Trust Marketing in the Stakeholder Network: Mechanism, Sources and Process of Forming Trust Relationships

Abstract

The presented publication is aimed at determining the mechanism and sources of formation of trust relationships in the stakeholder network and closer defining the content of the process of their formation. The article defines the most significant sources of formation and strengthening of trust relations at the microeconomic level, which are: openness and availability of information; solving social problems; ability of each participant in the relationship to express their interests and influence the decision-making; integrity, honesty and competence of managers; clear feedback; stability of contractual relations and partnerships; high reputation and developed organizational culture of companies. Trust in the stakeholder network has a mechanism of occurrence, which consists of an aggregate of trust states of participants in relationships and processes by which these states are formed in them. Determining the sources of trust and the mechanism of its occurrence in the stakeholder network gives grounds for the development and adjustment, if necessary, of the process of establishing and developing trust relationships between network members. The incentive, cognitive, instrumental, practical and final stages of the process of formation of trust relations in the stakeholder network are also allocated, which makes it possible to structure the process of trust formation in the system of relations between the company and stakeholders and harmonize it with the stakeholder analysis and management process.

Keywords

• stakeholder network
• interested parties
• trust
• mechanism of formation of trust
• sources of trust
• process of formation of trust