Marketing Strategy Formulation in the Commercialization of New Technologies
Vincent, Leslie Harris
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The key objective of Part I is to synthesize 23 years of innovation research findings from economic, strategy, and marketing literatures and extend the current theoretical knowledge base in these domains through meta-analysis. In general, empirical evidence of the nature of the relationship between innovation and its antecedents and consequences is provided, while at the same time providing answers to conflicting conclusions within this field. The conclusions reached provide a more comprehensive understanding of the drivers of innovation as well as the implications associated with the phenomena. In addition, this study seeks to aid in building a strong theoretical foundation relating to the nature of the relationship of innovation with key antecedents and outcomes. It is demonstrated that innovation serves as a partial mediator of the relationships between organizational and environmental antecedents and firm performance. Part II builds upon the innovation foundations set forth in Part I and extends the focus to consider how innovations are commercialized outside traditional organizational boundaries. Drawing upon the Resource-based view of the firm, the impact of two dynamic capabilities (network ties and absorptive capacity) on marketing strategy formulation effectiveness is explored. Utilizing a unique sample of university pre-startup teams, this research is able to track these teams over time (longitudinal research design) and provide an empirical examination of the role of dynamic capabilities in the effective formulation of marketing strategies. There has been very little empirical research on the formation of strategies at the team level and furthermore, even less research examining marketing strategy making for technologies that were developed outside traditional organizational boundaries and without a predefined market application. Overall, this research will not only contribute significantly to the current innovation and marketing strategy literature, but will also open up new avenues of research in marketing entrepreneurship.