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The Journey From Market Orientation To Firm Performance: A Comparative Study of US and Taiwanese Smes
The Journey From Market Orientation To Firm Performance: A Comparative Study of US and Taiwanese Smes
www.emeraldinsight.com/2040-8269.htm
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John E. Spillan
School of Business, University of North Carolina at Pembroke,
Pembroke, North Carolina, USA
Abstract
Purpose This paper aims to investigate the link between market orientation and performance of
US and Taiwanese small- and medium-sized enterprises (SMEs). This study is primarily centred on
empirically investigating two issues: test the effectiveness of MARKOR (a widely used market
orientation measure developed by Kohli et al.) in US and Taiwanese SME contexts, and investigate
the factors influencing US and Taiwanese SMEs performance.
Design/methodology/approach This studys participants were owners or managers from 138
SMEs located in three states in the USA (i.e. Maryland, New York, and Pennsylvania) and 151 SMEs
located in Taiwan. A survey was created to collect data: market orientation scale items used in this
survey were mainly adopted from MARKOR; performance scale items were adopted directly from
previous studies. Structural equation modelling was employed to analyse the data collected.
Findings This study finds that neither US and Taiwanese SMEs intelligence generation, nor
intelligence dissemination had a significant relationship with their firm performance. However, the
findings do indicate that there was a significantly positive link between US and Taiwanese SMEs
responsiveness and their firm performance.
Originality/value In almost all previous studies in this field, the primary emphasis has focused on
the market orientation of large businesses. Research on market orientation in SMEs has been scarce.
Hence, this paper contributes to the extant literature by changing the research direction and studying
market orientation in SME context. In addition, this paper provides SME managers with a more
understandable guide to specific market-oriented activities.
Keywords Market orientation, Company performance, United States of America, Taiwan,
Manufacturing industries, Small to medium-sized enterprises
Paper type Research paper
Introduction
Even though the last decade generated a substantial flow of research focusing on
market orientation and its linkage to business performance (Hart and Diamontopoulos,
1993; Greenley, 1995; Jaworski and Kohli, 1993; Narver and Slater, 1990; Pitt et al., 1996;
Ruekert, 1992), there continues to be an interest in understanding how businesses use
market orientation strategy to achieve their marketing goals. To stay with or even in
front of advances in their markets, companies must develop a market sensing
capability. This capability is generally called market orientation. Essential to such an
The authors appreciate the technical assistance for this manuscript by Peter Magnusson, PhD
candidate at the Boeing Institute of International Business, John Cook School of Business, Saint
Louis University.
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Figure 1.
Conceptual framework
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planning in the business unit of the firm. Shapiro (1988) maintains that three
characteristics make a company market-driven:
(1) information on all-important buying influences permeates every corporate
function;
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(2) strategic and tactical decisions are made inter-functionally and interdivisionally; and
(3) divisions and functions make well-coordinated decisions and execute them with
a sense of commitment.
Market orientation and its relationship with performance
A significant amount of literature is devoted to analysing whether market orientation
results in superior organizational performance. A number of studies have established a
strong relationship between market orientation and performance (Ghosh et al., 1994;
Greenley, 1995; Matsuno et al., 2002; Speed and Smith, 1993), while other studies have
not supported a direct and positive relationship between market orientation and
performance (Han et al., 1998; Jaworski and Kohli, 1993).
Market orientation has been recognized as a successful business strategy by
academics and practitioners alike. It represents the implementation of the marketing
concept. Although most scholars agree on the importance of market orientation, a
number of authors have voiced their concerns on the appropriateness of market
orientation in ensuring the success of a company. For instance, Kaldor (1971) suggests
that the marketing concept is an inadequate prescription of marketing strategy since it
ignores the creative abilities of the firm. Kaldor further argues that customers do not
always know what is needed. The ability of the customers to verbalize what they need
or want is limited by their knowledge levels, and that when they suggest modifications,
they take into account the limits of technology. Consequently, a market-oriented firm
may be preoccupied with line extension and product proliferation. Similar to Kaldor,
Stokes (2000) found successful entrepreneurs tend to focus first on innovations to
products and services, and only second on customer needs. Hence, marketers
sometimes need to anticipate the future needs or wants of consumers to be successful.
Though different points of view about the impact of market orientation on
organizational performance exist, academics and practitioners attention towards the
development of market orientation is continuously explained and justified by a series
of studies which find a clearly positive association between market orientation and
organizational performance (Hart and Diamontopoulos, 1993). Though there have been
studies which indicate that the market orientation-performance link may be mediated
by innovation (Greenley, 1995; Liu, 1995), Pitt et al. (1996) conclude that the market
orientation-performance relationship appears relatively stable and Jaworski and Kohli
(1993) find that this linkage appears to be robust. The importance of including market
orientation in an integrated model of determinants of performance is highlighted by
several research findings which indicate that there is a notable influence of market
orientation on customer orientation (Siguaw et al., 1994) and organizational
commitment ( Jaworski and Kohli, 1993). Additionally, positive relationships have been
established between market orientation and financially based performance measures
such as relative return on assets (Narver and Slater, 1990), long-run financial
performance (Ruekert, 1992), and sales growth (Pitt et al., 1996; Slater and Narver,
1994). The identification of significantly positive effects in empirical findings of this
kind is crucial for business practitioners, since they can highlight the potential benefits
that could accrue to a business from improving its level of market orientation through
the selective allocation of human or financial resources (Appiah-Adu, 1997). While
there is a propensity for a low effect of market orientation on performance among
SMEs, marketing scholars and managers have continued to argue over the last three
decades that a business which improves its market orientation will enhance its
performance (Kotler and Andreason, 1987; Levitt, 1960; Narver and Slater, 1990). For
SMEs in particular, it has been suggested that market orientation is likely to be a vital
factor for success since such firms usually lack the financial means to pursue other
sources of business profitability, such as research and development, competitive
advantage, low cost leadership, or skilled staff to develop effective planning strategies
(Pelham and Wilson, 1996). Evidence of this sentiment can be inferred from the
findings of Narver and Slater (1990), which suggest that large strategic business units
(SBUs) with a low level of market orientation but low cost advantages perform better
than smaller SBUs with a medium degree of market orientation in the same
organization. Smaller SBUs with high degree of market orientation did not have the
same outcome (Appiah-Adu, 1997). Blankson and Cheng (2005) based on their
investigation of SMEs in Michigan, argued that the size of businesses does not change
the importance of market orientation on performance.
To summarize, Ellis (2006) argues that market orientation is a generic determinant
of firm performance based on a meta-analysis of 56 studies with 58 samples conducted
in 28 countries. However, stronger effects were found for studies set in large, mature
markets and when market orientation was measured using Kohli et al.s (1993)
MARKOR scale. In addition to Elliss meta-analysis, Kirca et al. (2005) also conducted a
meta-analysis and found that the market orientation-performance relationship is
stronger in samples of manufacturing firms, in low power-distance and uncertaintyavoidance cultures, and in studies that use subjective measures of performance. Since
market orientation-firm performance link is a well studied topic in the extant literature,
we decided not to focus on market orientation as a whole in the present study. Instead,
we want to look at the impact of the three individual components of market orientation
construct on firm performance. On the basis of the previous discussions, the following
three hypotheses are examined within the context of SMEs:
H1.
H2.
H3.
Methodology
Sample
This studys participants were owners or managers from 138 SMEs located in three
states in the USA (i.e. Maryland, New York, and Pennsylvania) and 151 SMEs located
in Taiwan. All of the participants were recruited randomly and participated
voluntarily. Data were collected through personal interviews by contacting each
organization and seeking permission to collect data. The survey process consisted of
two or more visits to the business. In almost all cases, the first visit consisted of
dropping off the survey with the owner or manager. In a second follow-up visit,
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questions were answered and the completed surveys were collected. This method is
consistent with previous firm level data collection efforts (Stover and Stone, 1978;
Imperia et al., 1985). Generally, data were collected during business operations,
however, sometimes it was necessary to collect the completed surveys while the
business was closed or at a convenient time that met the business owner or managers
schedule.
Measures
A questionnaire was developed to collect data for this study. Market orientation scale
items used in this study were mainly adopted from Kohli et al.s (1993) MARKOR.
Performance scale items were adopted directly from previous studies (e.g. Appiah-Adu,
1997; Atuahene-Gima, 1995; Bhuian, 1997; Day and Wensley, 1988; Hart and
Diamontopoulos, 1993; Han et al., 1998). The survey instrument consisted of three
sections. Section 1 asked the respondents to answer 32 MARKOR questions to measure
their companies extent of adopting a market orientation strategy. These questions
were structured in a Likert scale model (from 1 to 5) ranging from strongly disagree
to strongly agree at the anchor points. In Section 2, we explored performance-related
items, while the third section asked the respondents to answer demographic and
background questions. For the Taiwanese respondents, the questionnaire was
translated into Chinese and then back translated into English to make sure of its
understandability and accuracy[1].
In this paper, we used the "subjective competitive business performance" indicator.
It is about SME managers subjective comparisons with their main business
competitors performance inside the industry. Exemplary questions are: our product(s)
have a higher quality than that of our competitors; we have a higher customer retention
rate than our competitors; we have a better reputation among major customer
segments than our competitors; we have been more effective in new product
development than our competitors (the survey included both subjective as well as
objective performance items. However, most of the SME managers were very
conservative and unwilling to provide actual performance indicators. Thus, we relied
on a subjective performance measure).
Data analysis
The analysis for testing the proposed hypotheses was carried out in two stages. In the
first stage, the reliability and validity of independent and dependent constructs were
evaluated using Cronbachs alpha coefficients and confirmatory factor analysis (CFA).
After reliability and validity were established, structural equation modelling (SEM)
was employed to test the hypotheses.
Measurement reliability
After dropping some items with poor loadings, the coefficient alpha for each set of
items was computed to examine the reliability of measures. All scales demonstrate
acceptable reliability, with the highest coefficient alpha for performance (0.84 for the
US sample) and for responsiveness (0.91 for the Taiwanese sample; 0.90 for the
All sample); the lowest coefficient alpha were for performance (0.85 for the Taiwanese
sample) and for intelligence generation (0.69 for the US sample; 0.84 for the All sample)
(see Table I).
Item loadings*
0.69
0.88
0.84
0.56-0.77
0.68-0.79
0.61-0.74
0.79
0.88
0.89
0.62-0.69
0.65-0.79
0.65-0.77
0.80
0.91
0.90
0.59-0.85
0.62-0.85
0.61-0.78
0.84
0.85
0.87
0.67-0.84
0.69-0.92
0.68-0.92
Notes: aItems used in the US sample are slightly different than items used in Taiwan and All
sample; *All loadings p < 0.05
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Table I.
Standardized estimates
of a CFA model
Measurement validity
Construct validity was examined using CFA for all the construct measures included in
this study. To perform the CFA of the measurement items of each construct (i.e.
intelligence generation, intelligence dissemination, responsiveness, and firm
performance), we used LISREL 8.70 ( Joreskog and Sorbom, 2004). This analysis tries
to test for the distinctiveness of the three market orientation and one firm performance
constructs and validate the four measurement models (see Table II).
All factor loadings included in this study were statistically significant at the 0.05 level
and exceed the arbitrary 0.5 standard. Thus, these measures demonstrate adequate
convergent validity. All of the cross-construct correlations were significantly different
from 1.0, which suggests that discriminant validity was present. In general, these results
provide support for construct validity for the measures included in this study.
Results
Structural model evaluation
To test the three hypotheses, we estimated the path coefficients using SEM for each
sample (i.e. USA, Taiwan, and All). The goodness of fit statistics showed that
structural models used in the present study fit well with the observations (i.e. for the
US sample, 2 149.82, df 98, p-value 0.00059, Root Mean Square Error of
Approximation (RMSEA) 0.062, Normed Fit Index (NFI) 0.92, Non-normed Fir
Latent variable
Intelligence generation
Intelligence dissemination
Responsiveness
Performance
IG
USA
ID Res. Perf.
1
0.45 1
0.48 0.67 1
0.19 0.43 0.60
IG
Taiwan
ID Res. Perf.
1
0.66 1
0.59 0.62 1
0.29 0.35 0.45
IG
ID
All
Res. Perf.
1
0.62 1
0.55 0.52 1
0.30 0.35 0.40
Table II.
1
Correlation matrices
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Index (NNFI) 0.96, Comparative Fit Index (CFI) 0.97 and Relative Fit Index
(RFI) 0.90;
for
Taiwan,
2 429.96,
df 318,
p-value 0.00003,
RMSEA 0.048, NFI 0.95, NNFI 0.99, CFI 0.99 and RFI 0.95; for ALL,
2 593.57,
df 318,
p-value 0.00000,
RMSEA 0.055,
NFI 0.97,
NNFI 0.98, CFI 0.98 and RFI 0.96). Moreover, for the US data set, the R2 is
0.27; for Taiwan data set, the R2 is 0.28; for all data set, the R2 is 0.32. The aim of this
testing was to check whether each component of market orientation (i.e. intelligence
generation, intelligence dissemination, and responsiveness) can successfully explain
firm performance among our sample of US and Taiwanese SMEs. Additionally, this
contributes to the market orientation literature by examining the cross-national
validity of MARKOR (Kohli et al., 1993).
The path coefficient analysis in Table III shows the structure of relationships
hypothesized in this study. H1 concerns the impact of intelligence generation on firm
performance. For USA, Taiwan, and All samples, the results show insignificant path
coefficients meaning that there is no support for H1. H2 concerns the impact of
intelligence dissemination on firm performance and results show a positive but not
significant relationship for all three samples. Thus, H2 is also not supported; H3,
responsiveness is positively related to US and Taiwanese SMEs performance, is
supported, since the path coefficients for the USA (0.43), Taiwanese (0.50), and All
(0.54) samples are all significant and in a positive direction.
Thus, based on the analysis, it is clear that only the responsiveness-firm
performance link is supported in our study. In addition, the MARKOR is found to be
only partially valid in the US and Taiwanese SME context. As a side work, we also
tested market orientation (as a whole construct)-performance relationship and found a
positive, significant link between these two constructs.
Discussion and conclusion
As a comparative study, this paper examined US and Taiwanese SME managers
views relating to a market orientation strategy and its impact on firm performance. In
general, the empirical evidence found in this study has demonstrated the limited
applicability of the marketing concept in the US and Taiwanese SME context. The
findings indicate that responsiveness was the only significant predictor of the three
market orientation components (i.e. intelligence generation, intelligence dissemination,
and responsiveness) of US and Taiwanese SMEs performance.
The results of this study are consistent with a large body of literature supporting
the argument that higher levels of market orientation would lead to a better
organizational performance (Spillan et al., 2005). Yet we have found that a firms
implementing the market orientation strategy partially is not a guarantee of better
performance. In a dynamic environment, marketers or managers must continuously
generate and disseminate the market intelligence and respond to the market forces. If a
firm does not have good cooperation or collaboration among the functional
Table III.
Path coefficients of the
structural models
US
Taiwan
ALL
0.14
0.22
0.43*
0.12
0.13
0.50*
0.20
0.18
0.54*
departments within the firm, the market orientation strategy can be very ineffective.
The mere fact that a firm has generated a great deal of market intelligence does not
mean that it will be able to respond to its customers with superior service. Each
functional area of the firm must join the effort and contribute effectively to make a
successful response to the customers needs.
It is interesting to note that the results were highly consistent across the cultures.
Despite minor differences in the measurement item loadings across cultures, their
impact on firm performance was highly consistent. This is different from the previous
literature, which has shown that the market orientation-performance link is stronger in
collectivist cultures (in this case Taiwan) than in a more individualist culture such as
the USA However, as previously stated, most prior research has focused on larger
firms, whereas this study examined this relationship among SMEs.
Limitations and future research directions
There are some limitations of this study and therefore the findings must be viewed as
tentative. The first limitation is that due to the adopted cross-sectional approach, our
conclusions are restricted to those of associations rather than causation. Second, we want
to recognize the self-report nature of the data collected in this study. Third, due to the
multi-organizational nature of the sample used in this study, differences among the SMEs
were not accounted for. In this context, a worthy area of investigation may be to test for
differences in performance between the market-oriented and non-market-oriented SMEs.
Finally, while the data set used in this study was sizable, it was a random sample and a
larger and more representative sample is needed for more conclusive results.
Further studies should be conducted on a broader sample from other parts of the
USA. One study could look at regional differences and similarities in the USA compared
to regional differences and similarities of Taiwanese firms. Another direction would be to
examine the same variables and performance over time. This would provide an
understanding of what moderating factors internal or external to the firm affect its
performance. Finally, additional studies including other SMEs from other countries could
provide comparisons and contrasts and maybe explain the differences in performance
among multi-country variables (i.e. culture, economies, and political factors).
Note
1. The English and Chinese versions of the survey are available from the authors.
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About the authors
Mike Chen-Ho Chao holds a PhD and MBA. He is an Assistant Professor of Marketing and
International Business at Zicklin School of Business, Baruch College, the City University of New
York. His research and teaching interests centre on the internationalization/regionalization of
multinational enterprises (MNEs), standardization vs localization of MNEs web sites, consumers
and MNEs from Greater China and country-of-origin effects in international marketing. He has
published his research findings in several journals: Journal of International Marketing,
International Marketing Review, Journal of World Business, Journal of International Marketing
and Marketing Research, Marketing Management Journal, Place Branding, Chinese Public
Affairs Quarterly. Mike Chen-Ho Chao is the corresponding author and can be contacted at: chenho.chao@baruch.cuny.edu
John E. Spillan, MBA and PhD in Business and Management and International Business and
serves as Associate Professor of Business Administration in School of Business at the University
of North Carolina at Pembroke. His articles have appeared in the International Journal of
Marketing and Marketing Research, Journal of Business in Developing Nations, Southern
Business Review, Journal of East West Business, European Management Journal, Journal of
Teaching in International Business, Journal of Small Business Strategy, International Small
Business Journal, Journal of Crisis and Contingency Management, Journal of Small Business
Management, Journal of Marketing Theory and Practice, Journal of Asia-Pacific, Journal of
Global Marketing and Journal of World Business among others.
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