market orientation and firm value - waterloo school of 滑铁卢学院市场导向与企业价值

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1、MarketOrientationandFirmValue:AModelandAnalysisoftheOrganisationofMarketingwithinBritishTelecommunications’MajorBusinessDivisionRodB.McNaughtonCorrespondingauthor:DepartmentofMarketingUniversityofOtagoPOBox56DunedinNewZealandTelephone:+6434797695Fax:+6434797281E-mail:rmcnaughton@commerce

2、.otago.ac.nzPhilOsborneUniversityofOtagoRobertE.MorganUniversityofWalesAberystwythGopalKutwarooBTandUniversityofWalesAberystwyth18MarketOrientationandFirmValue:AModelandAnalysisoftheOrganisationofMarketingwithinBritishTelecommunications’MajorBusinessDivisionABSTRACTSeveralstudiesinthemar

3、ketorientationliteraturedemonstrateapositiverelationshipbetweenamarketorientationandfirmperformance.However,themechanismsofthisrelationshiphaveyettobeexploredindetail.Thisarticleaddressesthisgapbyproposingaconceptualmodelthatlinksamarketorientationtowealthcreationinfirms.Themodelpositsth

4、atamarketorientationguidesinvestmentinmarket-basedassetsthatmaybedeployedtocreatecustomervalue.Therealisationofcustomervaluehelpstobothcaptureandretaincustomers.Quickerandmoreextensivemarketpenetration,shortersalescycles,anddecreasedmarketingandsalescostsenhancethecashflowofamarket-orien

5、tedfirm.Thismayberecognisedinhighervaluations,whichultimatelytranslateintohighersharepricesandwealthcreationfortheownersofthefirm.ThismodelisusedtodescribethecreationofvalueintheMajorBusinessDivisionofBritishTelecommunicationsPLC(BT),alargeinformationtechnologyservicecompany.Recentsucces

6、satBTisattributedtothecreationofamarketorientationandcustomervalue-basedstrategyandprocesses.TheexperienceofBTprovidesaclearillustrationofhowamarketorientedfirmscreatesvalueforbothcustomersandshareholders.INTRODUCTIONAnimportantthemeincontemporarymarketingtheoryisthepotentialforamarketor

7、ientationtopositivelyinfluencebusinessperformance(NarverandSlater,1990;JaworskiandKohli,1993;Deshpandé,FarleyandWebster,1993).Thelogicofthisinfluenceisthatamarketorientationfacilitatesthecollectionanduseofmarketinformation,andfocusestheco-ordinationofresourcestodeliversup