On Explaining Performance Differentials: Marketing and the Managerial Theory of the Firm

16 Pages Posted: 4 Jun 2003 Last revised: 15 Mar 2010

See all articles by J. W. Stoelhorst

J. W. Stoelhorst

University of Amsterdam - Amsterdam Business School

Erik M. van Raaij

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)

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.

Keywords: Competitive advantage, theory of the firm, marketing strategy, market orientation

JEL Classification: B52, D20, D21, L10, L13, L20, L21, L25, M10

Suggested Citation

Stoelhorst, J. W. and van Raaij, Erik M., On Explaining Performance Differentials: Marketing and the Managerial Theory of the Firm. Journal of Business Research, Vol. 57, pp. 462-477, 2004, Available at SSRN: https://ssrn.com/abstract=392926 or http://dx.doi.org/10.2139/ssrn.392926

J. W. Stoelhorst (Contact Author)

University of Amsterdam - Amsterdam Business School ( email )

Plantage Muidergracht 12
Amsterdam, 1018 TV
Netherlands
31 20 525 5689 (Phone)

HOME PAGE: http://www1.fee.uva.nl/pp/jwstoelhorst/

Erik M. Van Raaij

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM) ( email )

P.O. Box 1738
Room T08-21
Rotterdam, 3000 DR
Netherlands

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