ABSTRACT
In this study, we consider Meaningful Stakeholder Engagement as an organization’s purposeful interaction with stakeholders to address their concerns and commit to value co-creation. Past research is riddled with overlapping labels and conceptual ambiguities. Thus, it is unclear how an organization meaningfully engages with marginalized stakeholders such as the community. We address this question by explaining different mechanisms through which an organization engages with a particular community for value creation. We contribute to the literature in two ways. First, we illustrate four building blocks of the community in relationship to Stakeholder Theory: people, feelings, relationships, and problems. Second, we propose that there is no single strategy to engage with marginalized stakeholders; rather, strategies vary given the stakeholder and context. For example, collective entrepreneurship is useful in addressing the concerns of the community of place, while collaborative engagement with stakeholders is an appropriate way to engage and create value for the ignored community of practice. We stress the importance of understanding that Stakeholder Theory is about relationships with stakeholders including marginalized communities. Marginalized is defined as undervalued or ignored; any stakeholder or community can be marginalized who is undervalued or ignored. Consequently, it falls upon managers and leaders to actively engage with stakeholders and oversee these relationships, aiming to foster value creation for all instead of prospering at the expense of marginalized communities.
