The financial contribution of customer-oriented marketing capability

Fernando Angulo-Ruiz, Naveen Donthu*, Diego Prior, Josep Rialp

*Corresponding author for this work

Research output: Contribution to journalArticleResearchpeer-review

53 Citations (Scopus)


This article assesses the financial contribution of marketing capability. In contrast with previous research, which conceptualizes marketing capability as the deployment of marketing resources to achieve sales, this study conceives marketing capability as the deployment of marketing resources to achieve the ultimate objectives of customer satisfaction and brand equity (i.e., customer-oriented marketing capability [COMC]). Thus, this research disentangles the dynamic relationships among marketing resources, sales, customer satisfaction, and brand equity through the use of network Data Envelopment Analysis to capture COMC. According to what the value relevance perspective proposes, COMC positively influences the growth of Tobin's q and improves the growth of analysts' recommendations. These findings remain robust and consistent with the use of additional measures and methods common to the marketing and financial literatures. Our study provides tools and a framework for analysis for managers to maximize their ability to use marketing strategy to drive performance.

Original languageEnglish
Pages (from-to)380-399
Number of pages20
JournalJournal of the Academy of Marketing Science
Issue number4
Publication statusPublished - Jul 2014


  • Analyst recommendations
  • Customer-oriented marketing capability
  • Network data envelopment analysis
  • Tobin's q


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