The success of any organization is dependent, to an extent, on a marketing manager's aptitude to advance social capital within the company's global network. In this chapter, the authors have developed a prototype to present the application of individual social capital at the bottom level to contribute in building the organizational social capital at the global level. They developed a hypothesis that the social capital of customers, business partners, and governing agencies are the critical success factors to explain the performance of the organization and contribute in improving the customer values. General marketing policies are not applicable at the organizational level; therefore, based on the factors of organization, marketing strategies should be deployed. This chapter analyses the factors at individual as well as organizational levels for employing and marketing the social capital at a global level.
TopIntroduction
Empathetic growth of social capital (SCtl) has become an area of substantial attention among social experts (Adler & Kwon, 2002; Leana & Van Buren, 1999). SCtl is defined as a strength that is produced via social relations and that can be engaged to simplify achievement and attain above-normal payments, SCtl has been used to improve a greater understanding of egalitarianism and domination, financial development, cooperative deeds, and occupational success (Bolino, Turnley, & Bloodgood, 2002).
Hypothetically, SCtl has been theorized at manifold such as defining the SCtl at the local sectors, (Kostova and Roth, 2003), at the individual level, (Leana and Van Buren 1999) at the organizational level, and at the inter-organizational level. Although noteworthy research has been led in the area of SCtl, researchers are the foundation to assimilate SCtl in various sectors of businesses (Kostova & Roth, 2003). The unique aspect of this research is to develop and contribute to the marketing of SCtl at the individual levels and employment at the organizational levels. As Organization success is found upon mixing cultural and economic differences into the Organization’s overall marketing strategy to enhance customer value delivery, marketing managers become central to the argument of SCtl in an Organization’s global network (Naim, et al. 2021).
The different types of SCtl are typically defined as structural SCtl, cognitive SCtl, and relational SCtl. Other common categorizations of SCtl are, bonding SCtl, bridging SCtl, and linking SCtl. Measurement of SCtl has three dimensions as shown in Figure 1.
Figure 1. Dimensions for the measurement of social capital
SCtl has many benefits that have made this concept acceptable. It helps a group of people explain their disquiets, share material, and form relationships and conviction. In addition, SCtl can aid to improve an individual's contacts and help them in the forthcoming endeavors. Figure 2 shows the relevance of SCtl in the general professional scenario.
Figure 2. Importance of social capital in the general professional scenario
The dominant principle of SCtl is that individuals profit from various standards and values that a social network nurtures and produces, such as trust, mutuality, information, and collaboration. These rules and values offer the essential prerequisites for joint actions. Figure 3 shows the functions of SCtl through social network.
Figure 3. Functions of social capital through social network
SCtl at work mentions to the individual associates between individuals which lead to a discussion of information and learning, acting as a catalyst for higher achievement and positive transformation allowing employees and companies alike to improve agility, collaboration, and innovation. Figure 4 presents the reasons and needs of social capital globally.
Figure 4. Need of social capital globally