanthropy is developed and contrasted with other initiatives that link marketing and society. Finally, suggestions for future research are provided.