A new technique for measuring a firm’s marketing emphasis

Hoorsana Damavandi (), Feng Mai () and Vivek Astvansh ()
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Hoorsana Damavandi: Haslam College of Business at the University of Tennessee
Feng Mai: University of Iowa
Vivek Astvansh: McGill University

Marketing Letters, 2025, vol. 36, issue 4, No 9, 823-837

Abstract: Abstract A firm’s marketing emphasis is reflected in its market orientation, marketing capabilities, and marketing excellence. We propose a new large language model (LLM)-based technique that uses a firm’s managers’ words in earnings calls to measure its marketing emphasis and lower-order components. We demonstrate the value of our technique by measuring marketing emphasis for 254,522 firm-quarter observations and testing the measures’ internal and external validity. Additionally, we show that including our marketing-emphasis scores improves machine-learning models’ predictions of advertising, R&D, trade credit, sales revenue, profit, and market value. We offer three deliverables: (1) data files containing the quarterly marketing emphasis measures for 9916 U.S. public firms observed from 2003q1 to 2023q1, (2) Python packages, and (3) a website that measures marketing emphasis in any input text or file. These deliverables enable academics, corporate managers, and policymakers to easily assess the impact of a firm’s marketing emphasis on marketing theory and practice.

Keywords: Market orientation; Marketing capabilities; Marketing excellence; Marketing emphasis; Earnings call transcripts; Large language models; Advertising; R&D; Sales revenue; Profit; Market value; Total q (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s11002-025-09781-7

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