Impact of Marketing Capability and Production Operation Capability on Firms'Financial Performance
The resource-based view and process view of the organization believe that the competitive advantage of a firm in the market depends on its unique resources and capabilities,which results in performance differ-ences.Marketing capability and operational capability are two essential functions that create value for firms.The former means the ability to create customer demand and marketing revenue,and the latter means the ability to produce supply and meet market demand.The two are measured by calculating the input and output efficiency of the sales process and production operation,respectively.Data Envelopment Analysis(DEA)is used to measure the operational capability and the marketing capability of 1,937 listed companies in the manufacturing and retailing industries from 2013 to 2018.It uses econometric models to empirically study the relationship between the two and how they affect firm performance.The moderating effect of market demand uncertainty is also discussed.Firstly,the two capabilities significantly positively impact firm performance,but the marketing capability has a more substantial positive impact.Interestingly,the intermediary effect is veri-fied,indicating that the marketing capability indirectly improves firm performance by driving the improvement of operational capability.Nevertheless,excessive operational capability has an inhibitory and regulatory effect on the positive relationship between marketing capability and firm performance.Finally,market demand uncertainty positively regulates the relationship between the two capabilities and firm performance.That is,the two capabilities contribute more to firm performance when the market environment displays a fluctuation.The research conclusions of this paper provide references for the resource allocation and the functional improvement of business managers in formulating market competition strategies.
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