A formalism, based on an isobaric approach using Feynman diagrammatic techniques, which includes the nucleonic (spin \ensuremath{\le} 5/2), hyperonic (spin 1/2), and kaonic resonances, is developed. Using this formalism, a thorough investigation of the following electromagnetic strangeness processes, for which experimental results are available, is performed: \ensuremath{\gamma}p\ensuremath{\rightarrow}${\mathit{K}}^{+}$\ensuremath{\Lambda}, ${\mathit{K}}^{+}$${\mathrm{\ensuremath{\Sigma}}}^{0}$, ${\mathit{K}}^{0}$${\mathrm{\ensuremath{\Sigma}}}^{+}$, for ${\mathit{E}}_{\ensuremath{\gamma}}^{\mathrm{lab}}$\ensuremath{\le} 2.1 GeV, ep\ensuremath{\rightarrow}${\mathit{e}}^{\ensuremath{'}}$${\mathit{K}}^{+}$\ensuremath{\Lambda}, ${\mathit{e}}^{\ensuremath{'}}$${\mathit{K}}^{+}$${\mathrm{\ensuremath{\Sigma}}}^{0}$, and ${\mathit{K}}^{\mathrm{\ensuremath{-}}}$p\ensuremath{\rightarrow}\ensuremath{\gamma}\ensuremath{\Lambda},\ensuremath{\gamma}${\mathrm{\ensuremath{\Sigma}}}^{0}$. A reaction mechanism, describing well enough the data, is found to include a reasonable number of baryonic resonances among a very large number of potential candidates. The extracted main kaon-hyperon-nucleon coupling constants are in good agreement with values predicted using SU(3) symmetry. The main findings of this model are compared with the results of other recent phenomenological studies. Predictions for the upcoming photoproduction polarization and electroproduction observables are presented, and their sensitivity to the phenomenological models ingredients are emphasized. \textcopyright{} 1996 The American Physical Society.