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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
The Internal Environment — Summary Notes
The internal environment of a firm includes:
Members of the firm (employees, managers)
Investors
Assets (skills, knowledge, equipment, finances, etc.)
It represents what is inside the firm's control, unlike the external environment.
Purpose of Internal Analysis:
Helps managers understand available resources and capabilities.
Identifies strengths for new initiatives, innovation, and future planning.
Tools for Internal Analysis:
Value Chain: Shows how the firm creates value for customers through its operations.
VRIO Framework: Evaluates resources using 4 questions:
V – Is it Valuable?
R – Is it Rare?
I – Is it Inimitable (hard to copy)?
O – Is it Organized to capture value?
A strong internal environment means the firm can effectively use its people, skills, and assets to achieve long-term success.
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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
Resources and Capabilities — Summary Notes
Resources:
Tangible and intangible things a firm owns or controls.
Examples: equipment, facilities, raw materials, employees, cash.
Capabilities:
What the firm can do with its resources.
Examples: providing good customer service, developing innovative products.
Both resources and capabilities are essential for competitiveness.
→ They help firms plan, operate, and create value better than rivals.
Firms use them to:
Offer better quality, unique features, or lower prices than competitors.
Build a competitive advantage in the market.
Internal analysis helps identify which assets and skills provide the most value to the firm.
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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
The Value Chain — Summary Notes
A Value Chain shows all the activities a firm performs to create a product or service.
→ Each step should add value for the customer.
Goal:
Add enough value so customers believe the product is worth more than it costs to make — creating profit.
Example (Walmart):
Procurement: works with suppliers to get products.
Inbound logistics: moves products efficiently to stores.
Information technology: tracks sales and inventory automatically.
→ Result: wide product variety, low prices, high customer value.
Two Types of Activities:
1. Primary Activities: directly create and deliver the product/service.
(e.g., operations, logistics, sales)
2. Support Activities: sustain and support the primary ones.
(e.g., HR, technology, procurement)
Key Idea:
The more effectively a firm adds value at each stage, the stronger its competitive advantage and profitability.
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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
Using Resources and Capabilities to Build an Advantage over Rivals — Summary Notes
Resources and capabilities are not just lists of things a firm owns or does.
→ They are the unique strengths that make one firm different from another.
Firms that gather valuable resources and develop superior capabilities can:
Outperform competitors
Gain and maintain competitive advantage
Strategists' role:
Evaluate if the firm's resources and capabilities are special, rare, and strong enough to help it succeed in its industry.
Key idea:
Success comes from unique assets + superior execution, not just having resources.
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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
Using VRIO — Summary Notes
VRIO is an analytical tool used to evaluate a firm's resources and capabilities.
It helps identify which ones can create a competitive advantage.
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Meaning of VRIO:
Letter Stands for Key Question
V Value Does it add value to the firm or customers?
R Rarity Is it rare or unique among competitors?
I Imitability Is it hard for others to copy or imitate?
O Organization Is the firm organized to use it effectively?
If all four are answered "Yes," → the resource or capability can be a source of competitive advantage.
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Example: Starbucks
Resource/Capability Valuable Rare Hard to Imitate Organized Competitive Advantage?
Brand name Yes Yes Yes Yes ✅ Yes
Excellent customer service Yes Yes Yes Yes ✅ Yes
Thousands of global locations Yes No No Yes ❌ No
Result:
Starbucks' brand and customer service create strong competitive advantage.
Having many locations alone does not — competitors like McDonald's and Subway also have that.
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Key Idea:
VRIO helps managers focus on what truly makes their firm unique.
Only valuable, rare, hard-to-copy, and well-organized resources/capabilities lead to sustained success.
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BUS602: Marketing Management — Unit 2.4: The Firm's Resources and Capabilities
Managing Change — Technology and Innovation (Uber, Lyft, and Self-Driving Cars)
The ride-sharing industry (Uber, Lyft, etc.) has grown rapidly.
Riders use a smartphone app to request rides.
Drivers (independent contractors) use their own cars.
Payment is handled through the app.
Drivers keep about 75–80% of the fare; the company keeps the rest.
Challenge: Both firms want to expand capacity and reduce dependence on human drivers.
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Innovation Focus: Self-Driving Cars
Uber's strategy:
Develops self-driving and software technology internally.
Faced setbacks, including a fatal accident in Arizona, leading to suspension of its program.
Lyft's strategy:
Focuses on software interfaces that connect with other companies' self-driving cars.
Builds partnerships with major firms like Google, GM, and NuTonomy.
Tested self-driving cars in Boston (2017) and demonstrated rides at CES Las Vegas (2018) using Aptiv's vehicles.
Lyft's collaboration approach placed it ahead of Uber in the self-driving race.
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Key Takeaway:
Successful firms must adapt and innovate with changing technology.
Strategic use of resources and partnerships can determine who leads in future markets.
The ride-sharing case shows how innovation and organizational capability drive competitive advantage.
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BUS602: Marketing Management — Unit 2.4.1: Determination of Resources
Four Characteristics of Strategic Resources
Resource-Based Theory:
Firms gain competitive advantage through strategic resources.
These resources allow firms to perform better than rivals and earn strong profits.
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A Strategic Resource Must Be:
1. Valuable – Helps the firm exploit opportunities and defend against threats.
2. Rare – Not commonly found among competitors.
3. Difficult to Imitate – Hard or impossible for rivals to copy.
4. Nonsubstitutable – No alternative resource can replace it.
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Example: Southwest Airlines
Strategic Resource: Its organizational culture.
Inspires employee motivation and customer loyalty.
Rare in an industry known for strikes and low morale.
Evolved from humble beginnings ("rags to riches" story).
Impossible for competitors to imitate due to unique history.
Results in consistent profitability and customer loyalty.
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Sustained Competitive Advantage
Resources with all four characteristics create long-term (sustained) success.
If a resource lacks one or more traits → only short-term advantage.
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Bundling Resources
Combining several ordinary resources in a unique way can create a strategic resource.
Example: Southwest's business model =
Direct flights + single airplane type + unique boarding + strong culture
→ Together form an inimitable system.
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Common vs. Strategic Resources
Common resources (like cash or vehicles) are valuable but easily acquired → not strategic.
Strategic resources must be unique and hard to copy.
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Example: Water as a Strategic Resource
Normally common, but in drought-prone areas, water becomes rare and valuable.
Could turn into a strategic resource (e.g., Maine's abundant water supply).
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Key Takeaway
A strategic resource = Valuable + Rare + Inimitable + Nonsubstitutable (VRIN).
Firms that possess such resources can sustain success over time.
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📘 BUS602 – Unit 2.4.2: Determination of Capabilities
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Marketing Capabilities in Entrepreneurial Firms (NTBFs – New Technology-Based Firms)
Main Idea
Early development of marketing capabilities gives firms a competitive advantage.
Firms with strong entrepreneurial orientation build better marketing skills and perform better.
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Key Points
1. Entrepreneurial Orientation (EO)
Encourages innovation, risk-taking, and proactiveness.
Helps firms act quickly in competitive markets.
Leads to more entrepreneurial marketing (creative and opportunity-driven).
2. Market Orientation (MO)
Focus on understanding customer needs and market trends.
Works together with EO to build strong marketing capabilities.
3. Marketing Capabilities
The ability to design and implement effective marketing strategies and tactics.
Includes skills like identifying opportunities, promoting innovation, and responding to market changes.
4. Research Study Overview
Conducted in Turkey among 253 small & medium NTBFs in METU Technopark.
Method: Structural Equation Modeling (PLS) to test hypotheses.
5. Results
Firms that developed marketing capabilities early showed better overall performance.
Proactive and innovative marketing actions lead to sustained success.
6. Policy Implication
Governments and institutions should support marketing development in startups to boost growth.
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Key Takeaway
> Entrepreneurial firms that invest early in marketing capabilities — driven by innovation, proactivity, and risk-taking — achieve stronger competitive advantage and performance.
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📘 BUS602 — Unit 2.4.2: Determination of Capabilities
Topic: Marketing Capabilities in Entrepreneurial Firms (NTBFs)
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🔹 Background Summary
1. Problem Identified
Research shows entrepreneurial and market orientations improve performance —
but how firms actually use these capabilities to gain advantage isn't clear.
This study fills that gap using Resource-Based View (RBV) and Dynamic Capability Theory.
2. Main Idea
Entrepreneurial Orientation (EO) → influences firm performance through
Market Orientation (MO) and Marketing Capabilities (MC).
Marketing Capabilities act as a bridge (mediator) between MO and performance.
3. NTBF Challenges
Operate in risky, competitive, and fast-changing tech markets.
Have limited resources and focus more on technology than marketing.
Technology alone is not enough — must combine it with strong marketing.
4. Key Insight
Successful NTBFs use creative, opportunity-focused marketing to:
Understand customers.
Adapt to market and tech changes.
Build long-term value and differentiation.
5. Definition
Entrepreneurial Marketing (Morris et al.):
"Proactively identifying and exploiting opportunities to gain and retain profitable customers
through innovative risk management, resource leveraging, and value creation."
6. Research Gaps
Most studies focus on large firms, not small, resource-limited startups.
Lack of clear theories or tools for entrepreneurial marketing.
Few studies on how tech parks (like METU Technopark in Turkey) help NTBFs.
7. Study Focus
Research on 253 NTBFs in METU Technopark, Turkey.
Goal: Understand how marketing + entrepreneurial capabilities affect firm performance
and identify weaknesses to improve strategies for global competitiveness.
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🔑 Core Takeaways
EO + MO + MC = Competitive Success
Marketing Capabilities are the link between entrepreneurship and performance.
Tech + Marketing Integration is critical for survival in changing markets.
NTBFs must use innovative, flexible, and opportunity-driven marketing to grow.
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BUS602 — Unit 2.4.2: Determination of Capabilities
📘 Marketing Capabilities in Entrepreneurial Firms — Theoretical Framework
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1️⃣ Theories Behind the Study
Resource-Based View (RBV) → Firms differ because of unique resources and capabilities.
Dynamic Capability Theory (DCT) → Explains how firms develop and adapt their capabilities to changing markets.
Core Competencies (Hamel & Prahalad): Mix of skills + knowledge that give sustained advantage.
Dynamic capabilities = ability to reconfigure and transform resources as markets change.
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2️⃣ Development of Capabilities
Built from employee knowledge + repeated routines + learning.
Created by combining tangible and intangible resources.
Learning through repetition → stronger, more efficient routines.
Marketing capabilities evolve from consistent practice of marketing activities.
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3️⃣ Key Marketing Capabilities Identified
Marketing research
Pricing
Product development
Channel management
Promotion
Market management
➡️ When these are important + effective, they form the base of competitive advantage.
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4️⃣ Role of Environment
Market turbulence = changing customer needs.
Technological turbulence = rapid tech change.
Turbulence → need for adaptability, innovation, & market intelligence.
Stable environments → slow, incremental improvements okay.
Turbulent environments → need dynamic marketing & fast decisions.
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5️⃣ Entrepreneurial Orientation (EO)
Measures innovativeness, risk-taking, proactiveness.
EO helps firms respond to turbulence quickly.
EO → positive effect on:
Market Orientation (MO)
Marketing Capabilities
Firm Performance
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6️⃣ Market Orientation (MO)
A culture of focusing on customer needs & market info.
Involves gathering, sharing, and responding to market intelligence.
Strong MO → better customer understanding, innovation, product success, and performance.
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7️⃣ Relationships / Hypotheses (Simplified)
Hypothesis Relationship
H1 Turbulence ↑ → EO ↑
H2 Turbulence ↑ → MO ↑
H3 EO ↑ → MO ↑
H4 EO ↑ → Marketing Capabilities ↑
H5 EO ↑ → Firm Performance ↑
H6 MO ↑ → Marketing Capabilities ↑
H7 Marketing Capabilities ↑ → Firm Performance ↑
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🔑 Takeaways
EO + MO → build strong Marketing Capabilities → improve Performance.
Firms must learn, adapt, and innovate continuously to survive turbulence.
Dynamic, entrepreneurial marketing = key to long-term success in changing markets.
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BUS602 – Unit 2.4.2: Determination of Capabilities
📘 Marketing Capabilities in Entrepreneurial Firms — Method
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Research Setup
Location: METU Technopark, Turkey
Population: 150 new technology-based firms (NTBFs)
Respondents: Mostly CEOs or entrepreneurs (since they handle marketing)
Data collection period: June 2011 – January 2012
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Responses
Received: 44 responses (29% response rate)
Usable: 37 valid company responses
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Methodology
Technique used: Structural Equation Modeling (SEM)
Approach: Partial Least Squares (PLS) method
Reason for using PLS:
Works well with small samples
Useful when theory is developing
Handles complex causal models
Commonly used in strategic management, organizational behavior, marketing
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✅ In short:
The study surveyed 37 Turkish tech-based entrepreneurial firms (mostly led by their founders/CEOs) and used PLS-SEM to test relationships between entrepreneurial orientation, marketing capabilities, and firm performance.
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BUS602 – Unit 2.4.2: Determination of Capabilities
📘 Marketing Capabilities in Entrepreneurial Firms – Method (Context & Setting)
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📍Study Location
METU Technopark, Ankara, Turkey
Turkey has shown strong economic growth (average 6.7% annually) — one of the fastest in Europe & OECD.
The Turkish government supports Technology Development Zones (TDZs) to grow innovation and R&D.
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🏢 About Technology Development Zones (TDZs)
Defined as zones connecting universities, industries, and R&D for developing new tech-based products/services.
Turkey has 59 TDZs — 44 operational.
Aim: promote innovation, entrepreneurship, and technology transfer between universities and businesses.
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🎓 About METU (Middle East Technical University)
Located in Ankara, with 23,000+ students (1,400 foreign from 68 countries).
Founded Turkey's first technopark (METUTECH) in 1991 — a major hub for tech entrepreneurship.
METUTECH = largest science park in Turkey.
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🏭 About METUTECH (METU Technopark)
Area: 40 hectares within METU campus.
Firms: ~150 technology-based companies, mostly IT, software, defense, electronics sectors.
Support Services: international marketing, IPR (intellectual property rights), strategy, legal advice.
75% of firms: small to medium-sized enterprises (SMEs).
Exports: grew from $2.9M (2002) → $198.1M (2010).
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🎯 Purpose of METUTECH
Support creation and growth of high-tech companies.
Strengthen university–industry collaboration.
Turn research into commercial value.
Boost Turkey's competitiveness through innovation, networking, and entrepreneurship.
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✅ In short:
The study took place in METU Technopark, Turkey's leading high-tech hub supporting innovation, startups, and collaboration between academia and industry—an ideal environment for researching marketing capabilities in entrepreneurial firms.
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BUS602 – Unit 2.4.2: Determination of Capabilities
📘 Marketing Capabilities in Entrepreneurial Firms – Measurement Summary
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🧾 Study Basis
All variables (constructs) in the study are based on previously tested research scales.
Respondents rated their firms on a Likert scale (e.g., 1–5 or 1–7 agreement scale).
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🌪️ Environmental Turbulence
2 components:
1. Market Turbulence:
Changes in customer composition and preferences over time.
2. Technological Turbulence:
Changes in industry technology over time.
Combined into a second-order construct representing overall turbulence.
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🚀 Entrepreneurial Orientation
Measures a firm's innovativeness, proactiveness, and risk-taking.
Based on Naman & Slevin scale.
High orientation = innovative, forward-thinking, and risk-tolerant firms.
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📊 Market Orientation
Based on Jaworski & Kohli scale (modified).
Includes 3 sub-parts:
1. Market intelligence generation – collecting market data.
2. Dissemination – sharing information across departments.
3. Responsiveness – acting on that information quickly.
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🎯 Marketing Capabilities
Based on Vorhies & Harker scale.
Assessed across several functional areas:
New product development
Pricing
Promotion
Distribution
Marketing research
Marketing management
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💰 Firm Performance
Based on Spanos & Lioukas scale.
Two dimensions:
1. Market Performance: market share, sales growth.
2. Financial Performance: ROI, return on sales, profitability.
Respondents compared their firm's performance against competitors.
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✅ In short:
This section explains how the study measured key variables like environment, entrepreneurship, marketing strength, and performance — using trusted academic scales to compare marketing capabilities and firm success.
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BUS602 – Unit 2.4.2: Determination of Capabilities
📊 Marketing Capabilities in Entrepreneurial Firms – Results of Hypothesis Testing
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🧠 Overview
Respondents were entrepreneurial CEOs handling marketing, ensuring accurate insights.
Confirmatory Factor Analysis (CFA) used to test:
Item loadings (how well questions fit their construct)
Unidimensionality, discriminant & convergent validity
All constructs passed (loadings > 0.50).
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🧩 Model Testing
Model tested using SmartPLS (Partial Least Squares) structural equation modeling.
Showed strong relationships between marketing capabilities, entrepreneurial orientation, market orientation, and firm performance.
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💼 Marketing Capability Components & Loadings
Sub-Capability Factor Loading Meaning
Market Management 0.845 Strongest impact
Promotion 0.826 Important role
Market Research 0.824 High influence
Channels 0.730 Moderate
Product Development 0.702 Moderate
Pricing 0.514 Weakest
✅ Conclusion: Market management, promotion, and research drive marketing strength most.
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📋 Reliability (Cronbach's Alpha)
All scales had acceptable reliability (0.6–0.95).
Examples:
Marketing Capability: 0.817
Market Research: 0.952
Product Development: 0.926
Firm Performance: 0.93
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📈 Factor Loadings (Key Constructs)
Construct Sub-Factor Loading
Environmental Turbulence Market: 0.867, Tech: 0.908
Entrepreneurial Orientation Proactiveness: 0.879, Risk-Taking: 0.799, Innovation: 0.694
Market Orientation Info Generation: 0.912, Dissemination: 0.912, Response: 0.914
Performance Market share: 0.637, Sales growth: 0.673, Profitability: 0.551, ROI: 0.561, ROS: 0.566
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🔍 Validity & Consistency
Reliability coefficient: 0.8–0.9 → strong internal consistency
Average Variance Extracted (AVE): 0.5–0.81 → acceptable construct validity
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✅ In short:
The study proved the measurement model is valid and reliable.
Marketing capabilities—especially management, promotion, and research—are the strongest factors influencing firm performance among entrepreneurial firms.
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BUS602 – Unit 2.4.2: Determination of Capabilities
📊 Marketing Capabilities in Entrepreneurial Firms – Results of Hypothesis Testing (Model Results)
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🧠 Overview
Study tested relationships between environmental turbulence, entrepreneurial orientation, market orientation, marketing capabilities, and firm performance.
Used path coefficients to analyze strength of each relationship.
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📈 Key Findings (Path Coefficients)
Relationship Coefficient Impact
Environmental Turbulence → Market Orientation 0.77 Strong, positive
Environmental Turbulence → Entrepreneurial Orientation 0.51 Significant
Entrepreneurial Orientation → Market Orientation Significant Positive
Entrepreneurial Orientation → Marketing Capability ❌ Not significant (H4 not supported)
Entrepreneurial Orientation → Firm Performance 0.267 Direct effect
Market Orientation → Marketing Capability 0.73 Very strong effect
Marketing Capability → Firm Performance 0.47 Strong, direct impact
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📊 Total Effects on Firm Performance
Construct Total Effect Rank
Marketing Capability 0.477 🥇 Highest
Environmental Turbulence 0.387 🥈 Second
Market Orientation 0.348 🥉 Third
Entrepreneurial Orientation 0.217 Fourth
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📚 Key Insight
Marketing Capability is the strongest driver of firm performance.
Environmental changes, market orientation, and entrepreneurship influence it directly or indirectly.
Firms must build strong marketing, market, and entrepreneurial orientations to thrive in competitive, dynamic environments.
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🧩 R² Value
Marketing Capability R² = 0.361
Explains 36.1% of variation in firm performance.
Indicates it's the most influential explanatory factor in the model.
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✅ In short:
> NTBFs perform best when they focus on developing marketing capabilities, supported by market and entrepreneurial orientations, especially under environmental turbulence.
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📘 Marketing Capabilities in Entrepreneurial Firms – Summary Notes
Study Context:
Research on new technology-based firms (NTBFs) in Turkey.
These firms are proactive in marketing strategy and tactics.
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🔹 Key Findings
1. Environmental Turbulence → Entrepreneurial & Market Orientation
Firms in changing environments must be flexible, innovative, and customer-focused.
Encourages quick decisions and new opportunities.
2. Entrepreneurial Orientation
Helps identify & pursue opportunities.
Does not directly impact marketing capabilities (H4 not supported).
Still affects firm performance (directly and indirectly).
3. Market Orientation
Strongly impacts marketing capabilities (0.73).
Helps firms understand customers better → improves marketing.
4. Marketing Capabilities
Have the highest total impact on firm performance (0.477).
Examples: market research, segmentation, managing marketing programs, promotion.
5. Firm Performance
Improved by:
Environmental Turbulence (0.387)
Market Orientation (0.348)
Entrepreneurial Orientation (0.217)
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🔹 Managerial Implications
Build strong entrepreneurial & market orientation → better marketing capabilities → higher performance.
Entrepreneurs should:
Gather info to predict future trends.
Find unmet or hidden customer needs.
Customize marketing for different segments.
Small tech firms should:
Invest in marketing skills & brand building.
Focus resources on key marketing capabilities.
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🔹 Core Message
> To succeed, entrepreneurial firms must adapt to environmental changes, stay market- and entrepreneurially oriented, and continuously develop marketing capabilities for long-term competitive advantage.
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📘 Marketing Capabilities in Entrepreneurial Firms – Conclusions
Main Insights:
Market orientation → directly builds marketing capabilities.
Entrepreneurial orientation → indirectly helps (through market orientation).
Higher marketing capabilities = higher firm performance.
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🔹 Key Takeaways
1. Supports capability theory:
Marketing capabilities are crucial for sustainable competitive advantage and growth of NTBFs (new technology-based firms).
2. Research contribution:
Strengthens link between entrepreneurship and marketing.
Fills research gap on Turkish tech firms in Technoparks (METUTECH).
3. Limitations of the study:
Single informant (key informant bias): only one person (often the entrepreneur) answered the survey.
Small sample size: only 37 out of 253 firms responded.
Single location: results may vary in other regions.
4. Recommendation:
Replicate study in other technoparks/locations for confirmation.
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🔹 Core Message
> Firms with strong market and marketing capabilities perform better and gain a sustainable competitive edge, but more research is needed across locations to validate findings.
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