This research addresses financial market communication of marketing information (i.e., information related to firms’ organic growth opportunities) through depth interviews (Study 1) and quantitative data on conference calls and stock market reactions (Study 2). The investigation (1) reveals that marketing, despite high potential relevance for financial markets, often plays only a marginal role in firms’ financial market communication and (2) develops a framework for effectively communicating marketing to financial markets.

Markets are changing more quickly than ever and marketing managers are increasingly puzzled as to how to achieve marketing excellence. Marketing excellence represents a target state for firms with respect to the design, structure, and coordination of all marketing activities that enables sustainable superior performance. However, little research has scrutinized marketing excellence and the existing literature lacks an overarching theory as well as empirical insights. Thus, the knowledge is scarce with respect to how firms can attain marketing excellence. In addressing this neglect, the authors develop an integrative theory of marketing excellence by adapting the cognitive–affective personality system theory to the organizational context. In particular, this study conceptualizes marketing excellence in terms of five dimensions: functional, structuring, cultural, relational, and change capabilities. By integrating field-based insights of 39 high-ranking executives with supplementary literature, the authors specify each of these capabilities in terms of various actionable elements. All dimensions and elements, along with their mutual relationships, are consistently embedded in the marketing excellence theory, thus offering a coherent and comprehensive framework for researchers and practitioners in their search for marketing excellence.