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7. Conclusions and directions for future research
The results of this study provide future studies with valuable insight into the relation between market orientation and brand orientation and, furthermore, their effects on business performance among small firms. In particular, both market orientation and brand orientation are important contributors to the success of small firms, but rather than having direct effects on financial performance, the effects are indirect via brand performance. Moreover, the relationship between market orientation and brand orientation is sequential, in that high levels of market orientation contribute to higher levels of brand orientation, which in turn contributes to better brand
performance. In order to broaden our understanding of the roles of market orientation and brand orientation on small business performance, we compared the effects between younger and older
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firms. The results showed that it is financially worthwhile for younger firms to be competitor-oriented, while older firms benefit more from investing in branding. Overall, we conclude that in small firms, market orientation does not pay off to a great extent without brand orientation and brand performance. Thus our results clearly demonstrate that investments in branding foster performance in small firms.
Our study contributes to the growing literature on simultaneous exploration of multiple strategic orientations by arguing that an exploration of a single orientation at a time is not relevant, but rather an examination of multiple strategic orientations is needed to better understand small business success factors. We concentrated on two essential cornerstones of marketing literature:
market orientation and branding. Firms that innovate, develop customer relationships, or pursue business opportunities associated with high risk all demonstrate a certain orientation. One important step in future research would be to incorporate more strategic orientations into our model, such as innovation orientation or entrepreneurial orientation. This would increase the understanding of the role different strategic orientations play in the performance of small firms.
The results of our study imply that entrepreneurs should become more market-oriented and brand-oriented in order to enhance their business performance. However, the development of such orientations is not straightforward; it takes time and results in costs. Limitations in monetary and time resources, but also in marketing knowledge and expertise, are among the reasons for differences between marketing in large and small firms (Gilmore, Carson, & Grant, 2001; Reijonen & Laukkanen, 2010). Possibly neither the entrepreneur nor any of the employees of the firm have the requisite know-how or capabilities in marketing, which forces the
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entrepreneur to step outside their comfort zone and either look for training in marketing or
recruit new employees with the needed skills. Here, learning orientation comes into the picture as a potential avenue for future research. In addition, the age of the firm may play a role in learning and effective transformation and deployment of knowledge in the organization (Naldi &
Davidsson, 2014). As small firms often struggle with tight resource constraints in terms of both time and finance, Boso et al. (2013) argue that research needs to consider the trade-offs
entrepreneurs need to make when deciding which strategic orientations to focus on. Some earlier studies (e.g. Gaur et al., 2011) support this view.
As the literature suggests that SMEs are not a homogenous group (e.g. Reijonen, 2010), future research could explore the effects of different moderators besides business age. Researchers could focus on, for example, internal characteristics and practices that may affect the
relationships between market orientation, brand orientation, and business performance. One such practice is internal branding, given that recent research has found that the development of brand orientation requires internal branding practices in order to enhance the delivery of brand values inside the organization (Wallace et al., 2013). It would also be interesting to compare the model presented in this study between entrepreneur-led firms and larger firms with professional
managers. Besides the characteristics of the firm, future research could also take into account the effects of the external environment, such as different market structures or economic conditions.
The most recent studies of strategic orientation have taken steps toward this direction by, for example, comparing the effects of firms’ strategic orientations on business performance in emerging and developed markets (e.g. Laukkanen et al., 2013; Reijonen et al., 2015).
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Finally, from a measurement perspective, we followed the recommendations of González-Benito and González-Benito (2005) and used subjective organizational performance measures in our model. However, even though they advocate using subjective measures in studying the
relationship between market orientation and organizational performance, González-Benito and González-Benito (2005) note that subjective measures obtained from a single respondent might involve biases due to the response style of the respondent or an interest in communicating a favorable company image. Therefore, future research should test how different strategic orientations affect different company performance metrics.
Moreover, some scholars (e.g. Sørensen, 2009) have argued for the development of market orientation measures. With multi-industry data, this study empirically validated the three market orientation constructs, originally designed for large corporations, for research into small firms.
These measures should be further tested and applied in market orientation studies among SMEs.
Future research could also investigate the conceptual foundations of brand orientation, and whether this construct is indeed single- or multidimensional. We find that the calls for breaking market orientation down into its constituent components could likewise be applied to brand orientation. Although there already are a few papers conceptualizing brand orientation as a multidimensional construct (e.g. Baumgarth, 2010; Hankinson, 2001), they have been conducted in very specific contexts, such as industrial markets and the charity sector. While one way to extend our findings and the understanding of the relationship between market orientation and brand orientation would be to build on these contributions (i.e. measure both market orientation and brand orientation through multiple components), we think it is equally, if not even more,
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important that researchers would first examine the potential of brand orientation being a multi-dimensional construct, but without bounding it to any particular context.
Yet another direction for future research includes attempts to further examine the relationship between the three market orientation components and brand orientation. It would be particularly interesting to study whether, in some cases, brand orientation in fact serves as an antecedent of market orientation. Such research could first take on a conceptual perspective, discussing the potential and logic of such reversed causality. So far, however, researchers have been nearly unanimous that market orientation drives brand orientation (e.g. Reid et al., 2005; Wong &
Merrilees, 2007), although Urde et al. (2013) have recently suggested a more dynamic view, according to which market-oriented firms may adopt a brand orientation, but also that brand-oriented firms may make a transition to a market-brand-oriented approach. The results of this study nevertheless lend strong support to the majority of literature viewing market orientation as an antecedent of brand orientation.
Acknowledgements
The authors wish to thank the Centre for Economic Development, Transport and the
Environment in Finland and the European Social Fund (ESR) for their financial support for this research.
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Prof. Dr. Tommi Laukkanen University of Eastern Finland Business School P.O. Box 111, FI-80101 Joensuu, FINLAND
Tel. +358 50 438 7423 tommi.laukkanen@uef.fi
October 13, 2015
Prof. Dr. Mark Tadajewski
Editor: Journal of Marketing Management