Unpacking the importance of intangible skills in new product development and sustainable business performance; strategies for marketing managers
Firms need sufficient resources (tangible and intangible) and capabilities to build unique products due to customers' demands and choices, market competition and globalization. Despite sufficient resources, many firms cannot build new products according to the customers' preferences and ma...
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| Veröffentlicht in: | PloS one 2020-09, Vol.15 (9), p.e0238743-e0238743 |
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| creator | Ali, Salman Li, Guihua Yang, Ping Hussain, Kramat Latif, Yousaf |
| description | Firms need sufficient resources (tangible and intangible) and capabilities to build unique products due to customers' demands and choices, market competition and globalization. Despite sufficient resources, many firms cannot build new products according to the customers' preferences and market trends due to lack of marketing capabilities, lack of skilled marketing staff and lack of experienced managers. However, studies have not yet examined what types of intangible skills of marketing managers are prominent for building new products. This study examines the importance of the intangible skills; intellectual captial, financial literacy and business experience in new product development that results in sustainable competitive performance. We used a mixed-method approach; questionnaire (283) and interviews (16) for data collection and then applied structural equation modelling for testing the hypotheses. The results revealed that all the three intangible skills; intellectual captial, financial literacy and business experience significant influence new product development and sustainable competitive performance. However, considering the relative importance, financial literacy and intellectual capital are the most significant predictors of sustainable competitive performance and new product development respectively. Moreover, new product development fully mediates the path between intellectual capital and sustainable competitive performance while it partially mediates the link between financial literacy, business experience and sustainable competitive performance. Considering the importance of tangible resources, our study scrutinized that financial resources have a significant influence on new product development and sustainable competitive performance while technological resources do not play a significant role. This research recommends firms to emphasize on the improvement of intangible skills of the managers in order to build new products that result in sustainable competitive position. This study also recommends marketing managers to improve their financial skills and experience by participating in various seminars and workshops that can spur their new idea generation and new product development capabilities. |
| doi_str_mv | 10.1371/journal.pone.0238743 |
| format | Article |
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Despite sufficient resources, many firms cannot build new products according to the customers' preferences and market trends due to lack of marketing capabilities, lack of skilled marketing staff and lack of experienced managers. However, studies have not yet examined what types of intangible skills of marketing managers are prominent for building new products. This study examines the importance of the intangible skills; intellectual captial, financial literacy and business experience in new product development that results in sustainable competitive performance. We used a mixed-method approach; questionnaire (283) and interviews (16) for data collection and then applied structural equation modelling for testing the hypotheses. The results revealed that all the three intangible skills; intellectual captial, financial literacy and business experience significant influence new product development and sustainable competitive performance. However, considering the relative importance, financial literacy and intellectual capital are the most significant predictors of sustainable competitive performance and new product development respectively. Moreover, new product development fully mediates the path between intellectual capital and sustainable competitive performance while it partially mediates the link between financial literacy, business experience and sustainable competitive performance. Considering the importance of tangible resources, our study scrutinized that financial resources have a significant influence on new product development and sustainable competitive performance while technological resources do not play a significant role. This research recommends firms to emphasize on the improvement of intangible skills of the managers in order to build new products that result in sustainable competitive position. This study also recommends marketing managers to improve their financial skills and experience by participating in various seminars and workshops that can spur their new idea generation and new product development capabilities.</description><identifier>ISSN: 1932-6203</identifier><identifier>EISSN: 1932-6203</identifier><identifier>DOI: 10.1371/journal.pone.0238743</identifier><identifier>PMID: 32976509</identifier><language>eng</language><publisher>San Francisco: Public Library of Science</publisher><subject>Biology and Life Sciences ; Business competition ; Capital ; Competitive advantage ; Corporate sustainability ; Customers ; Data collection ; Ecology and Environmental Sciences ; Financial literacy ; Globalization ; Infrastructure ; Intellectual capital ; Literacy ; Management ; Market positioning ; Marketing ; Marketing executives ; Multivariate statistical analysis ; Product development ; Questionnaires ; Research and Analysis Methods ; Skills ; Social Sciences ; Sustainability ; Sustainable development ; Training</subject><ispartof>PloS one, 2020-09, Vol.15 (9), p.e0238743-e0238743</ispartof><rights>COPYRIGHT 2020 Public Library of Science</rights><rights>2020 Ali et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.</rights><rights>2020 Ali et al 2020 Ali et al</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c669t-704690578c106f6268b13776b7e7c6f5d1ea9d4a9eee9ee5c02f7a50c07d76463</citedby><cites>FETCH-LOGICAL-c669t-704690578c106f6268b13776b7e7c6f5d1ea9d4a9eee9ee5c02f7a50c07d76463</cites><orcidid>0000-0002-9858-4184</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC7518595/pdf/$$EPDF$$P50$$Gpubmedcentral$$Hfree_for_read</linktopdf><linktohtml>$$Uhttps://www.ncbi.nlm.nih.gov/pmc/articles/PMC7518595/$$EHTML$$P50$$Gpubmedcentral$$Hfree_for_read</linktohtml><link.rule.ids>230,314,723,776,780,860,881,2096,2915,23845,27901,27902,53766,53768,79343,79344</link.rule.ids></links><search><contributor>Wang, Tawei (David)</contributor><creatorcontrib>Ali, Salman</creatorcontrib><creatorcontrib>Li, Guihua</creatorcontrib><creatorcontrib>Yang, Ping</creatorcontrib><creatorcontrib>Hussain, Kramat</creatorcontrib><creatorcontrib>Latif, Yousaf</creatorcontrib><title>Unpacking the importance of intangible skills in new product development and sustainable business performance; strategies for marketing managers</title><title>PloS one</title><description>Firms need sufficient resources (tangible and intangible) and capabilities to build unique products due to customers' demands and choices, market competition and globalization. Despite sufficient resources, many firms cannot build new products according to the customers' preferences and market trends due to lack of marketing capabilities, lack of skilled marketing staff and lack of experienced managers. However, studies have not yet examined what types of intangible skills of marketing managers are prominent for building new products. This study examines the importance of the intangible skills; intellectual captial, financial literacy and business experience in new product development that results in sustainable competitive performance. We used a mixed-method approach; questionnaire (283) and interviews (16) for data collection and then applied structural equation modelling for testing the hypotheses. The results revealed that all the three intangible skills; intellectual captial, financial literacy and business experience significant influence new product development and sustainable competitive performance. However, considering the relative importance, financial literacy and intellectual capital are the most significant predictors of sustainable competitive performance and new product development respectively. Moreover, new product development fully mediates the path between intellectual capital and sustainable competitive performance while it partially mediates the link between financial literacy, business experience and sustainable competitive performance. Considering the importance of tangible resources, our study scrutinized that financial resources have a significant influence on new product development and sustainable competitive performance while technological resources do not play a significant role. This research recommends firms to emphasize on the improvement of intangible skills of the managers in order to build new products that result in sustainable competitive position. This study also recommends marketing managers to improve their financial skills and experience by participating in various seminars and workshops that can spur their new idea generation and new product development capabilities.</description><subject>Biology and Life Sciences</subject><subject>Business competition</subject><subject>Capital</subject><subject>Competitive advantage</subject><subject>Corporate sustainability</subject><subject>Customers</subject><subject>Data collection</subject><subject>Ecology and Environmental Sciences</subject><subject>Financial literacy</subject><subject>Globalization</subject><subject>Infrastructure</subject><subject>Intellectual capital</subject><subject>Literacy</subject><subject>Management</subject><subject>Market positioning</subject><subject>Marketing</subject><subject>Marketing executives</subject><subject>Multivariate statistical analysis</subject><subject>Product development</subject><subject>Questionnaires</subject><subject>Research and 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one</jtitle><date>2020-09-25</date><risdate>2020</risdate><volume>15</volume><issue>9</issue><spage>e0238743</spage><epage>e0238743</epage><pages>e0238743-e0238743</pages><issn>1932-6203</issn><eissn>1932-6203</eissn><abstract>Firms need sufficient resources (tangible and intangible) and capabilities to build unique products due to customers' demands and choices, market competition and globalization. Despite sufficient resources, many firms cannot build new products according to the customers' preferences and market trends due to lack of marketing capabilities, lack of skilled marketing staff and lack of experienced managers. However, studies have not yet examined what types of intangible skills of marketing managers are prominent for building new products. This study examines the importance of the intangible skills; intellectual captial, financial literacy and business experience in new product development that results in sustainable competitive performance. We used a mixed-method approach; questionnaire (283) and interviews (16) for data collection and then applied structural equation modelling for testing the hypotheses. The results revealed that all the three intangible skills; intellectual captial, financial literacy and business experience significant influence new product development and sustainable competitive performance. However, considering the relative importance, financial literacy and intellectual capital are the most significant predictors of sustainable competitive performance and new product development respectively. Moreover, new product development fully mediates the path between intellectual capital and sustainable competitive performance while it partially mediates the link between financial literacy, business experience and sustainable competitive performance. Considering the importance of tangible resources, our study scrutinized that financial resources have a significant influence on new product development and sustainable competitive performance while technological resources do not play a significant role. This research recommends firms to emphasize on the improvement of intangible skills of the managers in order to build new products that result in sustainable competitive position. This study also recommends marketing managers to improve their financial skills and experience by participating in various seminars and workshops that can spur their new idea generation and new product development capabilities.</abstract><cop>San Francisco</cop><pub>Public Library of Science</pub><pmid>32976509</pmid><doi>10.1371/journal.pone.0238743</doi><tpages>e0238743</tpages><orcidid>https://orcid.org/0000-0002-9858-4184</orcidid><oa>free_for_read</oa></addata></record> |
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| subjects | Biology and Life Sciences Business competition Capital Competitive advantage Corporate sustainability Customers Data collection Ecology and Environmental Sciences Financial literacy Globalization Infrastructure Intellectual capital Literacy Management Market positioning Marketing Marketing executives Multivariate statistical analysis Product development Questionnaires Research and Analysis Methods Skills Social Sciences Sustainability Sustainable development Training |
| title | Unpacking the importance of intangible skills in new product development and sustainable business performance; strategies for marketing managers |
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