Gone are the days when firms operated solely with a profit motive. Today, firms have realized that unless they take care of their customers, society and other related parties their profits would be short-lived. This trend, called stakeholder marketing, has gained momentum at the global level. Even in the Indian context, many companies having realized that stakeholders are integral to their business are initiating activities that would benefit them.

Marketing has come a long way from the era of production to the age of transcendence. Although businesses operate with a profit motive even today, they have gone a step further and are keen to fight for a social cause and do something beneficial to the society. Firms, nowadays, believe in helping all those who are related to the business in one way or the other. This thought has brought to the forefront a new concept; that of a `stakeholder'. R Edward Freeman, an American philosopher identified the strategic importance of groups and individuals comprising of employees, customers, suppliers, etc. beyond the firm's stockholders. In fact, it was Freeman who propagated the stakeholder concept in the early 1980s. The term `stakeholder' includes the company's employees, customers, dealers, government, special interest groups, competitors, as well as the media. Words like affection, love, joy, authenticity, empathy, compassion, soulfulness, etc., which had no place in business earlier have gained importance today. Companies that focus on customer well-being and stakeholder well-being connect well with the stakeholders and make loyal customers in the long run. In fact, it can be said that the changing expectations as well as the demands of society have motivated firms to alter their relationships with the society. Firms are, therefore, emphasizing on the factors of sustainability, which implies focus on economic, social, and environmental performance (Colbert et. al, 2007).

Edward Freeman was the first among management writers to identify the strategic importance of groups and individuals beyond the firm's stockholders. Known for his work on Stakeholder Theory in 1984, Freeman argued that a company had a fiduciary responsibility towards its stakeholders. According to Freeman, besides the employees, suppliers, and customers, the stakeholder group also included government bodies, political groups, trade associations, trade unions, communities, associated corporations, prospective employees, prospective customers, and the public at large.

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