Peter Doyle (2008) points out that the primary overarching goal for chief executives of commercial companies is to maximize shareholder value. Is this at odds with increasing awareness and attention to environmental and social responsibility? Surely firms seeking to maximize shareholder value will pay scant regard to the natural and social environment in which they operate, taking what they can irrespective of the consequences, to make a quick buck? Isn't this the essence of market-based capitalism - red in tooth and claw? Wrong! The essence of the shareholder value approach is the long-term sustainability of the organization through the creation of lasting value. Indeed, Doyle also argues that shareholder value is often confused with maximizing profits. Maximizing profitability is generally considered to be a short-term approach (and may result in eroding long-term competitiveness through actions such as cost cutting and shedding assets to produce quick improvements in earnings). Maximizing shareholder value, on the other hand, requires longterm thinking, the identification of changing opportunities and investment in the building of competitive advantage. The role of marketing in the modern organization poses something of a paradox. As Doyle (2008) again points out, few chief executives come from a marketing background, and many leading organizations do not even have marketing directors on their boards. Indeed, in many firms, the marketing function or department has had little or no strategic role; being relegated to public relations (PR), advertising or sales roles. However, there has been a change over the last decade or so, regarding the importance of the marketing concept in setting the strategic direction and influencing the culture of firms. Greyser (1997), for example, notes that marketing has successfully 'migrated' from being a functional discipline to being a concept of how businesses should be run. Similarly, marketing is talked of as a key discipline in organizations other than conventional commercial enterprises, for example in not-for-profit enterprises such as charities and the arts, in political parties, and even in public sector organizations, such as universities and the police service. Managers increasingly recognize that the route to achieving their commercial or social objectives lies in successfully meeting the needs and expectations of their customers (be they purchasers or users of services). The concept of the customer has always been strong in commercial businesses, and as supply has outstripped demand in so many industries so customer choice has increased. Add to that the vast increase in information available to customers through media sources such as the Internet, and the power in the supply chain has shifted dramatically from manufacturer, to retailer/supplier, to end customer. In such a world, organizations that don't have customer satisfaction at the core of their strategic decision making will find it increasingly hard to survive. In the not-for-profit world the concept of the 'customer' is taking more time to get established but is no less central. Public sector organizations talk in terms of 'clients', 'patients', 'students', 'passengers', and the like. In reality all are customers, in that they 'receive' benefits from an exchange with an identifiable entity or service provider. Where customers can make choices between service providers (within the public sector or outside it) they will choose providers who best serve their needs. Increasingly private sector providers are identifying areas where customers are not well served by the public sector, and providing new choices (in healthcare, education, security services and transport, for example). While organizational structures, operational methods and formal trappings of marketing can and should change to reflect new developments and market opportunities, the philosophy and concept of marketing, as described by Doyle, are even more relevant in the business environment faced today than ever before.

Critically discuss the relationship between marketing and stakeholder value as pinned down by Doyle (2008).

Your discussion should include an (i) introduction, (ii) discussion, and (iii) concluding paragraphs. words. References should also be included.