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Marketing Strategy
Market Segmentation and Target Strategy
A market consists of people or organizations with wants,money to spend,and the willingness to spend it.However,within most markets the buyer' needs are not identical.Therefore,a single marketing program starts with identifying the differences that exist within a market,a process called market segmentation, and deciding which segments will be pursued ads target markets.
Marketing segmentation enables a company to make more efficient use of its marketing resources.Also,it allows a small company to compete effectively by concentrating on one or two segments.The apparent drawback of market segmentation is that it will result in higher production and marketing costs than a one-product,mass-market strategy.However, if the market is correctly segmented,the better fit with customers' needs will actually result in greater efficiency.
The three alternative strategies for selecting a target market are market aggregation,single segment,and multiple segment.Market-aggregation strategy involves using one marketing mix to reach a mass,undifferentiated market.With a single-segment strategy, a company still uses only one marketing mix,but it is directed at only one segment of the total market.A multiple-segment strategy entails selecting two or more segments and developing a separate marketing mix to reach segment.
Positioning the Product
Management's ability to bring attention to a product and to differentiate it in a favorable way from similar products goes a long way toward determining that product's revenues.Thus management needs to engage in positioning,which means developing the image that a product projects in relation to competitive products and to the firm's other products.
Marketing executives can choose from a variety of positioning strategies.Sometimes they decide to use more than one for a particular product.Here are several major positioning strategies:
1.Positioning in Relation to a competitor
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IndustrialMarketingManag；Contentslistsavailableat；IndustrialMarketingManag；Strategicmarketingandbus；MattiJaakkolaa,?,Kristia；abc；AaltoUniversitySchoolofE；UniversityofInnsbruckSch；a
IndustrialMarketingManagement39(10ContentslistsavailableatScienceDirectIndustrialMarketingManagementStrategicmarketingandbusinessperformance:AstudyinthreeEuropean‘engineeringcountries’MattiJaakkolaa,?,KristianM?llera,1,PetriParvinena,2,HeinerEvanschitzkyb,3,HansMühlbacherc,4abcAaltoUniversitySchoolofEconomics,DepartmentofMarketingandManagement,P.O.Box21230,FI-00076Aalto,Helsinki,FinlandUniversityofStrathclyde,DepartmentofMarketing,StenhouseBuilding,173CathedralStreet,GlasgowG40RQ,UKUniversityofInnsbruckSchoolofManagement,DepartmentofStrategicManagement,MarketingandTourism,Universitaetsstr.15,6020Innsbruck,AustriaarticleinfoabstractInspiteofitsrelevance,theeffectsofstrategicmarketingonbusinessperformancearesparinglystudied,especiallyinparticularbusinesscontexts.Weaddressthisgapintwoways.First,weexaminethein?uenceoffourkeystrategicmarketingconcepts―marketorientation,innovationorientation,andtwomarketingcapabilitycategories(outside-inandinside-outcapabilities)―oncompanyperformance.Second,theserelationshipsarestudiedinthreeEuropean“engineeringcountries:”Austria,FinlandandGermany.Theirrelativehomogeneityenablestestingthegeneralityversuscontext-speci?cityofstrategicmarketing'sperformanceimpact.UsingSEManalysis,surprisinglyweakrelationshipsbetweenmarketorientationandoutside-incapabilities,andbusinessperformanceareidenti?ed,asopposedtothestrongroleofinside-outcapabilitiesandinnovationorientation.Theseresultscanbeunderstoodthroughthe“engineeringcountry”characteristics.Moreover,cleardifferencesinresultsareidenti?edamongtheserelativelyhomogenouscountries.Thisisamajor?ndingasitchallengesthewidelyassumedgeneralityofthestrategicmarketingCperformancerelationship.Country-speci?cresultshavealsoconsiderablemanagerialrelevance.?2010ElsevierInc.Allrightsreserved.Articlehistory:Received6January2008Receivedinrevisedform21July2009Accepted10March2010Availableonline12August2010Keywords:StrategicmarketingBusinessperformanceResource-basedviewBusinessorientationsStructuralequationmodeling1.IntroductionMarketingeffortsandknow-howareinstrumentalincommer-cializingideasandinventionsandinrunningsuccessfulbusiness.Nevertheless,theeffectofstrategicmarketingonbusinessperfor-manceremainselusive,evendespiteanestablishedresearchtradition(Hooley,Greenley,Cadogan,&Fahy,2005;Matsuno,Mentzer,&?zsomer,2002;Srivastava,Shervani,&Fahey,1998).Thismaybeduetothefactthattheoutcomesofstrategicmarketingaresubjecttomanyinternalandexternalin?uences,makingtheidenti?cationofcause-and-effectlinkagesveryhard(Bonoma&Clark,1988).Arelatedissueisthatthemajorityofstudiesexamineonlytheeffectsoftwoorthreemarketingfactorsatatime.Thisisaclearlimitationcomparedtocorporatereality.Thecurrentsituationisalarmingandseveralstudiesemphasizetheurgencytodemonstraterelationshipsbetweenmarketinginputs,processesandbusinessoutcomes(e.g.Morgan,Clark,&Gooner,2002;O'Sullivan&Abela,2007).?Correspondingauthor.Tel.:+;fax:+.E-mailaddresses:matti.jaakkola@hse.?(M.Jaakkola),kristian.moller@hse.?(K.M?ller),petri.parvinen@hse.?(P.Parvinen),evanschitzky@strath.ac.uk(H.Evanschitzky),hans.muehlbacher@uibk.ac.at(H.Mühlbacher).1Tel.:+;fax:+.2Tel.:+;fax:+.3Tel.:+.4Tel.:+;fax:+01/$Cseefrontmatter?2010ElsevierInc.Allrightsreserved.doi:10.1016/j.indmarman.Anothercriticalaspectinthestrategicmarketingresearchisthedominanceofcross-sectionalresearchdesign.Bystudyingthemarketingeffectsoverseveralindustriesandevenovercountries,wereceivehighlyaveragedresultsthatmayalsocontainalotof‘noise.’Thismethodologicalapproachregardsthein?uenceofstrategicmarketingasgeneric.Thatis,theimpactofmarketingfactorsispresumedtobeconstantacrossdifferenttypesofbusinesscontexts.Thisisastrongassumptionandwelacksuf?cientknowledgeoftheeffectsofstrategicmarketingfactorsinparticularbusinesscontexts(Homburg,Workman,&Krohmer,1999;Morganetal.,2002;Makino,Isobe,&Chan,2004).Thisisanevidentshortcoming,asresearchinmarketorientationsuggeststherelevanceofcontextualanalysis,whereevenacross-nationalmeta-analysisofitsperformanceimpactisavailable(Ellis,2006).AdditionalevidenceofcontextualityisavailablethroughstudiesthatemploythestrategytypologyofMilesandSnow(1978)ascontextualdeterminants(e.g.Desarbo,DiBenedetto,Song,&Sinha,2005;Slater,Olson,&Hult,2006).Thepresentstudyaddressesrecognizedresearchgapsintwoways.First,asrecommendedbyHooley,Greenley,Fahy,andCadogan(2001),weexaminethein?uenceoffourkeystrategicmarketingconcepts―marketorientation(e.g.Kohli&Jaworski,1990;Narver&Slater,1990),innovationorientation(e.g.Siguaw,Simpson,&Enz,2006),andthetwomarketingcapabilitycategories(outside-inandinside-Day,1994)―oncompanyperformance.Ascompanyperformanceisacomplexphenomenon,wemodelitusingM.Jaakkolaetal./IndustrialMarketingManagement39(101301competitiveadvantage,marketperformance,and?nancialperfor-mance(e.g.Morganetal.,2002).Thesesolutionsaimtomatchthecomplexityofstrategicmarketingandperformancerelationships.Second,inordertoexaminethemarketingCperformanceconnec-tioninaspeci?cenvironment,weselectcountriesastheresearchcontextandcarryoutanalysisinAustria,FinlandandGermany.Thesecountries,coined“engineeringcountries,”arechosenforanumberofreasons.First,itwillbeshownthattheyaresigni?cantlysimilarintheirbusinessculturalheritagesandbusinesspolicies,allemphasiz-ingtechnologicalandengineeringinnovationsandhavingstrongexportsinthese?elds.Thesecharacteristicsareinterestingwhenexaminingtherelativeroleofmarketorientationandmarketingcapabilitiesversusinnovationorientation.Moreover,thesethreerelativelyhomogenouscountriesprovideacriticalsettingfortestingthegeneralityversuscontextspeci?cityoftheperformanceimpactofstrategicmarketing.Finally,country-speci?cresultsalsohaveconsiderablemanagerialrelevance.Toprovidereaderswithabetterunderstandingofthisresearchstrategy,theselectedcountriesarebrie?ydescribednext.ThegeneralsimilaritiesamongAustria,FinlandandGermany,as“engineeringcountries,”canbeidenti?edfromextantresearchliterature,aswellasfromourdata.Forexample,foryears,thesecountries'expendituresonresearchanddevelopmentasapercentageofGDParewellaboveOECDandEuropeanUnionaverages(OECD,2008).Togeneralize,companiesthatoperatein“engineeringcountries”tendtostriveforproductsuperiority,potentiallyattheexpenseoffocusingoncustomersatisfactionandneedsful?llment.Moreover,companiesinthesecountrieshave,relativelyspeaking,basedsigni?cantamountsoftheircompetitivestrategiesonhightechnologyandprocesstechnologyapplications.Thus,weexpectthatengineering-orientedcompaniesmaygainsuccessalmostpurelyonthebasisofengineeringskillsandprocessef?ciencies,whereastheirmarketingabilitiesmaybeunderdeveloped.Usingtheconceptsofthisstudy,“engineeringcountries”areinherentlyassumedtobemoreinnovation-orientedthanmarket-oriented,andpossessmoreinside-outcapabilitiesthanoutside-incapabilities.Accordingly,asarguedbyAvlonitisandGounaris(1997),wewouldexpectimprovementsinbusinessperformanceifthesecompaniesareabletocombinetheirengineeringskillswithenhancedmarketingskillsandmarketknowledge.Thesesomewhatspeculativeexpectationsofferadditionalrelevancewhenfocusingon“engineeringcountries.”Austriacurrentlyboastsoneofthefastest-growingengineeringindustriesinEurope,while,inabsolutenumbers,GermanyremainsbyfarthelargestproducerofengineeringequipmentintheEU(Ayala,Spiechowicz,&Vidaller,2006).DespiteGermany'sstrengthinengineering-relatedindustries(Randlesome,1994),Germancompa-niescharacteristicallyhavelowerlevelsofmarketingprofessionalismthanmanyoftheirinternationalcompetitors(Shaw,Shaw,&Enke,2003).LikewiseinFinland,engineering―andnotmarketing―isconsiderablyimportant,asevidencedbyitssecondpositionina2006R&DexpendituresperGDPcomparisonamongOECDcountries(OECD,2008).InFinlandandAustria,innovativeactivitiesandscienceCindustryrelationsareapproximatelyequal(Dachs,Ebersberger,&Pyka,2004),whileCzarnitzki,EbersbergerandFier(2007)arguethatFinlandandGermanyhaveseveralcomparableswithregardtonationalinnovationandR&Dpoliciesaswellaspublicfunding.Further,networkingandclosecooperationbetweenuniver-sitiesandindustryareseenaskeystrengthsinbothcountries(Czarnitzkietal.,2007).Thesethreecountrieshaveadditionaltraitsincommon:high,closelysimilarstandardsofliving(GDPpercapitasomewhatabovetheaverageofOECDcountries)andeasyaccesstoEuropeanmarketsasmembersoftheEuropeanUnion.Tosummarize,theprimaryobjectiveofthepresentstudyistoempiricallyexaminehowmarketorientation,innovationorientation,andmarketingcapabilitiesaffectthe?nancialperformanceofcompaniesthroughcompetitiveadvantagesandmarketperformance.Importantly,weconsidercountry-speci?cmoderationonperfor-mance,whichalmostallpriorstudiesneglect(Ellis,2006providesanotableexception).Accordingly,thequestionsweattempttoanswerare:1.Howdoesstrategicmarketing,intermsoforientationsandcapabilities,in?uencecompany?nancialperformancein“engi-neeringcountries?”2.Aretheresultsconsistentwithinthe“engineeringcountries,”orarethereanysigni?cantcountry-speci?cdifferences?Thesequestionsarehighlyrelevantforboththeorydevelopmentandmanagerialpractice.Answertothe?rstprovidesacomprehen-sivemodelofthestrategicmarketingCperformancerelationshipandthesecondquestioniscriticaltotheassumptionofthegenericnatureofthisrelationship.Inmoremanagerialterms,weexaminewhetheritisinnovation-drivingcompanycultureandprinciples,highlydevel-opedmarketorientation,orperhapscertainmarketingcapabilitiesthatmoststronglydrivesuperiorperformanceinthecontextof“engineeringcountries.”Moreover,whatarepotentialareasofimprovement,andarethesethesameinallcountries?Answerstothesequestionsareofinteresttoanycompanythatseekspro?tablegrowth.Ifresultssuggestthatthesamerulesclearlydonotapplyfromonecountrytoanother,thiscanbeastrongargumentfortherelevanceofthe“actlocal”principlealsotostrategicmarketing.Therestofthepaperisstructuredasfollows.Thenextsectiondiscussesthestudy'stheoreticalgroundsanddevelopsitsgeneralconceptualframework.Thisframeworkisthenbrokendownintoconstructsandasetofhypothesesareconstructedbasedonextantliterature.Thereafter,themethodology,analysisandkey?ndingsarepresented.Discussionofboththeoreticalandmanagerialimplica-tions,limitationsandavenuesforfurtherstudiesconcludesthepaper.2.TheoreticalbackgroundIn1992,Webstersuggeststhatthedistinctionbetweenmarketingandstrategicplanningisblurred,andtheperformersofthesefunctionsareincreasinglythesame.Assuchmovementisevidenced,strategicmarketingbecomesarecognizedphenomenon(seee.g.Fahy&Smithee,1999).However,theconceptofstrategicmarketingisusedinvariouswayswhileanestablishedde?nitionisnotyetavailable.Inthispaper,strategicmarketingisde?nedasadeeplystakeholder-orientedconceptthatfocusesonacompany'slong-termvisionforcompetitiveadvantageandvalue-additionthroughinnovation.Thisde?nitionhasitsgroundsonAMA'scurrent(2007)de?nitionofmarketing(seebelow),butextendsitbyincludinginnovationasacentralmarketing-related,strategicbusinesselement.“Marketingistheactivity,setofinstitutions,andprocessesforcreating,communicating,delivering,andexchangingofferingsthathavevalueforcustomers,clients,partners,andsocietyatlarge.”(AmericanMarketingAssociation,2007)Thepresentstudy?ndstheoreticalgroundsintheresource-basedview(RBV)ofthe?rm,accordingtowhichcompetitiveadvantage―andsubsequentlyperformance―dependsonhistoricallydevelopedresourceendowments(Wernerfelt,1984).Therefore,?rms―andmarketinginparticular(Hooleyetal.,2001)―shouldbuildonresourcesthatcontributetotheirabilitytoproducevaluable,rare,imperfectlyimitableandnon-substitutablemarketofferingsinamannerthatiseitheref?cientoreffective(Barney,1991;Hunt&Morgan,1995).AsFahyandSmithee(1999)argue,intangibleresourcesandcapabilities,suchasorganizationallearning(e.g.Santos-Vijandeetal.,2005)andcustomerknowledge(e.g.Webster,1992)areespeciallydif?culttoduplicateandthus,provideameaningfulbasisformarketingstrategyandmarketpositiondevelopment.Assuch,intangibleresourcesandcapabilitieshavethepotentialtobecomedistinctivecompetenciesforthe?rm(Blois&Ramirez,2006).Inthissense,thepresentstudyalsoelaboratesonthe1302M.Jaakkolaetal./IndustrialMarketingManagement39(10discoursesurroundingcompetence-basedmarketing,whichextendsthefocusfromresourcesandcompetenciesasinputstoresourcesandcompetenciesalsoasmarketableoutputs(Zerbinietal.,2007).Growingevidenceinpracticeandacademicresearchsupportstheideathat?rmcompetenciesandresourcesarekeyfactorsofassessinga?rm'sfuturevaluepotential(e.g.M?ller&T?rr?nen,2003)and,thus,supplierselectioninbusinessmarkets(e.g.Golfetto&Gibbert,2006).UsingtheterminologyofRitter(2006),wearereferringtoprocessandmarketcompetenciesinparticular(i.e.,routinesrelatedtothepropertiesandcharacteristicsofthe?rm'svalue-creationprocessandthevaluetransferbetweenthe?rmanditsenvironment)inthisstudy.Thereisanemergingdiscussionwithinmarket-orientationresearch,asoriginatedbyKohliandJaworski(1990)andNarverandSlater(1990),onthemoderatingeffectsofenvironmentalvariablesontherelationshipbetweenmarketorientationandbusinessperformance(Han,Kim,&Srivastava,1998;Kaynak&Kara,2004).However,muchremainsunsettled,whilethesameappliestocontextualmoderationofperformancewithregardtoothermarketingphenomena(cf.Auh&Menguc,2007;Avlonitis&Gounaris,1997).Thisresearchtypebene?tsparticularlyfromstudiesindifferentbusinesscontexts(industry,nationaland/orcultural),sincetheyenabletestingproceduresforthegeneralizabilityofresults.Toenhancetheunderstandingofcontextualmoderation,weexamineperformancemechanisminacross-countrysetting,among“culturallyengineering-oriented”countries.Theroleofinnovationandinnovationorientationinthemarketorientationversusperformancepuzzleisalsosomewhatunclear.Weareaccustomedtothinkingthatinnovationworkspositivelybothdirectlyandindirectly(e.g.,throughentrepreneurship)withmarketorientation(Hult,Hurley,&Knight,2004;Manu,1992).Thus,theseorientationsmaybecomplementary,asMengucandAuh(2006)suggest.However,inpractice,technology-oriented?rmsmaynotvaluemarket-basedinnovations,becausesuchinnovationscanbeconsideredtechnologicallytoostraightforward(Zhou,Yim,&Tse,2005).Therefore,companiesmaywanttodrivethemarket,ratherthanbemarket-driven(e.g.Carrillat,Jamarillo,&Locander,2004).Whilemarket-drivenreferstoabusinesslogicthatisbasedonunderstandingandreactingtothepreferencesandbehaviorsofplayerswithinagivenmarketstructure,market-drivingimpliesin?uencingthestructureofthemarketand/orthemarketplayers'behaviorssothatthebusiness'competitivepositionisenhanced(Jaworskietal.,2000).Bydoingso,market-drivingpotentiallyallows?rmstobettermatchcustomervalueopportunitieswiththeirowncapabilities(Carrillatetal.,2004).Berghman,Matthyssens,andVandenbempt(2006)suggestthatthismightbeespeciallytrueforcompaniesthatinteractwithprofessionalcustomers.Market-driven?rmsaresuperiorintermsofmarket-focusedlearningcapabilitiesandmarketingcapabilities(Day,1994).Further,whenthesecapabilitiesaredeeplyembeddedwithintheorganization,allfunctionalactivitiesandorganizationalprocessesarebetterdirectedtowardanticipatingandrespondingtochangingmarketrequirements(Weerawardena&O'Cass,2004).However,intoday'scompetitivebusinessarena,companiesarecontinuouslychallengedtoanticipateratherthanfollowchangesincustomervalueand?rmsmustbedesignedsothattheycanquicklyabsorbnewknowledgeintotheorganizationandthus,createnewcustomervaluewhileconcurrentlyexploitingexistingbestpractices(Berghmanetal.,2006;O'Reilly&Tushman,2004).Inthepresentstudy,emphasisisplacedonmarket-drivenstrategicmarketing.Weplaceastrongemphasisontheeffectiveness,orstrategicperformancethatresultsfromperformingtherightmarketingactivities(Drucker,1966).AsPfefferandSalancik's(1978)pointout,however,effectivenessisnotauniversalconceptsincetheeffectivenessofanorganizationdependsonwhichgroup,andwithwhichcriteriaandpreferences,theassessmentisprovided.However,generallywhatisbeingproducedisjustasimportantasthewayinwhichitisproduced(Pfeffer&Salancik,1978).Fig.1illustratesthestudy'sgeneralframework.Accordingly,strategicmarketingresourcesandorientationsareassumedtoeffectcompanysuccessatboththecompetitiveadvantageandperformancelevel.Sincebusinessenvironmentalfactors,suchasnationalchar-acteristicsandmarketdynamics,inevitablymoderatetherelation-shipsbetweenstrategicmarketingandperformance,theymustbeconsideredaswell.Additionally,theleveragingeffectsofcompanysuccessinstrategicmarketingresourcesandorientationslikelyexist,but(seee.g.Lovett&MacDonald,2005),duetothecross-sectionalnatureofdata,thisfeedbackloopmust,unfortunately,beignored.3.ConceptualmodelandhypothesesTheresultsofcertainpreviousresearchesareconsideredinthefollowing,asthehypothesesaredeveloped.Additionally,weprovideabriefoverviewforeachofthepresentstudy'sconstructs.Allfourexplanatoryconstructsofthestudyareclearlyintangibleand,thus,cannotbepurchasedfromthemarketplace.Despitetheirintangiblenature,bene?tstothe?rmcanbeconsideredsimilartothoseprovidedbytangibleresources,suchasphysicalassets(Rust,Ambler,Carpenter,Kumar,&Srivastava,2004).Threedependentvariablesareincludedinthisstudy.3.1.MarketorientationAfrequentlyusedde?nitionfromNarverandSlater(1990)conceptualizesthatmarketorientationcomprisescustomerorienta-tion,competitororientationandinter-functionalcoordination,withlong-termandpro?tabilityfocuses.HuntandMorgan(1995)furtherstresstheimportanceoffocusonbothcurrentandpotentialmarkets.Marketorientationisinherentlyalearningorientation(Slater&Narver,1995),whichcanbedividedintoresponsive(market-driven)andproactive(market-driving)marketorientations,whereintheformerattemptstodiscover,understandandsatisfyexpressedcustomerneeds,whilethelatteralsolatentneeds(Narver,Slater,&MacLachlan,2004).Duetorecentchangesinthebusinessenviron-ment,mostindustriesmustcontinuouslyfocusoncustomerneedsandmarketopportunities(Walker,Mullins,Boyd,&Larréché,2006;Menguc&Auh,2006).Customersalsoseekinnovativesuppliersthatoffernewvalueconceptsortotalsolutionpackages(Berghmanetal.,2006).Thus,?rmsthatprovidesuperiorcustomervalueareinstrategiccompetitivepositions.Webelievethattheseconsiderationsapplytocompaniesin“engineeringcountries”inparticular,andforthisreason,includemarketorientationinouranalyticframework.Itisarguedthatmarketorientationfacilitatesclari?edfocusandvisionintermsofanorganization'sstrategy,whichconsequentlyleadstosuperiorperformance(Kohli&Jaworski,1990).Althoughthe?ndingsonthisrelationshipareinconclusive(e.g.Tuominenetal.,2005),severalempiricalstudies(e.g.,Jaworski&Kohli,1993;Hanetal.,1998;Matsunoetal.,2002;Narver&Slater,1990)withrelativelyconsistentresultsprovidesupport―bothinabsoluteandrelativeterms―totheexistenceofapositiverelationshipbetweentheconstructs.Further,resourcesthatenablevaluecreation,suchasmarketorientation,arepotentialsourcesofcompetitiveadvantagethatrequirehighbarriersforcompetitorstomatch(Fahy&Smithee,1999;Noble,Sinha,&Kumar,2002).Thefollowingsetofhypothesesisthusdeveloped:H1.Marketorientationhasapositiverelationshiptomarketperformance(a),?nancialperformance(b)and(sustainable)com-petitiveadvantage(c).3.2.InnovationorientationAkeycomponentofsuccessforindustrial?rmsistheextentoftheirinnovativeness,whichrelatestothe?rm'scapacityintroductionofnewprocesses,products,orideasintheM.Jaakkolaetal./IndustrialMarketingManagement39(101303Fig.1.Studyframework.organizationandmarket(Hultetal.,2004).Innovationalsocallsforinnovationorientation,whichrefersto“theknowledgestructurethatpermitstherecognitionofmarketdynamismandthenprovidesaknowledgetemplatetodeveloptherequiredprocessandtobuilda?rm'sdynamiccapabilities”(Siguawetal.,2006).Asaresult,?rmswithhighinnovationorientationdifferentiatethemselvesprimarilybythedegreeofinnovationintheirofferings(Hooley&Greenley,2005).Moreover,Howard(1983)arguesthatprocessinnovationisaprerequisiteforsuccessfulproductinnovation.Recently,Siguawetal.(2006)furtherarguethata?rm'slong-termsuccesslikelyreliesmoreonoverall?rm-levelinnovationorientationthanonspeci?cinnova-tions.DuetohighR&Dinvestmentsandtheinherentimportanceofinnovativenessin“engineeringcountries,”innovationorientationseemstosupportitsplacewithintheframeworkofthisstudy.Hultetal.(2004)arguethatinnovativeactivitiesaregenerallyimportanttothesuccessoftheindustrial?rm,whileinnovationorientationisevidencedtohaveapositiverelationshipwithcompetitiveadvantageandrelatedisolationmechanisms(Hooley&Greenley,2005;Siguaw,etal.,2006;Weerawardena&O'Cass,2004),new-productsuccesssuperiority(Narveretal.,2004)and?nancialperformance(Hooleyetal.,2005).Consistent?ndingsshowthatcompaniesthatinnovateareinbetterpositionsthanthosethatdonot(Jin,Hewitt-Dundas,&Thompson,2004;Hanetal.,1998;Matsunoetal.,2002).Moreover,duetothecomplexinterplayofresourcesthatisrequiredforeffectiveinnovation,apositionbasedoninnovationislikelytoenjoyahighdegreeofdefensibility(Hooley&Greenley,2005).Itis,therefore,hypothesizedthat:H2.Innovationorientationhasapositiverelationshiptomarketperformance(a),?nancialperformance(b)and(sustainable)com-petitiveadvantage(c).3.3.MarketingcapabilitiesMarketingcapabilitiesrefertoa?rm'sabilitytouseitsresourcesincompetitivelyadvantageousways(Barney,1991;Wernerfelt,1984).Further,M?ller(2006)suggeststhatanindividualorganization'svaluecreationisbasedonitscollectionofcapabilitiesorcompetencies.Severalcategorizationsformarket-relatedandmarketingcapabilitiesareadvanced(e.g.Day,2000;M?ller&T?rr?nen,2003;Vorhies&Morgan,2005).Inhisseminalarticleonmarket-drivencapabilities,Day(1994)suggeststherearethreekindsofcapabilitiesinevery?rm―dependingonorientationandfocusofthede?ningprocesses―thatpotentiallyprovidecompetitiveadvantages:outside-in(anexternalemphasis),inside-out(aninternalemphasis)andspanningcapabilities.Hisframeworkproposesthatorganizationscanbecomemoremarket-orientedbyidentifyingandbuildingmarket-basedcapabilities.Weincorporateoutside-inandinside-outcapabilitiesinthepresentstudyand,thus,considertheextremesalongthecapabilitycontinuum.AccordingtoDay(1994),outside-incapabilitiesconnecttheprocessesthatde?neotherorganizationalcapabilitiestotheexternalenvironmentandenablebusinessestocompetebyanticipatingmarketrequirementsaheadofcompetitors,thuscreatingdurablerelationshipswithcustomersandotherstakeholders.Outside-incapabilitiesarenecessary,forexample,inmarketsensingandcustomer-relationshipbuildingactivities(Day,1994).Further,asexternallyfocusedcapabilities,theyinvolvechangestotheofferingitselfandcustomerdelivery,orabetterunderstandingandexploita-tionofthe?rm'sproductmarkets(Blois&Ramirez,2006).Withoutthesecapabilities,ontheotherhand,?rmsarelikelytobecomeoutoftouchwiththeirmarkets,andlosetheirabilitytoreactorinnovate(Berghmanetal.,2006).Inside-outcapabilities,fortheirpart,arehighlyemphasizedinternally.Theyaredevelopedoracquiredmainlytoenhancethe?rm'soperationalperformanceandunfoldastowhatthe?rmisgoodatandcapableofdoing(Blois&Ramirez,2006).Thesemayrelateto,amongothers,technologydevelopment,organizationalprocessesandhumanresourcesmanagement,andthus,increaseef?cienciesinthedeliveryprocessandreduceoperatingcosts(Day,1994).HuntandMorgan(1995)arguethat“acomparativeadvantageinresources…cantranslateintoapositionofcompetitiveadvantageinthemarketplaceandsuperior?nancialperformance.”Moreover,thedevelopmentofmarketingcompetenceisseentoincreaseafocal?rm'sbargainingpowerandreduceitsdependenceonindustrialcustomers(Zerbinietal.,2007).Day(1994)furtherarguesthatmasteryofdistinctivecapabilitiesandperformancesuperiorityaredirectlyconnected,whichissupportedbyVaradarajanandJayachandran(1999)andVorhies(1998).Additionally,VorhiesandMorgan(2005),Nath,Nachiappan,andRamanathan(2010)andTuominenetal.(2005)?ndapositiveassociationbetweeninside-outcapabilitiesandperformancesuperiority.Theseargumentsleadustohypothesizethat:H3.Inside-outcapabilitieshavepositiverelationshipstomarketperformance(a),?nancialperformance(b)and(sustainable)com-petitiveadvantage(c).Moreover,accordingtoHooleyetal.(2005)andNathetal.(2010),outside-incapabilitiesstatisticallyrelatesigni?cantlypositivelytomarketperformance,whichpositivelyrelatestoa?rm's?nancialperformance.Tuominenetal.(2005),fortheirpart,empiricallyverifyapositiverelationshipbetweenoutside-incapabilitiesandinnova-tiveness―anearproxyforinnovationorientation―whichfurtherdrivesperformance.Thus,wehypothesizethat:H4.Outside-incapabilitieshavepositiverelationshipstomarketperformance(a),?nancialperformance(b)and(sustainable)com-petitiveadvantage(c).1304M.Jaakkolaetal./IndustrialMarketingManagement39(103.4.SustainablecompetitiveadvantageSustainableadvantagesareoftenachievedthroughacombinationofthestrategicinsightandvaluable,rare,imperfectlyimitableandnon-substitutableresourcesrequiredtoimplementachosenstrategy.Inhisclassicarticle,Barney(1991)statesthatsustainablecompetitiveadvantagescannotbeboughtfromthemarketplace.Instead,sustainabilityofcompetitiveadvantageissaidtobeachievedthroughthedeploymentofisolatingmechanismsthatprotecttheadvantage,suchascausalambiguity(Lippman&Rumelt,1982),resourceinterconnectedness,andpathdependency(Fahy&Smithee,1999;Hunt&Morgan,1995).Sustainabilityoccursonlywhena?rm'scomparativeresourceadvantagescontinuetoyieldacompetitiveadvantagepositiondespitecompetitoractions(Hunt&Morgan,1995).Todate,sourcesofcompetitiveadvantageinmarketingarenotsuf?cientlyclari?ed(Morganetal.,2002;Srivastavaetal.,1998).Thus,includingcompetitiveadvantagetoourframeworkasasecond,non-?nancial,intermediateperformanceconstructisrelevantbe-causeitthenbettercapturesthepotentialmechanismsthroughwhichorientationsandcapabilitiesaffectbusinessperformance.Inordertoachievesuperiormarketperformanceandabove-averagereturns,?rmsmustdevelopandsustaincompetitiveadvantages(Fahy&Smithee,1999;Slater&Narver,1994).Forexample,acompanythathascostleadershipcansellitsofferingsatlowpriceswithoutsacri?cingpro?tability.Isolatingmechanisms,suchascausalambiguity,alsocreatebarrierstoimitationthatfurtherincreasethebusinessperformanceimpactofcompetitiveadvantages(Fahy&Smithee,1999).Empirically,HultandKetchen(2001)showthatpositionaladvantagepositivelyaffectsperformance.Thus,wehypothesizethefollowing:H5.(Sustainable)competitiveadvantagehasapositiverelationshiptomarketperformance(a)and?nancialperformance(b).3.5.BusinessperformancePerformanceoutcomesresultfrommarketsuccessesorwhenmarketpositionsareachieved(Day&Wensley,1988)andfunda-mentallychangeovertime(Rustetal.,2004).Therefore,performancemeasuresshouldcapturebusinessperformanceatbothcurrentandfuturelevels.Moreexplicitly,abroadandwell-balancedperformanceconceptualization,including?nancialandnon-?nancialmeasures,willhelpmarketerstofullyunderstandtheperformanceconse-quencesoftheirstrategies(Varadarajan&Jayachandran,1999).Thus,weincorporateboth?nancialandmarketperformanceentitiesinthepresentstudy.Here,theterm“businessperformance”isusedasageneralperformanceconstructtocaptureboththemarketand?nancialaspectsofperformance.Financialperformanceliterallyrefersto?nancialmeasures,suchaspro?tmarginandreturnoninvestment,whereasmarketperformanceimpliesmeasuressuchasmarketshareandsalesvolume.Every?rmshould,inprinciple,seekpro?tablegrowthovermaximumsalesalone.Forexample,PIMSstudies?ndthatastronglypositivelinkexistsbetweenmarketshareandROImeasures(Buzzell&Gale,1987).Similarresultsareachievedinmanyotherstudiesaswell(e.g.,Hooleyetal.,2005;Srivastavaetal.,1998).Further,Hooleyetal.(2001)arguethatsuperiormarketperformancelikelyresultsinsuperior?nancialperformance.Thus,wehypothesizethat:H6.Marketperformancehasapositiverelationshipto?nancialperformance.3.6.ContextualmoderationTheabovehypothesesaretestedwithinafullthree-countrysample(Austria,FinlandandGermany).Therobustnessofthenotion“engineeringcountry,”i.e.thehomogeneityofthecountriesintermsofthegeneralizabilityofresultsacrossthecountries,isalsotestedwithinthethreeindividualcountries.Westartwiththehypothesisthatengineeringorientationisadominantcharacteristicasacontextualmoderatorand,thus,cross-countrysensitivityintheexaminedrelationshipsisnotpresent.Followingthislineofreasoning,wehypothesizethat:H7.Theresultsofthisstudyareinvariantamongthethreeindividual“engineeringcountries.”InthecaseHypothesisH7isnotsupported,weexaminesigni?cantdifferencesbetweenthecountries.4.MethodologyTotesttheliterature-basedhypotheses,anempiricalstudyisperformed.Thedatausedinthisstudyisgatheredbyquestionnaireduringtheperiod,whichsurveyssmall,mediumandlarge?rmsinbusinessandconsumerproductsandservicesinAustria,FinlandandGermany.Thedataset,asisthisstudy,ispartoftheworldwideMarketinginthe21stCenturyProgram,coordinatedbyAstonBusinessSchoolintheUK.Thesamplingframeissuppliedbynationalresearchinstitutes,whilesamplingisundertakenbasedonquotasfor?rmsize,industryandmarkettype.Atotalof976usableresponsesarereceived:249fromAustria,327fromFinlandand400fromGermany.Theresponserateineachofthecountriesisgreaterthan20%.CompaniesinB-to-BgoodsorB-to-Bservicessectortotal57.9%ofthesample.Wedonot?ndsigni?cantdifferencesinmeansbetweenearlyandlaterespondentsonthescalesstudied,whichindicatesthatnon-responsebiasisnotlikelyaproblem(Armstrong&Overton,1977).Allmeasurementitemsaremeasuredonsubjective?ve-orseven-pointLikert-typescales,mainlyrelatedtoacompany'sprimarycompetitors.Thismakessenseas,e.g.,duetovaryingcompetitivecharacteristicsorculturalissues,certainmetricsinoneindustryorcountrymaybeinterpretedasverygood,whileonlymoderateorevenpoorinothers(Vorhies&Morgan,2003).Further,subjectivemeasuresaremore?exiblethanobjectiveonesincapturingcomplexdimensionsofperformance(González-Benito&González-Benito,2005).Basedonareviewoftheliterature,weuseexistingscalesfrompriorresearch,withtwoexceptions:innovationorientationandcompetitiveadvantage.AsproposedbyNarverandSlater(1990),14scaleitemsareusedtomeasuremarketorientation.Whileorganizationalinnovationisextensivelyresearchedinrecentyears(e.g.,Hanetal.,1998;Hurley&Hult,1998;Siguawetal.,2006),high-qualityscalesforinnovationorientationarenotyetavailablebecauseofratherunsystematicempiricalexplorationsofthedegreeofinnovativenessandrelatedconcepts.Therefore,inthepresentstudy,itemsfortheinnovationorientationconstructaredevelopedfortheresearchquestionsathand.Followingareviewoftheliteratureinmarketingandorganizationalbehavior,aswellasin-depthinterviewswithmarketingmanagersintheUK,anumberofpotentialitemsaregenerated.Thisitempoolisthenre?nedthroughtheexpertopinionsofmarketingscholarsinseveralEuropeancountriesand,followinganalysisofthepilotdata,aseminalquestionnaireisfurtherre?ned.Thefour-itemscalesforinside-outcapabilitiesandoutside-incapabilitiesarepreviouslyvalidatedbyGreenley,HooleyandRudd(2005).Dependentlatentvariablesarein?uencedbyexplanatoryvariablesinthestructuralmodel,eitherdirectlyorindirectly(Kline,2005).Itemsforcompetitiveadvantagearealsodevelopedforthepurposesofthisstudy.Extensiveliteraturereviewoftheresource-basedviewof?rmsisperformedtooperationalizehowcompetitiveadvantageisachievedandprotectedincompanies.Highscoresonthecompetitiveadvantagescalesuggestthata?rmachievessuperiormarket包含各类专业文献、外语学习资料、专业论文、幼儿教育、小学教育、各类资格考试、应用写作文书、中学教育、高等教育、生活休闲娱乐、35市场营销相关外文文献等内容。　
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