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The Impact of Marketing on the Business Performance of Companies: A Literature Review

Yıl 2021, Cilt: 9 Sayı: 1, 63 - 74, 22.02.2021
https://doi.org/10.18506/anemon.763875

Öz

The technology-based global competition environment that pushes businesses to constructive transformation in order to ensure customer satisfaction has further increased the importance of marketing capabilities in business strategies. The purpose of the literature review is to summarize the previous studies about marketing-financial performance nexus. Studies that were published between 1969 and 2019 could be reached from the EBSCO database were included in the literature review. A significant number of studies conducted in different countries have shown that marketing spending is an investment that creates value for the company and has a positive impact on firm profitability, firm value or firm sales. This study contributes to the literature by summarizing the research findings on the effects of marketing investments on business performance.

Kaynakça

  • Aaker, D. A. (1996), “Measuring Brand Equity Across Products and Markets”, California Management Review, 38(3), 102-120.
  • Aaker, D.A., & Jacobson, R. (1994), “The Financial Information Content of Perceived Quality”, Journal of Marketing Research, 31(2), 191-201.
  • Abbott, A.J., Lawler, K.A., & Ling, M.C.H. (1997), “Advertising Investments in The UK Brewing Industry: An Empirical Analysis”, Economic Issues, 2, 55–66.
  • Abbott, W. F. & Monsen, J. R. (1979), “On The Measurement Of Corporate Social Responsibility: Self–Reported Disclosure as a Method of Measuring Corporate Social İnvolvement”, Academy of Management Journal, 22, 501–515.
  • Abdel-Khalik, A. R. (1975), “Advertising Effectiveness and Accounting Policies”, The Accounting Review, 50, 657-670.
  • Ahmed, S. U., Islam, Z. M. & Hasan, I. (2012), “Corporate Social Responsibility and Financial Performance Linkage-Evidence from The Banking Sector of Bangladesh”, Journal of Organizational Management, 1(1), 14-21.
  • Alexander, G. J. & Buchholz, R. A. (1978), “Corporate Social Performance and Stock Market Performance”, Academy of Management Journal, 21, 479–486.
  • Anderson, J. C. & Frankle, A. W. (1980), “Voluntary Social Reporting: An Isobeta Portfolio Analysis”, Accounting Review, 55, 467–479.
  • Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985), “An Empirical Investigation of The Relationship Between Corporate Social Responsibility and Profitability”, Academy of Management Journal, 28, 446–463.
  • Baltagi, B. H., Levin, D. (1986), “Estimating Dynamic Demand for Cigarettes Using Panel Data: The Effects Of Bootlegging, Taxation and Advertising Reconsidered”, The Review of Economics and Statistics, 68, 148-155.
  • Barney, J. (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, 17(1), 99-120. DOI: 10.1177/014920639101700108
  • Belkaoui, A. (1976), “The Impact of The Disclosure of The Environmental Effects of Organizational Behavior on The Market”, Financial Management, 5, 26–31.
  • Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999), “Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance”, Academy of Management Journal, 42, 488–506.
  • Bharadwaj, S.G., Tuli, K.R., & Bonfrer, A. (2011), “The Impact of Brand Quality on Shareholder Wealth”, Journal of Marketing, 75(5), 88-104.
  • Blacconiere, W. G. & Northcut, W. D. (1997), “Environmental İnformation And Market Reactions to Environmental Legislation”, Journal of Accounting, Auditing and Finance, 12, 149–178.
  • Blacconiere, W. G. & Patten, D. M. (1994), “Environmental Disclosures, Regulatory Costs and Changes in Firm Value”, Journal of Accounting and Economics, 18, 357–377.
  • Bowman, E. H. (1978), “Strategy, Annual Reports, and Alchemy”, California Management Review, 20, 64–71. Boyle, E. J., Higgins, M. M., & Rhee, S. G. (1997), “Stock Market Reaction to Ethical Initiatives of Defense Contractors: Theory and Evidence”, Critical Perspectives on Accounting, 8, 541–561.
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  • Candemir, A. & Zalluhoglu, A.E. (2011), “The Effect of Marketing Expenditures During Financial Crisis: The Case of Turkey”, Procedia Social and Behavioral Sciences, 24, 291–299. DOI:10.1016/j.sbspro.2011.09.105.
  • Chauvin, K.W. & Hirschey, M. (1994), “Goodwill Profitability, and The Market Value of The Firm”, Journal of Accounting and Public Policy, 13, 159–180.
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Pazarlamanın Şirketlerin İş Performansı Üzerindeki Etkisi: Bir Literatür Taraması

Yıl 2021, Cilt: 9 Sayı: 1, 63 - 74, 22.02.2021
https://doi.org/10.18506/anemon.763875

Öz

Müşteri memnuniyetini sağlamak için işletmeleri konstrüktif transformasyona iten teknoloji tabanlı küresel rekabet ortamı, pazarlama yeteneklerinin işletme stratejilerindeki önemini daha da artırmıştır. Bu çıkış noktasından hareketle kurgulanan literatür incelemesinin amacı, pazarlama-finansal performans ilişkisine ait daha önceki çalışmaları özetlemektir. Literatür taramasına 1969-2019 yılları arasında yayımlanan ve EBSCO veri tabanından ulaşılabilen çalışmalar dahil edilmiştir. Farklı ülkelerde yapılan önemli sayıda araştırma, pazarlama harcamalarının şirket için değer yaratan ve firma kârlılığı, firma değeri ya da firma satışları üzerinde olumlu etkisi olan bir yatırım olduğunu göstermiştir. Önemli bir konuya odaklanan bu çalışma, pazarlama yatırımlarının işletme performansı üzerindeki etkilerine ilişkin araştırma bulgularını özetleyerek, literatüre katkıda bulunmaktadır.

Kaynakça

  • Aaker, D. A. (1996), “Measuring Brand Equity Across Products and Markets”, California Management Review, 38(3), 102-120.
  • Aaker, D.A., & Jacobson, R. (1994), “The Financial Information Content of Perceived Quality”, Journal of Marketing Research, 31(2), 191-201.
  • Abbott, A.J., Lawler, K.A., & Ling, M.C.H. (1997), “Advertising Investments in The UK Brewing Industry: An Empirical Analysis”, Economic Issues, 2, 55–66.
  • Abbott, W. F. & Monsen, J. R. (1979), “On The Measurement Of Corporate Social Responsibility: Self–Reported Disclosure as a Method of Measuring Corporate Social İnvolvement”, Academy of Management Journal, 22, 501–515.
  • Abdel-Khalik, A. R. (1975), “Advertising Effectiveness and Accounting Policies”, The Accounting Review, 50, 657-670.
  • Ahmed, S. U., Islam, Z. M. & Hasan, I. (2012), “Corporate Social Responsibility and Financial Performance Linkage-Evidence from The Banking Sector of Bangladesh”, Journal of Organizational Management, 1(1), 14-21.
  • Alexander, G. J. & Buchholz, R. A. (1978), “Corporate Social Performance and Stock Market Performance”, Academy of Management Journal, 21, 479–486.
  • Anderson, J. C. & Frankle, A. W. (1980), “Voluntary Social Reporting: An Isobeta Portfolio Analysis”, Accounting Review, 55, 467–479.
  • Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985), “An Empirical Investigation of The Relationship Between Corporate Social Responsibility and Profitability”, Academy of Management Journal, 28, 446–463.
  • Baltagi, B. H., Levin, D. (1986), “Estimating Dynamic Demand for Cigarettes Using Panel Data: The Effects Of Bootlegging, Taxation and Advertising Reconsidered”, The Review of Economics and Statistics, 68, 148-155.
  • Barney, J. (1991), “Firm Resources and Sustained Competitive Advantage”, Journal of Management, 17(1), 99-120. DOI: 10.1177/014920639101700108
  • Belkaoui, A. (1976), “The Impact of The Disclosure of The Environmental Effects of Organizational Behavior on The Market”, Financial Management, 5, 26–31.
  • Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999), “Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance”, Academy of Management Journal, 42, 488–506.
  • Bharadwaj, S.G., Tuli, K.R., & Bonfrer, A. (2011), “The Impact of Brand Quality on Shareholder Wealth”, Journal of Marketing, 75(5), 88-104.
  • Blacconiere, W. G. & Northcut, W. D. (1997), “Environmental İnformation And Market Reactions to Environmental Legislation”, Journal of Accounting, Auditing and Finance, 12, 149–178.
  • Blacconiere, W. G. & Patten, D. M. (1994), “Environmental Disclosures, Regulatory Costs and Changes in Firm Value”, Journal of Accounting and Economics, 18, 357–377.
  • Bowman, E. H. (1978), “Strategy, Annual Reports, and Alchemy”, California Management Review, 20, 64–71. Boyle, E. J., Higgins, M. M., & Rhee, S. G. (1997), “Stock Market Reaction to Ethical Initiatives of Defense Contractors: Theory and Evidence”, Critical Perspectives on Accounting, 8, 541–561.
  • Bragdon Jr., J. H. & Marlin, J. A. T. (1972), “Is Pollution Profitable?” Risk Management, 19, 9–18. Brown, B. & Perry, S. (1994), “Removing The Financial Performance Halo From Fortune’s ‘Most Admired Companies”, Academy of Management Journal, 37, 1346–1359.
  • Brown, B. (1998), “Do Stock Market Investors Reward Reputation for Corporate Social Performance?” Corporate Reputation Review, 1, 271–282.
  • Candemir, A. & Zalluhoglu, A.E. (2011), “The Effect of Marketing Expenditures During Financial Crisis: The Case of Turkey”, Procedia Social and Behavioral Sciences, 24, 291–299. DOI:10.1016/j.sbspro.2011.09.105.
  • Chauvin, K.W. & Hirschey, M. (1994), “Goodwill Profitability, and The Market Value of The Firm”, Journal of Accounting and Public Policy, 13, 159–180.
  • Chauvin, K.W. & Hirschey, M. (1997), “Market Structure and The Value of Growth, Managerial and Decision Economics”, 18, 247–254.
  • Chen, K. H. & Metcalf, R. W. (1980), “The Relationship Between Pollution Control Record and Financial Indicators Revisited”, Accounting Review, 55, 168–177.
  • Cheng, C.S.A. & Chen, C.J.P. (1997), “Firm Valuation of Advertising Expense: An İnvestigation Of Scaler Effects, Managerial Finance”, 23, 41–62.
  • Choi, J., Kwak, Y., & Choe, C. (2010), “Corporate Social Responsibility and Corporate Financial Performance: Evidence From Korea”, MPRA Paper No. 22159.
  • Cochran, P. L. & Wood, R. A. (1984), “Corporate Social Responsibility and Financial Performance”, Academy of Management Journal, 27, 42–56.
  • Conchar, M. P., Crask, M. R., & Zinkhan, G. M. (2005), “Market Valuation Models of The Effect of Advertising And Promotional Spending: A Review & Meta-Analysis”, Journal of the Academy of Marketing Science, 33(4): 445-460.
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  • Jaworski, B.J., & Kohli, A.K. (1993), “Market Orientation: Antecedents and Consequences”, Journal of Marketing, 57, 53-70.
  • Joshi A. & Hanssens D. M. (2010), “The Direct and İndirect Effects Of Advertising Spending on Firm Value”, Journal of Marketing, 74(1), 20-33.
  • Kallapur, S. & Kwan, S.Y.S. (2004), “The Value Relevance and Reliability Of Brand Assets Recognized By U.K. Firms”, The Accounting Review, 79(1), 151-172.
  • Keffas, G. & Olulu-Briggs, V. O. (2011), “Corporate Social Responsibility: How Does It Affect The Financial Performance of Banks? Empirical Evidence From US, UK And Japan”, Journal of Management and Corporate Governance, 3, 8-26.
  • Keller, K.L. (2013), Strategic Brand Management, [E-reader Version], www.pearson.com/uk. Keller, K.L. & Lehmann, D.R. (2006), “Brands and Branding: Research Findings and Future Priorities”, Marketing Science, 25(6), 740-759. DOI 10.1287/mksc.l050.0153
  • Kerin, R. A. & Sethuraman, R. (1998), “Exploring The Brand Value-Shareholder Value Nexus for Consumer Goods Companies”, Journal of the Academy of Marketing Science, 26, 260–273.
  • King, A. A. & Lenox, M. J. (2001), “Does It Really Pay To Be Green? An Empirical Study of Firm Environmental and Financial Performance”, Journal of Industrial Ecology, 5, 105–116.
  • Klassen, R. D. & McLaughlin, C. P. (1996), “The Impact of Environmental Management On Firm Performance”, Management Science, 42, 1199–1214.
  • Kohli, A.K., & Jaworski, B.J. (1990), “Market Orientation: The Construct, Research Propositions and Managerial İmplications”, Journal of Marketing, 54, 1-18.
  • Kotler, P., & Armstrong, G. (2018), Principles of Marketing, [E-reader Version], www.pearson.com/uk. Kundu, A., Kulkarni, P., & Murthy N.K., A. (2008), “Advertising and Firm Value: Mapping The Relationship Between Advertising, Profitability and Business Strategy in India”, Changing Ideas in Strategy, Sinha, A. (Ed.), Narosa Publications.
  • Lambin, J.J. (1969), “Measuring The Profitability of Advertising: An Empirical Study”, Journal of Industrial Economics, 17, 89–103.
  • Madden, T.J., Fehle, F., & Fournier, S. (2006), “Brands Matter: An Empirical Demonstration of The Creation of Shareholder Value Through Branding”, Journal of the Academy of Marketing Science, 34(2), 224-235. DOI: 10.1177/0092070305283356.
  • Marcus, A. A. & Goodman, R. S. (1986), “Compliance and Performance: Toward A Contingency Theory”, Research in Corporate Social Performance and Policy, 8, 193–221.
  • Matin, A. Y., Thaghafian, H., Esapour, K., Alavi, A. M., & Farhoodi, A. (2011), “A Study of The Relationship Between Corporate Social Responsibility and Firm Financial Performance”, Australian Journal of Basic and Applied Sciences, 12, 668-674.
  • McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988), “Corporate Social Responsibility and Firm Financial Performance”, Academy of Management Journal, 31, 854–872.
  • Megna, P., Mueller, D.C. (1991), “Profit Rates and Intangible Capital”, Review of Economics and Statistics, 73, 633–642.
  • Mian, G.M., Sharma, P., & Gul, F.A. (2018), “Investor Sentiment and Advertising Expenditure”, International Journal of Research in Marketing, 35, 611-627.
  • Mizik, N. & Jacobson, R. (2004), “Stock Return Response Modeling”, in Assessing Marketing Strategy Performance, Christine Moorman and Donald R. Lehmann, eds. Cambridge, MA: Marketing Science Institute, 29-46.
  • Mizik, N. & Jacobson, R. (2008), “The Financial Value İmpact of Perceptual Brand Attributes”, Journal of Marketing Research, 45(1), 15-32.
  • Morck, R. & Yeung, B. (1991), “Why Investors Value Multinationality”, Journal of Business, 64, 165–187. Nath, P., Nachiappan, S., & Ramanathan, R. (2010), “The Impact of Marketing Capability, Operations Capability and Diversification Strategy on Performance: A Resource-Based View”, Industrial Marketing Management, 39, 317–329. DOI:10.1016/j.indmarman.2008.09.001
  • Newgren, K. E., Rasher, A. A., LaRoe, M. E., & Szabo, M. R. (1985), “Environmental Assessment and Corporate Performance: A Longitudinal Analysis Using A Market– Determined Performance Measure”, in L. E. Preston (Ed.), Research in corporate social performance and policy, Greenwich, CT, JAI Press, 153–164.
  • Notta, O. & Oustapassidis, K. (2001), “Profitability and Media Advertising in Greek Food Manufacturing Industries”, Review of Industrial Organization, 18, 115-126.
  • O’Neill, H. M., Saunders, C. B., & McCarthy, A. D. (1989), “Board Members, Corporate Social Responsiveness And Profitability: Are Tradeoffs Necessary?” Journal of Business Ethics, 8, 353–357.
  • Oh, H., Bae, J., Currim, I.S., Lim, J., & Zhang, Y. (2016), “Marketing Spending, Firm Visibility and Asymmetric Stock Returns Of Corporate Social Responsibility Strengths And Concerns”, European Journal of Marketing, 50(5/6), 838-862, DOI: 10.1108/EJM-05-2015-0290.
  • Parket, I. R. & Eilbirt, H. (1975), “Social Responsibility: The Underlying Factors”, Business Horizons, 18, 5–10. Paton, D. & Vaughan, W. L. (1999), “Advertising and Firm Performance: Some New Evidence from UK Firms”, Economic Issues, 4, 89–105.
  • Patten, D. M. (1990), “The Market Reaction to Social Responsibility Disclosures: The Case of The Sullivan Principles Signings”, Accounting, Organizations and Society, 15, 575–587.
  • Patten, D. M. (1991), “Exposure, Legitimacy, & Social Disclosure”, Journal of Accounting and Public Policy, 10, 297– 308.
  • Pava, M. L. & Krausz, J. (1995), Corporate Responsibility and Financial Performance: The Paradox of Social Cost. Quorum, Westport, CT.
  • Peterson, R.A. & Jeong, J. (2010), “Exploring The Impact of Advertising and R&D Expenditures on Corporate Brand Value and Firm-Level Financial Performance”, The Journal of the Academy of Marketing Science, 38, 677 – 690. DOI 10.1007/s11747-010-0188-3
  • Pitelis, C.N. (1991), “The Effects of Advertising (and) Investment on Aggregate Profits”, Scottish Journal of Political Economy, 38, 32–40.
  • Preston, L. E. (1978), “Analyzing Corporate Social Performance: Methods and Results”, Journal of Contemporary Business, 7, 135–150.
  • Qureshi M. (2007), “Asset Value of UK Firms Advertising Expenditures”, Global Journal of International Business Research, 1(1), 12-23.
  • Rao, V. R., Agarwal, M. K., & Dahlhoff, D. (2004), “How Is Manifest Branding Strategy Related to The Intangible Value of A Corporation?” Journal of Marketing, 68, 126–141.
  • Roberts, K. (2003), “What Strategic Investments Should You Make During A Recession to Gain Competitive Advantage in The Recovery?” Strategy & Leadership, 31(4), 31-39. DOI 10.1108/10878570310483960
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  • Setiawan, M. & Darmawan. (2011), “The Relationship Between Corporate Social Responsibility and Firm Financial Performance: Evidence from The Firms Listed in LQ45 Of The Indonesian Stock Exchange Market”, European Journal of Social Sciences, 23(2), 288-293.
  • Shah, Z. & Stark, A. W. (2004), “On The Value Relevance of Costly Information on Major Media Advertising Expenditures in The UK”, Working Paper, Warwick Business School, UK.
  • Shane, P. B. & Spicer, B. H. (1983), “Market Response to Environmental Information Produced Outside The Firm”, Accounting Review, 58, 521–538.
  • Simerly, R. L. (1995), “Institutional Ownership, Corporate Social Performance, and Firms’ Financial Performance”, Psychological Reports, 77, 515–525.
  • Simon, J.L. (1969), “The Effect of Advertising on Liquor Brand Sales”, Journal of Marketing Research, 6, 301–313. Siong, G. K. (2010), “An Empirical Analysis Advertising Effect on Firm Performance in The Malaysian Consumer Products Sector” (Master’s thesis,Universiti Malaysia), https://ir.unimas.my/id/eprint/966/1/An%20empirical%20analysis%20(24%20pages).pdf [20.09.2019]
  • Sougiannis, T. (1994), “The Accounting-Based Valuation of Corporate R&D, Accounting Review”, 69, 44–68. Spencer, B. A. & Taylor, S. G. (1987), “A Within and Between Analysis of The Relationship Between Corporate Social Responsibility and Financial Performance”, Akron Business and Economic Review, 18, 7–18.
  • Stevens, W. P. (1984), “Market Reaction to Corporate Environmental Performance”, Advances in Accounting, 1, 41–61.
  • Sydney-Hilton, E. & Vila-Lopez, N. (2019), “Are Marketing Strategies Correlated with Financial Outputs? A Longitudinal Study”, Journal of Business & Industrial Marketing, 34(7), 1533-1546.
  • Tsai, S.C. (2001), “Valuation Of R&D and Advertising Expenditures”, Journal of Contemporary Accounting, 2, 41–76.
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  • Vitezic, N. (2011), “Correlation Between Social Responsibility and Efficient Performance in Croatian Enterprises”, Proceedings of Rijeka School of Economics, 29(2), 423-442.
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  • Yiannaka, A., Giannakas, K., Tran, & K.C. (2002), “Medium, Message and Advertising Effectiveness in The Greek Processed Meats Industry”, Applied Economics, 14, 1757–1763.
Toplam 105 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makalesi
Yazarlar

A.selçuk Köylüoğlu 0000-0003-0359-1443

Petek Tosun 0000-0002-9228-8907

Mesut Doğan 0000-0001-6879-1361

Yayımlanma Tarihi 22 Şubat 2021
Kabul Tarihi 24 Kasım 2020
Yayımlandığı Sayı Yıl 2021 Cilt: 9 Sayı: 1

Kaynak Göster

APA Köylüoğlu, A., Tosun, P., & Doğan, M. (2021). The Impact of Marketing on the Business Performance of Companies: A Literature Review. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 9(1), 63-74. https://doi.org/10.18506/anemon.763875

Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY NC) ile lisanslanmıştır.