Journal of the Academy of Marketing Science

, Volume 42, Issue 4, pp 380–399 | Cite as

The financial contribution of customer-oriented marketing capability

  • Fernando Angulo-Ruiz
  • Naveen Donthu
  • Diego Prior
  • Josep Rialp
Original Empirical Research


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.


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


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Copyright information

© Academy of Marketing Science 2013

Authors and Affiliations

  • Fernando Angulo-Ruiz
    • 1
  • Naveen Donthu
    • 2
  • Diego Prior
    • 3
  • Josep Rialp
    • 3
  1. 1.School of BusinessGrant MacEwan UniversityEdmontonCanada
  2. 2.J. Mack Robinson College of BusinessGeorgia State UniversityAtlantaUSA
  3. 3.Departament d’Economia de l’EmpresaUniversitat Autònoma de BarcelonaBarcelonaSpain

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