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Strategic marketing, sustainability, the triple bottom line, and resource-advantage (R-A) theory: Securing the foundations of strategic marketing theory and research

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  • Shelby D. Hunt

    (Texas Tech University)

Abstract

Addressing strategic marketing's identity problem, several highly complementary works have clarified the field's theoretical foundations, nature, and scope by (1) specifying its domain, (2) defining its central concept, "marketing strategy," (3) proposing the field's foundational premises, and (4) positing its fundamental explananda. Furthermore, the works have shown how resource-advantage (R-A) theory (5) grounds major theories of marketing strategy, (6) illuminates, informs, extends, and grounds the field's foundational premises, (7) identifies three fundamental strategies ("superior value," "lower cost," and "synchronal"), and (8) explains how the three fundamental strategies promote societal welfare. However, a major unresolved issue concerns the second fundamental explanandum of strategic marketing. Specifically, Varadarajan (AMS Review, 5, 78-90, 2015) expands his second fundamental explanandum from "marketplace and financial performance" to explaining triple bottom line (TBL) performance. That is, strategic marketing theory and research should answer: "What explains differences in [social, environmental, and financial] performance of competing brands/product lines/businesses?" This article provides a background discussion on how "sustainability" and the TBL relate to marketing in general and strategic marketing, in particular. Next, it (1) examines the nature of the TBL, (2) shows how the TBL concept and certain issues regarding its measurement parallel those in the "corporate social responsibility" literature, (3) re-examines the value of the TBL framework, (4) makes clear how R-A theory accommodates the TBL, and (5) shows how R-A theory provides seven potential explanations of differences in firms' TBL performance.

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  • Shelby D. Hunt, 2017. "Strategic marketing, sustainability, the triple bottom line, and resource-advantage (R-A) theory: Securing the foundations of strategic marketing theory and research," AMS Review, Springer;Academy of Marketing Science, vol. 7(1), pages 52-66, June.
    • Handle: RePEc:spr:amsrev:v:7:y:2017:i:1:d:10.1007_s13162-017-0090-y
    DOI: 10.1007/s13162-017-0090-y
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    References listed on IDEAS

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    1. Bohringer, Christoph & Jochem, Patrick E.P., 2007. "Measuring the immeasurable -- A survey of sustainability indices," Ecological Economics, Elsevier, vol. 63(1), pages 1-8, June.
    2. World Commission on Environment and Development,, 1987. "Our Common Future," OUP Catalogue, Oxford University Press, number 9780192820808, Decembrie.
    3. Isabelle Maignan & David A Ralston, 2002. "Corporate Social Responsibility in Europe and the U.S.: Insights from Businesses' Self-presentations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(3), pages 497-514, September.
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    5. Sundar Bharadwaj, 2015. "Developing new marketing strategy theory: addressing the limitations of a singular focus on firm financial performance," AMS Review, Springer;Academy of Marketing Science, vol. 5(3), pages 98-102, December.
    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    7. Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
    8. Rajan Varadarajan, 2015. "Strategic marketing, marketing strategy and market strategy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(3), pages 78-90, December.
    9. Norman, Wayne & MacDonald, Chris, 2004. "Getting to the Bottom of “Triple Bottom Lineâ€," Business Ethics Quarterly, Cambridge University Press, vol. 14(2), pages 243-262, April.
    10. Shelby D. Hunt, 2015. "The theoretical foundations of strategic marketing and marketing strategy: foundational premises, R-A theory, three fundamental strategies, and societal welfare," AMS Review, Springer;Academy of Marketing Science, vol. 5(3), pages 61-77, December.
    11. Hunt, Shelby D. & Menon, Anil, 1995. "Metaphors and competitive advantage: Evaluating the use of metaphors in theories of competitive strategy," Journal of Business Research, Elsevier, vol. 33(2), pages 81-90, June.
    12. Shelby D. Hunt, 2013. "The inductive realist model of theory generation: explaining the development of a theory of marketing ethics," AMS Review, Springer;Academy of Marketing Science, vol. 3(2), pages 61-73, June.
    13. Rajan Varadarajan, 2015. "Strategic marketing, marketing strategy and market strategy," AMS Review, Springer;Academy of Marketing Science, vol. 5(3), pages 78-90, December.
    14. Shelby Hunt, 2015. "The theoretical foundations of strategic marketing and marketing strategy: foundational premises, R-A theory, three fundamental strategies, and societal welfare," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(3), pages 61-77, December.
    15. Sundar Bharadwaj, 2015. "Developing new marketing strategy theory: addressing the limitations of a singular focus on firm financial performance," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(3), pages 98-102, December.
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    2. Athanasios Ioannis Arvanitidis & Vivek Agarwal & Miltiadis Alamaniotis, 2023. "Nuclear-Driven Integrated Energy Systems: A State-of-the-Art Review," Energies, MDPI, vol. 16(11), pages 1-23, May.
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    6. O. C. Ferrell, 2021. "Addressing socio-ecological issues in marketing: environmental, social and governance (ESG)," AMS Review, Springer;Academy of Marketing Science, vol. 11(1), pages 140-144, June.

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