TITLE:
From Behavioral Strategy to Emotional Strategy: It Is Time to Use Emotions as a Competitive Advantage
AUTHORS:
Santiago Urio, Raquel Redondo Palomo, Diana Gavilan
KEYWORDS:
Strategic Management, Business Strategy, Behavioral Strategy, Emotional Strategy, Business Stakeholders, Cognitive Bias
JOURNAL NAME:
Open Journal of Business and Management,
Vol.11 No.1,
January
20,
2023
ABSTRACT: This paper reviews relevant research from various disciplines: business stakeholders, behavioral strategy, and stakeholder motivations to
propose a holistic and integrative approach to the discipline of business
strategy formulation. The purpose is to
propose a holistic view of the formulation of business strategies
focused on fulfilling the emotional needs of business stakeholders and provide
a framework for future research. There is an opportunity to develop successful
business strategies by considering two dimensions: On the one hand, considering the motivations and aiming to fulfill the needs of all company stakeholders not purely economic return.
On the other hand, among these motivations, emotional needs have an
increased role particularly in the developed world were a significant part of
the physiological needs are already covered. The article opens a new avenue for
future business strategy research. By delivering socioemotional value to
stakeholders, companies can complement the current economic based approach and
create additional sustainable competitive differentiation.