《On explaining performance differentials Marketing and the managerial theory of the firm》.pdf

Journal of Business Research 57 (2004) 462– 477 On explaining performance differentials Marketing and the managerial theory of the firm J.W. Stoelhorst*, Erik M. van Raaij School of Technology and Management, University of Twente, PO Box 217, 7500 AE Enschede, The Netherlands Abstract Efforts to develop a managerially meaningful alternative to the neoclassical theory of the firm have always been an important part of theory development in marketing. This paper argues that the main explanandum of a managerial theory of the firm is performance differentials between firms. Marketing shares an interest in explaining performance differentials with strategic management and organizational economics. We show that a generic understanding of the sources of performance differentials is emerging across these three disciplines, and we incorporate this understanding in a unifying conceptual framework that is both managerially relevant and embedded in economic theory. We discuss market orientation literature in light of this framework, and present the prospects for developing it into an actionable view of how marketing can contribute to the success of the firm. D 2002 Elsevier Inc. All rights reserved. Keywords: Marketing theory; Marketing strategy; Competitive advantage; Strategic management; Organizational economics 1. Introduction The commodity–functional–institutional view was re- evaluated during the 1940s and 1950s. In 1948, the Amer- Much of the history of marketing thought can be seen as ican Marketing Association defined marketing as