A longitudinal study of the impact of market structure,firm structure,strategy, and market orientation culture on dimensions of small-firm performance

The purpose of this article is to determine market orientation’s relative impact on small-business performance, compared to other influences, in an integrated model using longitudinal data. Contrary to expectations based on the management literature, the results indicate weak causal relationships between market environment, small-firm structure, and small-firm strategy. The results further indicate weak influences of these variables, but strong and consistent influences of market orientation, on various measures of small-firm performance. Contrary to expectations based on business policy literature, relative product quality and new product success were not significant influences on profitability, perhaps due to the significant influence of market orientation on these variables. In addition, although increases in growth/share had a significant short-term influence on increases in profitability, high levels of previous years’ firm growth/share had a negative influence on current profitability. The previous year’s level of firm coordinating systems and market competitive intensity has a significant impact on the level of small-firm market orientation.     

Environments, unobserved heterogeneity, and the effect of market orientation on outcomes for high-tech firms

The interaction between market orientation and facets of the environment is theoretically compelling and is hence the primary interaction studied in market orientation literature. Yet empirical literature offers mixed findings regarding these interaction effects. We suggest that these mixed findings may result from the failure of extant research to control for unobserved heterogeneity that may mask the true relationships among market orientation, facets of the environment, and firm outcomes. Such unobserved heterogeneity might arise due to presence of higher order (e.g., three-way, four-way) moderators (e.g., firm size and innovativeness). To illustrate our assertions on unobserved heterogeneity and the role of firm size and innovativeness, we present two studies that use firm performance or new product performance as the outcome variable; the studies (1) include market orientation, two facets of the environment (technological turbulence and market dynamism), and the interactions between market orientation and facets of the environment as explanatory variables, (2) employ finite mixture regression models to estimate the relationships of interest while explicitly accounting for unobserved heterogeneity in the form of latent regimes (segments), and (3) use firm size and innovativeness as concomitant profiling variables in the finite mixture model specification. The results indicate that disaggregate models (i.e., multi-regime solutions) offer the best fit in both studies. The effects across the latent regimes differ, demonstrating the possibility of an aggregation bias in empirical literature and suggesting the need for using disaggregated analyses to study important marketing phenomena. In theoretical terms, these results also suggest the possibility of developing theories that incorporate unobserved heterogeneity and perhaps higher order (e.g., three-way) interaction effects.     

Structure in product line management: The role of formalization in service elimination decisions

Formalization is a core structural characteristic of the firm and an important determinant of decision-making efficiency. This empirical paper explores formalization in financial institutions’ product line pruning decisions. The authors develop a set of hypotheses that are empirically tested in a stratified random sample of UK financial institutions. The results demonstrate that the level of formalization in the elimination decision-making process depends on specific organizational and environmental conditions, including overall company strategy, product line length, market orientation, top management attitude toward line pruning, austerity of the regulatory context, and rate of technological change. The results also show that formalization enhances the procedural rationality of elimination decisions, and leads to customer-sensitive implementation strategies. This paper is the first attempt to link service elimination decision-making with structural characteristics of organizational decision-making. The results yield important managerial implications and point at useful directions for future research.     

Distinguishing market segments to assess price responsiveness

Economists and marketers have developed theoretical constructs which suggest that effective market segmentation can be used to identify differences in price sensitivity among market theory in the industrial marketing literature by using marketing research to distinguish market segments that are useful in industrial pricing decisions. Both macrosegmentation, using characteristics of customers (that is, end-use and usage level), as well as microsegmentation (using behavioral variables) were utilized in a survey of natural gas customers to determine if segments of the industrial market differ in price sensitivity.     

The role of lean launch execution and launch timing on new product performance

There is a substantial literature on the product development process but comparatively little on the impact of lean launch execution and launch timing on new product performance. Given the costs and risks involved in product commercialization, this research gap is surprising. Delays in product launch can lead to poor channel cooperation and coordination, missed market opportunities, and lost competitive opportunities, yet timing of the launch has not been included in many reported studies. In addition, managers at many firms have prioritized supply chain activities such as integration of logistics with other functional areas in order to obtain cost efficiencies and accelerate time to market; the role of lean launch execution in improving new product performance has also received little research attention. In this study, we build a conceptual model in which lean launch, launch timing, and quality of marketing effort are modeled as precursors to new product performance; we assess the role of market orientation and cross-functional integration in lean launch execution as well as indirect and direct effects of launch timing on performance. We empirically test our model with a sample of 183 U.S.-based corporate managers actively involved in new product launch. We find evidence that execution of a lean launch and effective marketing significantly improve new product performance, and that correct launch timing positively moderates the effect of lean launch on performance. These variables therefore should be carefully considered by managers of new product processes.     

融资约束、市场竞争与资本结构动态调整——基于产业异质性的研究

运用融资约束经济学理论和产业组织理论,以1998~2012年间深沪两市上市公司作为样本,基于产业异质性研究了不同产业之间融资约束、产品市场竞争与资本结构动态调整间的关系。结果表明,融资约束、产品市场竞争不仅与企业的目标资本结构有显著的负相关关系,而且融资约束程度的大小能够影响企业资本结构的调整速度,并且产业之间的调整速度存在差异性;同时,我们发现对于融资约束程度较低的企业,产品市场竞争越激烈,实际资本结构偏离目标资本结构的幅度越小;但当融资约束的程度提高到某一点以后,随着产品市场竞争激烈程度的增加,实际资本结构偏离目标资本结构的幅度反而会增大,并且融资约束的程度越严重,其偏离幅度越显著,但这种偏离在不同的产业之间是不同的。     

Three differential variables and their relation to retail strategy and profitability

The primary objective of this study is to evaluate three variables utilized frequently within the retail grocery industry to gain a differential advantage within a target market. These variables are Trading Stamps, Credit, and Delivery. Essentially, the study seeks to determine whether these differential variables are related to retail strategy and retail store profitability for a selected group of retail grocery stores belonging to a retailer cooperative. The study also seeks to determine if the utilization of the differential variables creates any profitability changes within the basic retailing strategy variables of the researched respondents.     

A method for selecting high payoff marketing strategies for attracting noncustomer product purchasers

A method for identifying marketing strategies likely to be useful in changing noncustomer product purchasers to customers is shown. Discriminant analysis was utilized to determine differentiating attributes and principle components factor analysis was utilized to find additional variables highly intercorrelated with diseriminating variables. The results also showed the importance of using research in decision making, since the decision makers in this studt misperceived noncustomers' decision criteria.     

多市场共存经济体系三要素的特征研究

为了对差异性市场经济体系的特征进行描述，首先对八个经济体系进行分组，利用Granger Causality Test对经济增长、劳动生产率、结构转换三要素的相互关系和影响方向进行判定，随后采用Panel Date模型测度各经济体系变量之间的影响系数，最后得出了各经济体系特征存在明显差异的结论。     

Modeling market share: A study of the Japanese and U.S. performance in the U.S. auto market

The Japanese automobile industry has achieved a considerable market share in the United States over the past fifteen years. This study seeks to explain this success by using a market share model with the marketing mix as independent variables resulting in product quality and price, individually and jointly, explaining the majority of the variance.     

产品市场竞争的公司治理效应：基于股利政策的证据

以2004年至2007年深沪两市上市公司作为研究样本,探讨了产品市场竞争程度在上市公司股利政策中治理效应。对全样本进行回归,研究发现,产品市场竞争程度和每股现金股利呈正相关关系。通过分样本研究发现：在非国有控制样本中每股现金股利和产品市场竞争程度相关系数为正,与全样本相关性一致,但在国有控制样本中每股现金股利和产品市场竞争程度参数不显著,说明产品市场竞争在国有上市公司中并不对现金股利发放产生影响,同时反映了我国产品市场竞争程度还不够高。产品市场竞争程度较高样本组中每股现金股利和产品市场竞争程度在5%水平下显著为正,说明在集中度较高行业中的公司,趋向于支付更多的现金股利。     

营销中的新产品基本扩散模型

扩散模型基本结构主要是对新产品扩散的未开发市场、潜在市场和当前市场中的消费者数进行建模研究。而新产品扩散模型的发展则是建立在根据转化机制描述这三部分市场中消费者流动情况的基础上的,不同的转化机制和特殊的市场组成部分导致了模型间的差异。新产品扩散的代表模型有Bass模型、Fourt-Woodlock模型以及Mansfield模型等基本扩散模型,对这些基本模型的探讨可为研究更为柔性的扩散模型提供基础。     

人民币CNY、CNH、NDF市场之间的信息溢出--基于三元VAR-MVGARCH-BEKK模型的实证研究

基于2010年8月23日至2013年12月31日人民币CNY、CNH、NDF市场的统计数据,采用三元VAR-MVGARCH-BEKK模型考察了三个市场之间的信息溢出效应,实证结论表明：CNY市场对CNH、NDF市场均存在显著的报酬溢出效应,且对CNH市场的溢出效应更强一些;CNH市场对CNY市场存在较弱的报酬溢出效应,对NDF市场存在较强的报酬溢出效应;NDF市场对CNY、CNH市场均不存在报酬溢出效应;CNY市场、CNH市场、NDF市场相互之间均存在双向波动溢出效应。     

Slotting allowances: a time series analysis of aggregate effects over three decades

Slotting fees and related discounts are important but controversial mechanisms for obtaining shelf space in marketing channels for consumer packaged goods. The theoretical field is divided between the efficient market and the market power schools of thought. Results from empirical studies and analytical models point in different directions. This paper analyzes trends in key macro economic variables to see if the patterns are more consistent with an underlying market efficiency model vs. a market power one. The data span 30+ years and focus on retailers in the marketing channel for food and kindred products. The variables studied include new product introductions, retail selling area, consumer price indices, profitability, cost of goods sold and selling expenditures. Efficient market explanations do not fare well in the analyses in comparison with market power explanations for practically all the variables studied. The paper conlcudes with recommendations for regulators and retail management.     

转型期政府职能演变略论

政府职能反映政府与市场和社会的关系,也是财政制度改革的关键变量。本文以中央和地方的政府机构改革来讨论政府职能的演变进程,进而分析这一变革的影响。     

浅谈名牌推创的四个统一

名牌乃企业之"命牌",企业竞争实乃是抢夺市场份额的名牌之争.成功地推创名牌,是振兴民族经济与增强企业活力、提高企业竞争能力的统一,是创造卓越的产品质量与优良服务品质的统一,是发挥民族特色与走多元化道路的统一,是创造一流商标、一流产品、一流企业形象、营造一流市场环境的统一.     

The quality and effectiveness of marketing strategy: Effects of functional and dysfunctional conflict in intraorganizational relationships

By examining only dysfunctional conflict and ignoring functional conflict, empirical research in marketing has presented only part of the story. This research offers the first systematic look at the antecedents and consequences of both functionaland dysfunctional conflict in intraorganiational relationships. The authors develop and empirically test a causal model for key organizational antecedents of new product strategy quality and market performance. They find that dysfunctional conflict in the decision-making process has deleterious consequences for quality of strategy and market performance, whereas functional conflict improves both quality of strategy and performance. Specifically, organizational design characteristics such as formalization, interdepartmental interconnectedness, low communication barriers, and team spirit improve new product performance by enhancing functional conflict, whereas centralization and high communication barriers lower new product performance by increasing dysfunctional conflict. A post hoc test for common method bias or variance suggests that bias or variance alone cannot explain these findings. His general research interests focus on strategic issues relating to internal relationships, market learning, and organizational context of marketing strategy. His research has been published in theJournal of Marketing, Journal of Business Research, Journal of Advertising Research, Journal of Advertising, andJournal of Services Marketing, among others. His general research interests focus on strategic issues relating to relationship marketing, firm performance, sustainable competitive advantage, timing of market entry, and information technology. His past research has been published in theJournal of Marketing, Journal of Business Research, Journal of Services Marketing, andMarketing Education Review, among others. His research interests are in the areas of marketing research methods, structural equations modeling, cellular automata theories and methods, and Taoist methodologies for marketing strategy. His research has been published in theJournal of Marketing, Journal of Marketing Research, andJournal of the Academy of Marketing Science, among others.     

The impact of product market strategy-organizational culture fit on business performance

Drawing on the organization theory literature concerning configuration theory, competing values theory, and fit assessment methodologies, we examine the existence and performance impact of product market strategy–organization culture fit. Specifically, we assess the relationship among three important elements of a firm’s product market strategy and the four cultural orientations that comprise the competing values theory of organizational culture using primary and secondary data from the US trucking industry. Using two different conceptualizations and operationalizations of fit, our results provide the first empirical support for the existence of interrelationships among product market strategy decisions and organizational culture orientations consistent with configuration theory conceptualizations of product market strategy–organizational culture fit. We also find support for theorized but previously untested relationships between product market strategy–organizational culture fit and firms’ customer satisfaction and cash-flow return on assets (CFROA) performance. Since product market strategy is heavily reliant on the input of marketers, and organizational culture has long been recognized as having an important impact on marketing-related decision making, these findings have important implications for marketing strategy research and practice.     

Competitive context and price as moderators of country of origin preferences

In a lab experiment setting, subjects exercised product choices in which country of origin and other variables were manipulated. Findings suggest that consumers are more wary of products from less developed countries when the financial risk is higher and when they are seeking a product with superior tangible attributes. However, within a given product class, manipulating price did not produce interaction effects with country of origin.