Market orientation, knowledge-related resources and firm performance
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Based upon new perspectives to explain superior business performance, an integrative conceptual model that links these different explanations of superior performance is presented, highlighting the role of knowledge-related resources as key antecedents of the continuous creation of competitive advantages (Day 1994, Day George S. The capabilities of market-driven organizations. J Mark 1994a, 58 [October]: 37–52., Day George S. Continuous learning about markets. Calif Manage Rev 1994b, 36 [Summer]: 9–31., Hunt and Morgan, 1995, Hunt Shelby D., Morgan Robert M. The comparative advantage theory of competition. J Mark 1995; 59 [April]: 1–15). An empirical test of this conceptual model is conducted with a Chilean sample of publicly traded firms, using structural equations modeling. The results show a significant impact of: market orientation, market sensing and innovativeness (among other knowledge-related resources) on superior performance, thus providing support for the original ideas of Drucker (1954) [Drucker Peter F. The practice of management. New York: Harper and Row Publishers, 1954.] and Schumpeter (1934), and for the dynamic evolutionary approaches to strategy (Dickson, 1992, Dickson Peter R. Toward a theory of competitive rationality. J Mark 1992; 56: 69–83., Dicskson, 1996, Dickson Peter R. The static and dynamic mechanics of competition: a comment on Hunt and Morgan's comparative advantage theory. J Mark 1996; 60: 102–106.; Hill and Deeds, 1996, Hill C.W., Deeds D.L. The importance of industry structure for the determination of firm profitability: a Neo-Austrian perspective. J Manag Stud 1996; 33: 429–451.).
Quote ItemJournal of Business Research, Volume 61, Issue 6, 2008, Pages 623-630