The Impact of Marketing Innovation on Creating a Sustainable Competitive Advantage: The Case of Private Commercial Banks in Jordan
Mahmod, J. Alsamydai,
Ibrahim, A.M. Alnawas
Rodina A. Yousif
The aim of the study was to examine the impact of marketing innovation on creating a sustainable competitive advantage in the financial sector. The current research was based on empirical approach. A random sample of 200 respondents was drawn from ten Jordanian commercial banks. A self administrated questionnaire was employed to collect the required data. A number of hypotheses were formulated for this purpose. Frequency analysis, descriptive analysis and one sample t-Test were used to analyze the data. The findings of the study show that there existed positive relationship between innovative marketing mix, management perception, customer involvement, innovative marketing information and creating a sustainable competitive advantage. Based on the results a number of recommendations were proposed and suggestions for future studies were made. Our contribution is that this is the first empirical research of it's kind in the region that tackles in a specific way the impact of (1) innovativeness in marketing mix (pricing, promotion, product and place) (2) management perception and support for the process of marketing innovation (3) customer perception and involvement in the process of marketing innovation and finally (4) innovativeness in marketing information, on the potential of creating a sustainable competitive advantage for financial institutions.
Received: April 18, 2010;
Accepted: May 29, 2010;
Published: October 26, 2010
In an environment characterized by high-velocity change, short product life
cycles, mass customization, narrowing customer niches, the successful integration
of technological and marketing capabilities for a given product conveys little
long term strategic advantage to firms (Fowler et al.,
2000). More specifically, in the financial sector, the business financial
environment has become highly complex, competitive and dynamic. The complexity
of this environment stems from the fierce competition, the deregulation policy
(Yavas and Yasin, 2001), the removal of restrictions
between banks, building societies and insurance companies (Speed
and Smith, 1992) and the vast expansion in the adoption and use of information
technologies (Bergeron and Roy, 2008). This in return
has created unprecedented challenges in developing and presenting new service
products which are highly successful and competitive. Such complexity has also
influenced the used applications and techniques in producing and marketing such
products. Therefore, financial institutions are trying more than any other time
to create a sustainable competitive advantage compared to other competitors
in order to secure their market share and enhance their presence in the financial
The innovation process in presenting new financial products has become an antecedent
condition to enhance the growth of the financial institutions (Salazar
et al., 2007; Eisingerich and Bell, 2006)
and face the imposed threats and pressure from the external environment. The
importance of a firm's external environment stems from the fact that a firms
innovation process is embedded in an environmental context (Jansen
et al., 2006). Furthermore, as financial service offerings are hard
to be distinguished among competitors, it is argued that financial institutions
should use the process of innovation as a platform to achieve unduplicated competitive
advantage (Calik and Balta, 2006). This may occur through
the continuous screening of a firm internal resources in order to identify their
weaknesses and strengths and based on that, the firm might be able to develop
dynamic resources and capabilities which are characterized by valuable, imitable
and rare (Amit and Schoemaker, 1993; Barney,
1991). Moreover, in order to foster innovation and enhance firms' performance
in the financial sector, firms are required to increase their reliance on the
external knowledge through extending their knowledge milieu (Ireland
et al., 2002). This, however, may contribute in upgrading the learning
process of the firm in question and increase its ability on creating a sustainable
competitive advantage. Innovation is also required to decrease firm competitors'
ability and capacity to imitate and to increase casual ambiguity (Helfat
et al., 2007). Based on that, financial institution might achieve
a superior advantage and performance due to the better understanding of customer
needs and this in return, will raise the bar of competition and enable the innovative
firm to tailor a distinguished marketing mix, unlike competitors. It could be
also argued that as long as firm marketing practices, goods and services reflect
its presence in the present time, then the innovation process by its definition
and nature will be the only path to the future. Therefore, innovation represents
a strategic vision for financial institutions which depend on a strategic ideology
as a way to planning their future financial activities. As a result of that,
innovation might help firms in mitigating the turbulence of the external environment
(Lane et al., 2006) and lead firms to be pioneer
in their field.
The changing view of firm's strategic vision regarding marketing innovation
and creativity and the incremental investment in the firm RandD department has
also contributed widely in overcoming one of the sever problems that faces many
firms. This particular problem is related the inability to secure a company's
market share and maintain market presence. According to Tushman
et al. (2002), the presence of pioneering firms is highly remarkable
in the business environment due to the speed in improving existing products
and the introduction of new and novel products to the market. Kleinschmidt
and Cooper (1991) state that innovativeness has a positive effect on new
product development and sustainable competitive advantage. Early scholars defined
innovation as the firm ability to find, accept and implement new ideas, process,
products and services (Thompson, 1965). It is demonstrated
that the process of innovation may also reflect the exemplification of firm
ability to use uncommon and nontraditional ways to achieve or produce certain
thing which basically contain the characteristics of originality. Other scholars
referred to the process of innovation as the firm's early adoption/usage of
new ideas in comparison to competitors in a specific industry (Torrance,
According to Clemmer (1998), marketing innovation and
creativity is the key success for organizations in business environment, particularly
in strategic planning for future growth and for developing new products and
services. Haddad and Algadeer (2004) stated that marketing
innovation reflects the firm ability to improve products/services continuously,
which lead to achieve huge and new benefits to its clients and satisfy their
needs in a unique way. This in return, may result in creating a competitive
advantage for the firm in question through identifying needs and translating
them into technical specifications and distinguishing the firm from its competitors
by making the firm presence remarkable. The authors also refers to the marketing
innovation process as the continuous improvements of the organizational learning
process and conducting new and modern marketing activities and practices which
are superior compared to the traditional ones. Therefore, Ettlie
(1997) concluded that the innovation process requires proficiency in all
organizational functions. However, Rungtusanatham and Forza
(2005) argued that the ability to develop new products, as a response to
changes in customer needs, is not sufficient enough for a firm to have a competitive
advantage. Therefore, Hartley et al. (1997) demonstrated
that the innovation process is influenced by the following inter correlated
parts: (1) firms organizational structure and processes, (2) suppliers
organizational structure and processes and (3) structure and processes of buyer-supplier
Previous literature has also shown that the concept of innovation should contain
five characteristics namely; fluency, flexibility, originality, problem sensation
and realization and elaboration (Cheng and Shiu, 2008).
Moreover, according to Henard and Dacin (2010), the
innovation may represent a weapon of differentiation, novelty, new combination,
top first move and the ability to discovering new opportunities. In addition,
previous research has classified the types and the importance of innovation
according to product types (Kotler, 2002); organization
types (Krajewski and Ritzman, 2002); the aim of innovation
and customer types and nature (Varma and Chambers, 1990).
Furthermore, It is demonstrated that four requirements should be taken into
consideration in the process of innovation, namely; managerial and organizational
requirements; requirements regarding the individuals who work in both marketing
and RandD departments; requirements regarding the marketing information and
finally, requirements regarding the benefits of marketing innovation and creativity.
In the financial sector, innovative financial products represent the firm's
ability to innovate and present new and novel product or develop existing products
to satisfy client needs. This could be done through the use and adoption of
new technology, information technology and the internet. Innovation, in financial
sector, may also represent the introduction of new e-services such as depositing,
withdrawing and checking the balance from different parts of the world. Brown
and Eisenhardt (1995) demonstrated that for the financial institutions to
be innovative, they are required to create a communication web in which information
is collected from multiple sources, analyzed, understood and acted on in order
to foster innovation. Driva et al. (2000) stated
that innovation in the financial sector improves the quality of the financial
products, increases flexibility to be effective and compresses time to market.
Evans and Lindsay (1996), assumed that the benefits of
innovation in the financial sector depends on the perceived value of the financial
products and hence, innovative firms which continuously improve their financial
products would result in enhancing the firms reputation, corporate image
and the perceived value of the product. Thus, the firm can offer the product
at a higher price, achieve greater market share and, thereby, maximize its sales
revenues accelerating product development.
However, most of the previous studies have examined the concept of innovation
from a western perspective and little attention has been paid to the investigation
of such concept in the Arab world. Moreover, while a large body of literature
exists on the innovation of goods (Bastic, 2004), the
innovation of services, especially financial ones, has been given far less attention.
Specifically, as far as the current researchers' knowledge is concerned, no
previous studies were found that focus on evaluating the impact of the innovation
process on financial institutions in eastern countries particularly in Jordan.
Therefore, the primary purpose of this paper is to evaluate the extent to which
marketing innovation may help firms on creating a sustainable competitive advantage.
In particular, this is the first empirical research of it's kind in the region that tackles in a specific way the impact of (1) innovativeness in marketing mix (pricing, promotion, product and place), (2) management perception and support for the process of marketing innovation, (3) customer perception and involvement in the process of marketing innovation and finally and (4) innovativeness in marketing information, on the potential of creating a sustainable competitive advantage for financial institutions. Additionally, this study contributes to the existing knowledge by drawing and systematically synthesizing literature from disparate marketing disciplines, thus, developing a model which could be used in future studies. This model is designed and developed to measure the impact of marketing innovation on creating a sustainable competitive advantage.
Aydin et al. (2007) examined the relationship
between marketing and product development process and its effect on firm performance.
The authors found marketing performance has an impact on a new product life
cycle time and innovation capability. Furthermore, marketing performance, innovation
capability and product design capability affect a firms performance. Managers
should consider the crucial role of innovation and new product design capability
in order to obtain competitive advantage against potential rivals. However,
the firms RandD activities require increased budget expenditures as well
as organizational commitment to learning.
Jantunen (2005) investigated the process of new knowledge
development and found that this process requires the acquisition of useful information,
the dissemination of the acquired knowledge and its effective utilization in
firms innovation activities. It was also found that the ability of knowledge
acquisition and utilization were decisive for innovation activities and success
of financial institutions. In addition, the results of the study showed a significant
correlation of knowledge acquisition, dissemination and utilization with the
RandD intensity and innovative performance.
Haddad and Alghadeer (2004) found that pharmaceutical
firms pay a significant attention regarding the introduction of new products
and developing existing products, however, these firms did not pay much attention
to the ideas that was considered strange for the first glance. The authors also
found that there was a significant relationship between firm size and its use
to the innovation and creativity. Almaashar and Sabah (2004)
reported that management support, independency and low organizational barriers
had a significant positive effect on increasing firm ability to innovate. The
authors recommended that for firms to be innovative, they had to improve their
working environment and delegate their employees more authorities. Aljayyashee
(2003) concluded that the degree of innovation in the study sample was below
the average. However, the author also concluded that the performance of the
firm is highly affected by its marketing innovation and creativity. Furthermore,
the results of the study also showed that innovation, in both selling and distributing,
was the main factor influenced firm's performance compared to other marketing
Roberts and Amit (2003) found that there were continuous
improvements regarding innovative and creativity practices in Australian financial
sector. The authors also reported that financial institution which develop and
create new financial product faster than competitors, were more advantageous.
Finally, Australian financial institutions devoted a huge amount of resources
in order to be pioneer in the financial sector. Idwon et
al. (2002) found that clients appreciated highly the continuous improvements
in technology which resulted in saving time and effort in conducting a business
with the bank in question and this in return influenced positively the perceived
image and reputation of the bank. Tollin (2002) reported
that there was a significant relationship between firm marketing strategy which
is characterized by innovativeness and creativity and product development process.
The study also focused on the necessity of paying more attention to the R and
D department in order to achieve a sustainable competitive advantage and finally,
the author concluded that for a firm to be innovative then it should concentrate
on the internal and external information, particularly the one that pertains
customers. Song and Swink (2002) found that innovation
is contingent upon the extent to which manufacturing firms applied the concept
of marketing in all product development stages. In addition, the study showed
that firms should measure the cost and benefits of producing new products in
all innovation levels. Li et al. (2001) studied
product innovation strategy and the performance of new technology. The result
of the study showed that there was a statistical significant relationship between
using advanced technology to produce new products and firm financial position.
The study also reported that stable environment influenced positively the process
of innovation and vice versa. Finally, the author focused on the importance
of the synergy between the firm marketing strategy and its environment.
Finally, Rarichandran (2001) carried out study titled
innovation assimilation in the presence on knowledge barriers technology uncertainty
and adoption risks. The study measured three variables namely; the current customer's
knowledge, technological uncertainty degree and risks that were associated with
new technology adoption. The study showed that there was a statistically significant
relationship between innovation and current customer's knowledge. There was
also a significant relationship between risk and innovation.
PROPOSED MODEL AND HYPOTHESES DEVELOPMENT
A proposed model will be presented in Fig. 1. The model basically
reflects the development of hypotheses and the variables that the current paper
intends to measure. The independent variables are (1) innovativeness in marketing
mix (pricing, promotion, product and place), (2) management perception and support
for the process of marketing innovation, (3) customer perception of marketing
innovation and finally (4) innovativeness in marketing information.
|| The study model
These independent variables will be measured in accordance to potential of
creating a sustainable competitive advantage for the firm in question.
Innovativeness in Marketing Mix
As, the financial sector environment has become highly competitive, financial
institutions should develop new products that satisfy the demand of their target
clients, find new markets for their existing/new financial products, diversify
their markets and produce higher quality of service products with low costs
and short delivery time (Aydin et al., 2007).
Service innovation could be defined as the consistent, coherent and comprehensive
presence of values and norms that promote fresh thinking and swift execution
in service firms (Lyons et al., 2007). The concept
of marketing innovation and creativity in the financial sector is achieved through
the implementation of creative ideas and the translation of these ideas into
technical specifications that meet client needs in a better way than competitors
do. Moreover the technological progress which has accelerated the flow of information
and the development of more sophisticated financial services and new distribution
channels, in addition to the changes in the legal regulation of the financial
sector have forced financial institutions to innovate (Kosak
Marko et al., 2006). Regular innovation which take advantage from
the changes that occur in business environment is more effective and yield the
attained benefits that the company after, compared to the unplanned innovation.
Researchers have classified marketing innovation and creativity into three types.
The first type is product innovation, the second type process innovation and
the third type is procedures innovation.
In line with the above discussion, Sinkula (1994) demonstrated
that marketing plays an active role in understanding the environment by collecting,
disseminating, analyzing and storing information. Woller
(2002) that marketing includes both a set of functional activities: production,
promotion, pricing and distribution and a mind-set that emphasizes the creation
of value to alter customer behavior in certain ways. Furthermore, Chiva-Gomez
et al. (2004) considered product development process as an important
and essential part of innovation. The relative advantages of new products, are
crucial determinant of accelerated consumer adoption rate (Holak
and Lehmann, 1990) and new product success (Montoya-Weiss
and Calantone, 1994). In the financial sector, the continuous innovation
helps banks to develop new and differentiated offerings in a highly homogenized
industry (Bank Ireland, 2010). Findings from a study
conducted by Bank Ireland (2010) revealed that it is
crucial for banks to carefully evaluate both their internal capabilities and
the external environment, when deciding where to focus their channel innovation
efforts. The study also showed that it might be more convenient for some financial
institutions to focus their innovation efforts within the branch channel, while
for other financial institutions it may be more convenient to focus on web banking.
Baker et al. (1998) concluded that innovativeness
in digital technology and the ability of manufacturing firms to lower prices
has led to a 40% growth rate on sales for cellular telephones in Europe. In
terms of pricing as a component of the marketing mix, previous research has
shown that most firms have ignored that crucial role of innovative marketing
strategies as a tool to create sustainable competitive advantage (McAfee,
2002). However, Knorr and Zigova (2004) stated that
the optimization of pricing processes is the most promising strategy when increasing
volumes is hard to realize in a saturated market. It is found that a price increase
of 2% would translate into double profit growth for many firms particularly
for firms competing in a saturated market. Examples of that Air France, British
Airways and Lufthansa (Ibid). Previous literature has also shown that innovative
promotion can generate positive cumulative effect on brand choice and purchase
quantity (Mela et al., 1998) and on category
incidence (Pauwels et al., 2002). This in return,
might lead to having a sustainable competitive advantage on the long run (Dekimpe
and Hanssens, 1999; Nijs et al., 2001; Pauwels
et al., 2002). Furthermore, in automobile industry, manufacturers
spend billions of dollars annually on various forms of advertising to influence
current and potential customers to buy their products and services. For example,
General Motors spent almost three billion dollars in 2004 to promote its lines
of automobiles (TNS Media Intelligence, 2005). Moreover,
Srinivasan et al. (2009) concluded that marketing
innovation in the financial sector may : (1) enhance cash flows (2) accelerate
cash flows (3) reduce vulnerability in cash flows and (4) increase the residual
value of the firm. Based on the reviewed literature, the following hypotheses
||H1: There is a significant positive relationship between
marketing innovation and sustainable competitive advantage
H2: There is a significant positive relationship between innovative
marketing mix and sustainable competitive advantage
H2a: There is a significant positive relationship between innovative
product and sustainable competitive advantage
H2b: There is a significant positive relationship between innovative
pricing and sustainable competitive advantage
H2c: There is a significant positive relationship between innovative
distribution and sustainable competitive advantage
H2d: There is a significant positive relationship between innovative
promotion and sustainable competitive advantage
Management Perception and Support for the Process of Marketing Innovation
It is believed the innovation and learning have a direct effect on organizational
presence and the ability of creating a sustainable competitive advantage (Drucker,
1990; Shin and McClomb, 1998). Senge
(1990) stated that, leaders in learning organizations are responsible for
building organizations where people are continually expanding their capabilities
to shape their future-that is, leaders are responsible for learning. Daley
and Vasu (1998) concluded that employees who had trust in their management
were performing, cooperating and dedicating their full efforts to the assigned
task. According to Latting et al. (2004) employee-perceived
support by top management for organizational learning and innovation is associated
with trust in management and affective commitment to the organization, as mediated
by supervisor support for employee empowerment and development. The authors
also concluded that employee-perceived support by top management for organizational
learning and innovation is associated with employee-perceived service quality
and client adherence to their service plan, as mediated by supervisor support
for employee empowerment and development, trust in management and affective
commitment to the organization. Tesluk et al. (1999)
reported that manager's attitudes towards employee involvement were related
to unit manager attitudes and to employee attitudes. Therefore, we argue with
Latting et al. (2004) who stated that top management
supports a work climate in which employees may innovate and learn from one another,
supervisors will then feel freer to provide greater latitude for employees to
make appropriate decisions as well as grow and develop. Based on the reviewed
literature, the following hypothesis is formulated:
||H3: There is a significant positive relationship between
management perception and support for the process of marketing innovation
on creating a sustainable competitive advantage
Client Perception and Involvement in the Process of Marketing Innovation
According to Janssen and Dankbaar (2008) the involvement
of consumers to support the process of marketing innovations is debatable. For
example, Ulwick (2005) argued that consumers may not be
able to specify exactly what they want in the process of developing future products.
Hamel and Prahalad (1994) stated that consumers lack foresight,
since, it is difficult for them to imagine and present ideas regarding something
that does not exist. Lagrosen (2005) stated that consumers
may only make suggestions to improve existing products. Christensen
and Bower (1996) went further than that and stated that companies may lose
their leading position in a given industry, if they fully take the suggestions
of their customers into consideration. On the other hand, Wind
and Mahajan (1997) and Leonard (1995) demonstrate that
the involvement of consumers to support the process of marketing innovation
and creativity is very well possible. Lukas and Ferrell
(2000) explained that consumers need to be encouraged and stimulated to
think outside the box and not to limit their ideas to technological possibilities.
Empirical research (Van Kleef et al., 2005;
Chandy and Tellis, 2000) concluded that the involvement
of consumers (by need inputs, concept reviews and product tests) contributes
to the superiority of a product and raise the potential of having a sustainable
competitive advantage on the long run. Veryzer (1998)
stressed the importance of participation of both RandD and marketing specialists
in order to improve consumers contributions. Such participation and interaction
across multiple resources and departments can provide the opportunity for the
firm in question to be a market leader in its field (Kahn,
2001). Therefore, we argue with Saguy and Moskowitz
(1999) who stated that continuing involvement of consumers with developers
in an integrated fashion sustains the melding of consumer needs with technical
capabilities. Based on the reviewed literature, the following hypothesis is
H4: There is a significant positive effect between
customer involvement in process of marketing and the creation of a sustainable
The Availability of Innovative Marketing Information
According to He and Wong (2009), when firms become
more involve with knowledge interaction with their customers during services
encounter and service delivery, they will be more able to understand customer
needs and that in return will make firm more innovative. Strambach
(2001) identified three phases of knowledge interaction between firm and
its clients; knowledge acquisition, knowledge recombination and knowledge diffusion.
Nonakas (1994) demonstrates that innovativeness
in marketing information reflects the firm ability to create and expand knowledge
through social interaction between both explicit and tacit knowledge, which
in this case refers to the knowledge interaction within the firm itself and
its clients. Wamae (2009) states that innovative marketing
information represents the firm ability to transfer this knowledge into socio-economic
solutions. Bell (2007) explains that in order for marketing
information to be innovative, firms are required to have core competences regarding;
operating and production capabilities, design, engineering and associated management
capabilities and RandD capabilities. Empirical research has shown (Watson
and Hewett, 2006; Droge et al., 2003) that
innovative information does not only depend on acquiring new knowledge, but
also on leveraging existing knowledge through knowledge sharing and application
within the firm. Based on the reviewed literature, the following hypothesis
H5: There is a significant positive relationship
between innovative marketing information and having a sustainable competitive
DATA SOURCE AND SCALE
The required primary data was collected through a self administrated questionnaire
which was originally developed and employed for the purpose of the study. A
pilot study was first conducted to improve questionnaire structure and content.
To achieve this purpose, thirty questionnaires were sent to academicians who
work in finance and marketing departments in different Jordanian universities
and another twenty were sent to financial advisors and experts who work in the
financial sector. Several statements were revised based on the input from the
academicians and experts and the comments were considered in the final version.
Of the original 51 statements, 44 were then selected and used for the research
instrument. A random sample of five Jordanian banks namely; Arab Bank, Housing
Bank, Arab Jordan Investment Bank, Jordan Islamic Bank and Jordan Bank were
used. Out of the five banks, only Arab bank is an international bank and the
rest of them are private commercial banks. The banks which were chosen are located
in three cities namely; Amman, Irbid and Al-zarqa. The sample contained 200
respondents of managers at different levels. Out of the 200 distributed questionnaires
a total of 178 or a response rate of 89% was returned. The process of distributing
the questionnaire was drop-off approach (Aaker et al.,
2004). Based on the logic of this method, the researchers hand delivered
the questionnaire to the managers in the above mentioned banks after explaining
to them the purpose of the study, the required procedure to fill out the questionnaire
and answering any question with regard to any of the questionnaires statements.
However, after removing the invalid questionnaires, 166 questionnaires were
used in our empirical research. The 12 questionnaires were considered invalid
because respondents skipped many items. Questions asked respondents to rate
their degree of agreement using a 5-point Likert scale. Several statistical
techniques including frequency analysis, Descriptive analysis, Cronbach's alpha
and t-test. The T-test was used to accept/reject the hypotheses through testing
the average mean of single sample, based on the value of scale midpoint, the
higher the value the more favorable the attitude and vice versa. A mid point
equals to 3 was chosen by adding the lower coded value of the Likert scale (1)
and the upper coded value (5) of the Likert scale and divided by 2. It should
be noted that for analytical treatment, disagree and strongly disagree were
regrouped into Disagree and also agree and strongly agree into Agree. The study
was conducted in Amman, Jordan during the period 20th December, 2009 to 14th
This research was conducted using a convenience sample. The sample contained
166 respondents. Table 1 represents the distribution of the
sample among males and females. The table shows that approximately 67% of the
sample is males and 33% is females.
Test of Reliability
A reliability coefficient of (Cronbach's Alpha). Seventy or higher is considered
acceptable in most social science research situations. (http://www.ats.ucla.edu/stat/Spss/faq/alpha.html).
The result of this test in the current study is 89 as Table 2
|| Distribution of the study sample according to demographic
|| A reliability coefficient of Cronbach's Alpha) Reliability
||Descriptive analysis, agreement levels and T-values (One-Sample
Statistics) of statement regarding the first part of the first dimension
The First Dimension
(1) The effect of marketing innovation on creating a sustainable competitive
advantage, (2) Innovativeness in marketing mix and its impact on creating a
sustainable competitive advantage.
The first dimension contains 5 questions regarding the first; each questions attempted to measure the effect of marketing innovativeness on creating a sustainable competitive advantage. The second part contains 12 questions; each question attempted to measure the influence of using each marketing mix innovatively on creating a sustainable competitive advantage. As shown in the Table 3, all statements for this dimension had mean scores above the scale midpoint (3), which clearly indicated positive effect on creating a sustainable competitive advantage. These results were further substantiated by One Sample t-test, which revealed that the overall mean difference, for the dimension as a whole, was statistically significant (N = 0.000), at (NS0.05), with high t-value (t = 11.34). This means that the mean score of the sample respondents, who agreed with the statements as a whole, was significantly different from that for those who disagreed. Therefore, H1 which states that marketing innovativeness has a positive effect on creating sustainable competitive advantage is accepted.
For the second part of the first dimension, as shown in the Table 4, all statements for this dimension had mean scores above the scale midpoint (3), which clearly indicated positive effect on creating a sustainable competitive advantage. These results were further substantiated by One Sample t- Test, which revealed that the overall mean difference, for the dimension as a whole, was statistically significant (N = 0.000), at (NS0.05), with high t-value (t = 22.62). This means that the mean score of the sample respondents, who agreed with the statements as a whole, was significantly different from that for those who disagreed.
The Second Dimension
The impact of management perception and support for the process of marketing
innovation on creating a sustainable competitive advantage.
The second dimension contains 8 questions; each question attempted to measure the influence of management perception and support on creating a sustainable competitive advantage. As shown in the Table 5, all statements for this dimension had mean scores above the scale midpoint (3), which clearly indicated positive effect on creating a sustainable competitive advantage. These results were further substantiated by One Sample t-test, which revealed that the overall mean difference, for the dimension as a whole, was statistically significant (N = 0.000), at (NS0.05), with high t-value (t = 12.5). This means that the mean score of the sample respondents, who agreed with the statements as a whole, was significantly different from that for those who disagreed. Therefore, H3 which states that management perception and support for the process of marketing innovation has a positive effect on creating sustainable competitive advantage is accepted.
||Descriptive analysis, agreement levels and T-values (One-Sample
Statistics) of statement regarding the second part of the first dimension
||Descriptive analysis, agreement levels and T-values (One-Sample
Statistics) of statement regarding the second dimension
||Descriptive analysis, agreement levels and T-values (One-Sample
Statistics) of statement regarding the third dimension
||Descriptive analysis, agreement levels and T-values (One-Sample
Statistics) of statement regarding the fourth dimension
The Third Dimension: Client Perception and Involvement in the Process of
The third dimension contains 10 questions; each question attempted to measure
the influence of client perception and involvement in the process of marketing
innovation on creating a sustainable competitive advantage. As shown in the
Table 6, all statements for this dimension had mean scores
above the scale midpoint (3), which clearly indicated positive effect on creating
a sustainable competitive advantage. These results were further substantiated
by One Sample t-test, which revealed that the overall mean difference, for the
dimension as a whole, was statistically significant (N = 0.000), at (NS0.05),
with high t-value (t = 14.99). This means that the mean score of the sample
respondents, who agreed with the statements as a whole, was significantly different
from that for those who disagreed. Therefore, H4 which states that client perception
and involvement in the process of marketing innovation has a positive effect
on creating sustainable competitive advantage is accepted.
The Fourth Dimension: The Availability of Innovative Marketing Information
The fourth dimension contains 9 questions; each question attempted to evaluate
the effect of having innovative marketing information on creating a sustainable
competitive advantage. As shown in the Table 7, all statements
for this dimension had mean scores above the scale midpoint (3), which clearly
indicated positive effect on creating a sustainable competitive advantage. These
results were further substantiated by One Sample t-test, which revealed that
the overall mean difference, for the dimension as a whole, was statistically
significant (N = 0.000), at (NS0.05), with high t-value (t = 17.2). This means
that the mean score of the sample respondents, who agreed with the statements
as a whole, was significantly different from that for those who disagreed. Therefore,
H5 which states that the availability of innovative marketing information has
a positive effect on creating sustainable competitive advantage is accepted.
The objective of this study was to evaluate the impact of marketing innovation
in the financial sector on creating a sustainable competitive advantage. The
findings of this empirical study show that all formulated hypotheses were in
the same direction as was hypothesized in the study. It is evident from the
current research that innovative marketing mix, management perception and support,
customer perceptions and involvement and innovative marketing information have
a significant positive effect on creating a sustainable competitive advantage.
The results of the study are in the line with the findings of previous research
(Song et al., 2010; DAcquisto
et al., 2009; Zhang et al., 2009; Jonason
and Holma, 2004; Roberts and Amit, 2003; Friar,
1995; Bharadwaj et al., 1993). The current
research findings present support for the general position that establishing
an attractive competitive position relies on the specific history of a firm's
innovative activity. Financial institutions that undertook more innovative activity,
that were more consistent in that activity and whose composition of activity
was somewhat differentiated from the industry norm tended to have a sustainable
competitive advantage and display superior financial performance.
Innovative activities which are undertaken by financial institutions and which
were found to have a sustainable competitive advantage are; ATM, EFTPOS, Mobile
Banking, PC Banking, Private Banking, Telephone Banking, Interest on chequing
account, Interest on business chequing, Youth-oriented account, Approved Deposit
Funds, Annuities, Credit Cards, affinity card, loyalty program, Cash Management
Accounts, Cash Management Trusts, Flexible Mortgages, Mortgage offset, Access
to previous overpayments, Investments, Loans, Cash flow, Home equity, Personal
combined with mortgage and Investment advisory service.
However, it should be noted that some managers commented on the concept of innovation by stating that although they are convinced that innovation in marketing is essential, they face some difficulties in its application. Some difficulties stems from the gap of understanding and communications between managers at higher and lower level. Other difficulties stems from the weak understanding of how to transfer customer needs into technical specifications. Other stated that the concept of innovation in its broad definition is understandable; however, when it comes to details, managers face some difficulties on how to reap the ultimate rent out of that innovation.
The sustainable competitive advantage stems from the firm ability on retaining and expanding its strategic clients' base through using customer's insight to drive new and novel ideas and dedicate organizational structures and funds to generate innovation. It is not enough for financial institutions to have pocket of successful innovations, they also have to ensure that the efforts are developed and sustained throughout the firm. Firms' financial performance and resources allocation should be viewed in favor of long term execution. Financial institutions should also promote for innovation through presenting some organizational mechanisms that assists in generating new ideas. Financial institutions may also promote innovation through establishing clear innovation incentives, setting clear targets and metrics for developing and sustaining innovation and systematically providing funds for innovative ideas. Financial institutions should have both formal and informal innovation structures and based on that, they should be able to identify barriers that hinder them from commercializing innovation.
Innovativeness in designing and delivering financial services, does not only mean high quality, but it extends to encompass creativity in the way financial services are delivered through using latest and effective techniques and applications. Frontline employees' skills and abilities may be developed by providing them with the required materials as well as supportive techniques, thus, leading to more innovative strategies in delivering financial services. Developing the process of depositing, withdrawing and other financial transactions through accelerating its speed and increasing its accuracy. The options to overdraft within financial ceiling limit are other examples of innovativeness. Financial institutions may also present the required facilities to achieve zero-error transactions regarding personal, real estates, or purchasing mortgages, either on the long or short run based on client's needs. Firms may also provide flexibility in payment methods for middle and low income clients regarding mortgages. This may occur through adjusting the payments duration and length and also by providing clients with the option to stop paying for a certain time when they experience some financial difficulties. Financial institutions may also use Free of charge Phone Bank service regarding: account balance inquiry, summary of accounts balances inquiry (Also provided by fax free of charge), last transactions performed by customer on any of his accounts, money transfer between your accounts for the same currency, account statement request, cheque book request, changing the password, current interest rates on Jordanian dinars and foreign currencies, (Provided by fax or email free of charge), current exchange rates between Jordanian Dinars and foreign currencies (Provided by fax free of charge), changing the stored fax number and to stop ATM card. Financial institutions may also establishing Innovative Financial Services credit consultancy department to help clients to improve their credit card scores. Financial institutions should also spread their branches throughout the country to make the access more convenient to their clients. They also need to spread the use of ATM not only within the bank but also in any place characterized by high commercial traffic such as malls and department stores. Financial institutions should also expand their operations to include home banking services.
It is also important that manager strategic vision and perception of marketing innovation to be in line with creating a sustainable competitive advantage on the long run. Creating an organizational climate that encourages, assimilates and promotes innovation, through facilitating team works, offering moral and material incentives and purifying the relationships between all parties in the financial institution in question are all central to generate innovation. Finally, innovative information does not only depend on acquiring new knowledge, but also on leveraging existing knowledge through knowledge sharing and application within the firm.
With the development of the time, the challenges faced by Jordanian commercial banks are larger and larger and the former method that only passively receives depositors savings and loan to enterprises and institutions needed to interest differences can not fulfill the requirement of survival and development of the bank. The modern commercial banks should actively win more customers favor and obtain more profit resources by the innovational thinking and measures. Through clearing up the correlations between marketing innovation and creating a sustainable competitive advantage, this article has shown the synergistic between both sides and discusses how innovative marketing mix, management perception and support, customer perceptions and involvement and innovative marketing information can lead to a sustainable competitive advantage.
SUGGESTIONS FOR FUTURE RESEARCH
Further research should be carried out to investigate other characteristics of innovation such as firm learning process and its absorptive capacity. Future research also needs to investigate innovational encouragement effect, innovation concept, innovation organization, innovation nuclear path and innovation human resource, in order to provide references for the enterprise innovation for Jordanian banks. Future research needs to investigate the issue of marketing innovation in other business fields such as hotel and insurance companies.
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