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Jaakko Aspara, Erik Pöntiskoski & Henrikki Tikkanen: Marketing Spirit: Exploration and Exploitation on Two Dimensions (24.09.2007)

This conceptual paper examines exploration and exploitation relevant for market-oriented business philosophy. Elaborating on the notion that sustained performance and success of a firm calls for balancing between the innovative activities of exploitation vs. exploration, the article clarifies how exploration and exploitation are needed on both technology/product dimension and market/customer dimension, respectively. It is argued that this exploration-exploitation on two dimensions specifies a refined market-oriented business philosophy, when dedication to the activities of generating, disseminating, and responding to intelligence on both dimensions, as well as competition orientation and coordination, are additionally emphasized. This refined philosophy is referred to as Marketing Spirit. The concept emphasizes, more than the traditional market and marketing orientation concepts, radical innovation besides incremental innovation, as well as understanding of the firm’s unique knowledge and capabilities. The notion that Marketing Spirit, involving balancing between exploration and exploitation on the two dimensions, is a driver for sustained performance and success of a firm can also accommodate the recent suggestion that highly successful firms are able to be both market-driven and market-driving at the same time.

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