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Relationship is a core concept in the field of public relations research. Recognizing the importance of advancing relationship management theory and existing gaps in the current literature, this essay proposes a Social Capital Model of Relationship Process that accounts for how relationship cultivation strategies affect both relationship quality and relationship structure. The model brings together insights from the relationship management theory and social network research. Further, the essay draws upon the concept of social capital to connect these two bodies of literature. The model suggests that social capital is a type of relationship outcome that includes both relationship quality and relationship structure aspects. As organizations deploy different relationship cultivation strategies, they may contribute social capital to local communities and the broader society. Implications for relationship management theory-building and practices are also discussed.