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Centro Unv*rsitário Santo Agostinho
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www*.fsanet.com.*r/revista
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Rev. FSA, Tere*i*a, *. *6, n. 5, art. 1, p. 03-16, set./*u*. 20*9
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ISSN Impresso: *806-6356 I*SN Ele*rônico: 2317-2983
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http://dx.doi.org/10.12819/20*9.16.5.1
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M*rketing, Brand and Financial Per*o*mance:
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Fee*ba*k in De**sion Making
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Ma**eting, Marca * Desempenho *inan*e*ro:
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Feedba*k na Tomada de **cisã*
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Arnaldo D* Pet*a
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Dout*r*do em Ad*inistração pela Uni*er*idade Nove de Ju***
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E-mail: adi.*etta@hotmail.co*
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Renato Ri*eiro Noguei*a Ferraz
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Doutor e* Ci*ncias Básicas p*la Univer*id*de Feder** de São P*ul*
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Professor n* U**versida*e Nove de Julho
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E-m*i*: renatobi*@hotmail.com
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*ndereço: Arnaldo D* Pet*a
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UNINOVE (PPG*), Rua *ep*tado *alvador J*li*n*lli,
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Edito*-Che*e: Dr. Tonny Kerl*y de Alencar
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s/n - 1º andar - CEP: 0115*-080 São Paulo/SP, *r*s*l.
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*od*igue*
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End**eço: Renato Ribei*o *ogue*ra Ferraz
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A*tigo rec**i*o em
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11/04/2019. Última
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ver*ão
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UNI*O*E, Rua Depu**d* Sal*ador Jul*anelli, s/n - 1*
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*ecebida *m 25/04/2*19. Aprova*o em 2*/04/2019.
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an*ar - CEP: 01*56-080 *ão Paulo/S*, *rasil.
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Ava*iado pelo sist*ma T*i*le Review: Desk Revie* a)
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*elo Edi*or-Chef*; * b) Doub*e Blind Review
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(avalia*ão ceg* *or dois avaliadores da ár*a).
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Revisã*: Gramatical, Normativa
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e d* Forma*a*ão
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A. Di Pet*a, R. R. N. Ferr*z
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4
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A*S*RAC*
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The brand, one *f the most company\s va*uable int*ngi*l* asset*, is based on credibil*ty and
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cons*li**ted by m*rket i*dicat*r*. Busi*ess leaders and re*ear*hers in marketi*g have been
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study*n* *ra*d consoli*ation,
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deali*g wi*h its concep*s and compo*ents, as well as the
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respectiv* ma*ag*rial actions measured by fin*ncial *erf*rmance. Thus, the
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us e of t he
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f*edback pro*ide* by these r*sults
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can influence the proce*s
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of takin* *ew actions required
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for brand\* s**ce*s. This
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pa**r ex*lo*e* *he use of f*edbac* to conve*t
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results fr*m *arket
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i*to organization knowled*e. *h*ough litera*ure review, it wa* p**s*b** to understan* the a
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adequacy of t*e
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u*e of f*edback f*r brand ma*agemen* in companies of different sizes. It
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con**ibutes for rese*rchers in Marketing and f*r *usiness *eaders, to *v*l*ate and adapt the
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learning pro*ess in
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th*i* companies
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and thus, a*equate *h* decision making process *o ta*e
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actions t* co*solidate t*eir brands, *ccordi*g *o t** res*l*s **erging *rom *h* *ark*t.
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Ke*w*rds: B*andi*g. Financia* P**forman*e. Deci*ion Mak**g. *trategic A*tions. Feedback.
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RESUMO
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O o*jetivo deste artigo é
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discutir a nã* indicação do feedback dos r*sultados financeiros no
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modelo p*opost* por Keller e Lehmann (2*06), para de*ons*rar co*o * valo* da
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marca
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funciona, e com* *e dá * relaciona*ento entre se*s diferentes componentes,
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desde seus
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a**ecedentes até as c*nsequências impact*s da ma*ca sobre os result*dos financeiros e
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da
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empresa. E* respos*a à c*amada destes autores p*ra nova*
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pesquisas, * a partir de *ma
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co*para*ão com * modelo proposto por Mo*gan (2012), onde o feed*ac* e a
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aprendiza*em
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dos resultados fi*anceiros sã* inputs para
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a d*finição de rec*rsos
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e capabilidad**
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de
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marketing, *oi feita uma r*visão de literatura q*e *ermit*u *omparações do modelo *roposto
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c*m
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outros modelos e*tud*d** por diferentes
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*utore*. Concluiu-*e
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que, de*tro da literatura
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revi*ad*, n*o fo*am encont*ados
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novos model*s o* cons*rutos que co*si*erem *s
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antece*en*es e consequênc**s da marc* *m relação ao
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de*e*penho medi*o pe*os **sultados
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financ*i*os. Outra conclusão é que f*edback do de*empenho fina*ceiro po*e ou não ser *
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ut*liz*do com* input para de*inir n*vas ações estratég*cas d* co*pan*ia em relaçã* à sua
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ma*ca, de*e*dendo do pro*e*so *e
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*lane*amento es*ratégico *ue ela a*ota. Além d*sso,
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mostram-se implica*ões gerenc*ais para *ue cada empresa identi**que e apliqu* o modelo *e
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planejamento estratégico que lhe *eja adequa*o,
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perm**in*o
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flexibilida*e para a***veita*
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as
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oport*nidades e
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os i nput * que
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o *e*cado of*r*ce*. Ass*m,
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est* a*tigo contribui para
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a
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discussão *este tema e mot**a
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a realização de *rabalhos fu*uro* que ge**m *esquisas
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e*píricas d* feedback dos re*ul*ados financeiros na defin*ção *os plan*s de marketi*g.
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Palavras-**ave: Bra*ding.
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Des*mpenh*
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Financeiro.
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Tomada
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de
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Decisão.
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A*ões
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Es**atégicas. Fe*dback.
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</page><line>
*e*. **A, *e*esin*, v. *6, n. 5, ar*. 1, p. 03-16, set./o*t. 20*9
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w**4.fsanet.co*.br/revista
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Marketing, Marca e De*em*en*o financeiro: Feedback na Tom*da de Decisã*
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5
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1 INTRODUÇÃO
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The Bri*i*h e*ecu*ive Stephe* Ki*g st*t** that a product *o*ld be copied by a
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comp*titor, but a successf*l b*a*d is ete*nal. *his state**nt *i*es
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the noti*n *f brand\s
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importan*e in *** **siness *orld (CAMPBELL, 2002). By b*ing one of the most valuable
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intangibl* *ssets a fir*
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*a*, brand v*lue has b*en *ain*n* *ncrea*i*g atten**on from bot* its
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leaders and resea*chers (KELL**; LE*M*NN,
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2*06). Its concepts an*
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componen*s are
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*ssociated w**h different *ctions that *nfluence b*sin*ss *e*ul*s, a theme that ha* *e*n studied
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in di*f**ent wor*s ove* tim*. For
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exa*ple,
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b**n*\s personal**y (AAKE*, *997),
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t he
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relationshi* betwee* co*sumers an* firms (FOURNIER, *998), and mor* recently, th* i*pa*t
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of *lobal
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br*nds (S*CHTMANN; DIAM**T**OULOS, 2*13), the brand influ*nce
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on
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*ons*mer respon*es (BUI*; M*RT**EZ; DE *HERNATONY, 2013) and th* soc*al medias
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effe*t* in t*e per**ption of br*nds by **nsum**s (SCHIVI*S*I; D*B*OWSKI, 2016).
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In this sc*nario, Keller e Le**a*n (200*) po*nt o*t t*at for a mark*ti*g e*ecuti*e to
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***rectly
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m*nage brand, *s re*uired to understand its value and mainly, to mea*ure i* in a
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three different levels:
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a) *ased on the effects th*t the brand exert
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on th* consume*; b) the
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additional v*lu* *hat the *r*nd rep*esents *or the co*pa*y *n* fina*ly, c) the f*nan*i*l res*lts
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that the bran* brings to the b*sine**. The c**t*ol o* *he resu*t* in thes* three dimension* le*ds
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t* th* bran* va*ue performance\ measurement in r*lat**n *o the business, w*i*h, however, **
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not always
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easil* achieved. It *epends on and in**uences *he
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*e*isio* making
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*ro*e*s in
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dif*erent levels insi*e the co**any. For **is re*son, in orde* t* make exp*icit the re*ationshi*
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be*ween the d*fferent *spec*s *s*ential t* the brand's *alue *nd to the company's performanc*,
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</par><par>
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and
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also to g*ve *rea*er s*ientific *igor t* bran* research and its construction, Kel*e*
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e
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</par><par>
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Lehmann (200*) proposed a model *o demo**trat* how the value of *ran* works **d how the
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relation*hip *etween **s different *omponents *ccurs. Startin* f*om the conce*t of *h* *rand
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val*e chain, proposed b* themselve* (KELL*R; L*HMA*N, 2003), they pr*pos* * new
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*odel covering t*e antec*dent* and th* c**sequences of the brand, from the actions tak*n by
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the co*pany, pas*ing b* the consu*e*s re*ctions an* pointi*g t* the f**anc*al impact on *he
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ma*ke*, *uccee*i*g the init*al *ctions.
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On the other hand, Morgan (2012) studied i* *e*th
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the rel*t*onsh*p
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between the
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diffe*ent marketin* comp*n*nts **d *inancial perfo**an*e. Thus, he c**e *o a
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*r*mework
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</par><par>
</page><line>
t*at c*n*ide*s the *ntegrat*on of d*fferent contributio*s of the struct*re-condu*t-performanc*
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(SCP) parad*gm, also b*th from **e Resource Base* Vie* (RBV) and Dyn*mic Capabilitie*
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(DC). While rec*gnizi** that no empirical study could capture the full range of **riab*es a*d
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Re*. FSA, Teresina PI, v. 16, n. 5, art. 1, p. 0*-16, set./*ut. 2019 www4.fsanet.com.br/revista
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</par><page>
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A. D* Pet*a, R. *. N. Fe*raz
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*
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relatio*ships between ma**etin* **d finan*ial performa**e, t*e author und*rstands tha* his
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model can gr*dually add to th* contribut*ons t*at come from st*ategic ma*age*ent theory a*d
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strategi* marketing lite*ature.
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Af*er c*mparing these two mo*els, it i* po**ib*e to obs*rv* a gap in the mo*el
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p*oposed by Keller an* *ehmann (2006), since th*s o*e does not consider usin* the fi*ancial
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i*pa*t feedback
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to t*ke *ew actions related to the brand. O* the
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ot*er h*n*, the
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m**el
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pro*o*ed *y Morgan (201*) *eflect this feedback, *hi*h associates financi*l *erformance
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with reso**c*s *nd market**g capa*ilities throu*h l*arning a*d reinvest*ent. T* answer this
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gap, the following research question is pro*os*d: whe* to use *i*ancial r*su*ts feedback from
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t*e marke* *o take new
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action* t* susta*n the brand? Re*ponding th*s ques*ion, will *e
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possible to conf*rm w*e* th* feedback ca* s*rve as in*ut for companies plan*ing new actions,
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thus con*ri*uti*g t*
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the review *nd adequa*y
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of t*e process of making de*isi*ns related
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to
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their *ra*ds, accord*ng *o the results expressed by *he mar*et. In addition, the literature
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revi*w allows
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verif*i*g t*e possible exist*nc* of new mod*ls *hat consider t*e ant**e**nts
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and the consequences of *he brand in
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rega*ds to the performance measured
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*y
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f*nancial
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*esults.
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With that purpose, beyond *his int*odu*tion, th** pap*r presen*s * litera*ur* rev*ew
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coverin* the mai* l*ne* of r*search cited by M*rgan (2012), who ba*ically, seeks to explain
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</par><par>
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th* r*aso*s for th* bet*er
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pe*formanc* of compa*i*s and the relationship between b*an*
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</par><par>
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p*rfo*mance in
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the mar*et and the com*an* f*na*cia* per**rm*nce. Addit*ona*ly,
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a
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</par><par>
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perspective of *he main processes of str**egic plan*ing is shared, h*ghl***ting the *mp*rtance
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</par><par>
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of feedback *o suppo*t it. The met*od u*ed t* co*lect
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th* info*mation is describ*d and the
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</par><par>
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discussion *f findi*gs is p*esented. Finally, in ad*ition to the conclusions, fut*re resear*h are
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suggested to *over the limi*ati*ns f*ced *n this pape*.
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* LITERATURE RE*IEW
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Under the Dynamic Ca*abilities (**) per*pective, *hich studi*s t*e compa*y's abil*ty
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to capture, establ*sh, and reconfig*re int*r**l a*d ex*erna* *ompetencies to a*hie** success in
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rapidly changing economi* environments (TEEC*; PISANO, 1994), *his litera*ure review
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ex*l*res the ba*ic li**s of ma*k*ting r*search cited by Morgan (2*1*), l****ng fi*ancial
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</par><par>
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performanc* to
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mark*ti*g resources and cap*bili*i*s using processes of lear*in*
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and
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</par><par>
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rein*es**ent. *tarting from the struct*re-co*d*ct-performance (SCP) pa*adigm, *he
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au*hor
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</par><par>
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confess*s *ha*
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*o emp*ric*l study could
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cover the full multiplic*ty
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of *ariables
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and
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</par><par>
</page><line>
*ev. FSA, *eresina, v. 16, n. 5, **t. 1, *. 03-16, set./out. 20*9
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<line>
www4.fsanet.co*.br/revista
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</par><page>
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Marketing, Marca * Dese**enho financeiro: Feedback na *o*ada *e Deci*ão
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7
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</par><par>
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relationships betw*en market*ng and financial pe**ormance. In *ny case, a process is required
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that con*iders the feedback and its *nputs in the planning of *ew actions by the compa*y.
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Anot*er point cove*e* b* **is l*ter*ture rev*ew is the use of feedback in the decision-
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making pr*ce*s and strategic action* in *elation to the brand. In order ** verify *** *d*erenc*
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o* res*lts to the app**ved strat*gic pla*, compan*es *ust develop a m*nitoring system that
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pr*vides *el*vant informatio* and accu*a*e feed*ack of these act*ons. The correct timing
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of
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results col*ecti*n, the *ommun*cat*on to approp*iate sta*eh*lders and their part*cipation in the
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decision-*aki**
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process, hel*s to *aint*in *h* c*mmi*m*nt to the
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plan (*RMSTRONG,
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198*).
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</par><par>
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*.1 Basi* lin** of marketin* research (*organ, 2012)
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In th* introd*ction, *organ (2012) shows three theo*i** that were *onsid*red in th*
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deve*o*ment of his model of the relat*on***p between marketing *nd financial perfor*a*ce:
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</par><par>
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SCP
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pa*adigm, R*V and D* t**or*es. The SC* paradi*m, developed b* Bain ** *l. (1976),
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</par><par>
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e*tablishes relatio*ships be*ween market str*cture, *a**et behavior and m*rket p*r*ormance,
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and is c*nsider*d a basis o*
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industrial organ*zation theory, also being a s*arting point in the
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analysi* of markets and i*dustri*s, not on*y in
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*conomics, but a*so in *h*
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areas of
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*usiness
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</par><par>
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management a*d *ontrol (*CWIL*IA*S; SMART, 1993). This *aradigm summarize* the
</line>
</par><par>
<line>
in*luence
</line>
<line>
o* pr*duct and technology
</line>
<line>
on *he struc*ure o* t*e market, *hile p*bli* policies
</line>
</par><par>
<line>
influence bo*h *he *tructure *nd co*duct o* the market. Finally, the co*du*t of the
</line>
<line>
mark*t
</line>
</par><par>
<line>
*ould *epend, i*s p*rfo*mance.
</line>
</par><par>
<line>
In his articl*, Morgan (2012) shows *hat in the view *f the SCP paradig*, the best
</line>
<line>
perfo*m*nce of the compa*y would be ac*iev*d by invest*ng in **rkets with low
</line>
<line>
competiti*eness and b* gaini** valu*ble positions *ithin these ma*kets. From this
</line>
<line>
perspective, the fo*mulation of a bu*iness strategy would focus on sector analysi* *nd m**ket
</line>
<line>
selection. Followi*g t**s, the *uthor shows that this paradigm was challenged by the RBV
</line>
<line>
theory that *ee* t*e co*pany's specifi* r*sources, r*the* than the characteristics of the m*rket,
</line>
<line>
as the basis of competiti*e adva*t*g*. In this way, *nc* a company has devel*ped its own
</line>
</par><par>
<line>
r**ources, a*y *ompetitiv* adva**age is underpinned b* t*e inability
</line>
<line>
of other comp*nie* to
</line>
</par><par>
<line>
mimic the combination o* reso*rces on *hich th*ir strategy is based. Therefore, in the RBV,
</line>
</par><par>
<line>
the formulation of a
</line>
<line>
strateg* focuses on the iden*ificat*on *f key r*s**rc*s an*
</line>
<line>
t he
</line>
</par><par>
</page><line>
development of these resourc*s in m*rkets wher* the*e a*e *he best potential for profit*.
</line>
<line>
Rev. *S*, Te*esin* *I, v. *6, n. 5, art. 1, p. 03-1*, set./o**. 2019 ww*4.fsanet.*om.*r/revi*ta
</line>
</par><page>
<par>
<line>
A. Di Petta, R. R. N. Ferraz
</line>
<line>
*
</line>
</par><par>
<line>
C**cluding his comm*nts *n the three *ain theories considered *n d*ve*oping his
</line>
</par><par>
<line>
model of the r*lationsh*p between m*rketing and financial perform*nce, M*rgan
</line>
<line>
(2*12)
</line>
</par><par>
<line>
s*ows
</line>
<line>
that the R**'s limita*ion *n considering *nd responding t* the impacts
</line>
<line>
o* market
</line>
</par><par>
<line>
*ynamics **s led to th* development of the t*eory *f D*n*mic C*pa*ilities (DC). DC
</line>
<line>
cons*ders th* *ompa*y's abil**y to acquire, com*in*, and *ra*sfor* ava*lab*e resourc*s in *uch
</line>
</par><par>
<line>
a way
</line>
<line>
to ach*eve *ts strategic o*je*tives, within an *rganizat*onal routine *v*r time. This
</line>
</par><par>
<line>
wou*d allow the formula*ion an* implementatio* of new strategies to **flect t*e con**tions of
</line>
</par><par>
<line>
an
</line>
<line>
*ver-c*ang*ng mar*et, either b* mod*fyi*g available resourc*s *r by *ear**ngin* th*m in
</line>
</par><par>
<line>
*ifferent w*ys. F*r this ** happe*, it is also ne*essar* to es*a**ish a planning pr***ss
</line>
<line>
th*t
</line>
</par><par>
<line>
capture* *nd guides t*e inputs of the mark*t in su*h a *a* as to al*o* *he opport*nities to *e
</line>
<line>
exploite*.
</line>
<line>
Finally, in the broad concept*al fra*ework dev**oped b* Mo*gan (2012), it is possi*le
</line>
</par><par>
<line>
to *bser*e the relatio*sh*p between marketi*g performance and **nancial
</line>
<line>
performan*e. The
</line>
</par><par>
<line>
int*grati*n between
</line>
<line>
*he components a*d the contribut**ns of each one
</line>
<line>
o* the t*e**eti*a*
</line>
</par><par>
<line>
r**ere*ces ***ulted in a clear a*d understandable frame**rk.
</line>
</par><par>
<line>
2.2 Feedback o* decision-mak*ng
</line>
</par><par>
<line>
Develo*ing a st*ategy is a co*plex process that involv*s several
</line>
<line>
fea**res
</line>
<line>
of human
</line>
</par><par>
<line>
thought an* for this reason should al*ow, i* *dditio* to the structured pl*ns for the future, that
</line>
</par><par>
<line>
th* emerging oppor*uni*ies are *lso captured. Al*g**d to this per*pective, Steiner
</line>
<line>
(2010)
</line>
</par><par>
<line>
*xplains that there are two ways to develop strate*i* planning: intui*ive planning **d *or*al
</line>
</par><par>
<line>
sy**ematic planning. Ther*fo*e, in this review
</line>
<line>
o f t he
</line>
<line>
lite*atur*, we will
</line>
<line>
cons*der
</line>
<line>
the*e *wo
</line>
</par><par>
<line>
aspects.
</line>
</par><par>
<line>
The formal strateg*c p*anning proce*s i* g*nerally c*mposed of nin* *teps, a** o* them
</line>
<line>
surroun*ed by decisions, and the la*t*r st*p is co**osed of measures, control and ac*ion* to
</line>
</par><par>
<line>
fee* back *he pro**s* (COHEN; CYERT, 1973). Likewise, formal plan *s *xpected t* be a
</line>
<line>
pr*p*red in ad*a*ce to moni*or and verif* projecte* performa*ce, as well as achievem*nt o*
</line>
<line>
***posed ob*ectives, and t*is p*ac*ice is more applied an* bring* *etter results in stable
</line>
<line>
envi*onments (ANSOFF, 1991). On th* *ther ha*d, intui**v* s*rategic plan*ing is pe*forme*
</line>
</par><par>
<line>
w*th*u* the same **rmality,
</line>
<line>
being m*re *gile and *pplicable
</line>
<line>
in uncertain envi*onm*nts
</line>
<line>
or
</line>
</par><par>
</page><line>
*n*ol*ing greater risk* (L*WIS; WELSH; D*HLER; GREEN, 20**) being m*re commo***
</line>
<line>
used by small *o**ani** (PAU* JONES; CHOUDRIE; C*LK*N, 2013). In thi* case,
</line>
<line>
Rev. FSA, Te*esina, v. 16, n. 5, art. 1, p. 03-16, set./**t. 2019 w*w*.fsa*et.*om.br/revista
</line>
</par><page>
<par>
<line>
Marketing, Marc* e Desempenho financeiro: Feedba*k *a Tomada d* Decisão
</line>
<line>
9
</line>
</par><par>
<line>
p*oximity favor* feedback fr** more operation*l level employee* to *op-le*el executives who
</line>
<line>
make strate*i* and tactical decisions about the busi*ess (EI*ENHARDT, 1989).
</line>
</par><par>
<line>
I* r**ards to the rel*ti*nship **t*een brand
</line>
<line>
*erforma*ce and fina*cial pe**orm*n*e,
</line>
</par><par>
<line>
both locall* and *nt*rnationally, furth** studies are still *eeded, mainly to m*asure
</line>
<line>
and
</line>
</par><par>
<line>
und*rstand *he *mportance o* bran* strategy (SMALL; M*LE*AR; YIN WONG;
</line>
<line>
MERRILEES, 2007). Th* same st*dy shows that in terms of the international ma*ke*, br*nd
</line>
</par><par>
<line>
performance has a significant influenc*
</line>
<line>
on financi*l perfo**ance. On the other hand, in
</line>
</par><par>
<line>
or*an*zations that h*v*
</line>
<line>
a mar*et-*riented c*lture, f*nancial perf*r*ance is in**rect*y
</line>
</par><par>
<line>
influenc*d by their p*r*orman*e in *he same market (HO*BURG; PFLES*ER, 2000). At th*
</line>
<line>
sam* time, it can be observed that past financi*l pe*formance, influencing the reputation of
</line>
<line>
com*anies whi*e *nfluenc*n* future f*nancial perf*rmance (ROB**TS; DOWLI*G, *002). I*
</line>
<line>
another more *ecent study, i* is shown *hat from the perspective of *esource Based Vie*, an
</line>
<line>
i*te*rated marketing com*unicat*on *s a *ap*bility that has a significan* d*re*t impact *n the
</line>
</par><par>
<line>
effectiveness of * cam*aig* a*d
</line>
<line>
thus indire*tl* influen*es bran* *erforma*c*
</line>
<line>
and financi*l
</line>
</par><par>
<line>
performance (LUXTON; **ID; MAVONDO, 2*15).
</line>
<line>
That said, Fi*ure 1 s*ows *he model proposed by Kelle* a*d Lehm*nn (2*06) which
</line>
</par><par>
<line>
will s*ppo*t the discuss*on pro**sed *n ***s art*cle. *i*st, it
</line>
<line>
*hows the company's
</line>
<line>
*ction*,
</line>
</par><par>
<line>
deployed in strategies and programs and the *mpac* of *hese actions on *hat con*umers t*ink
</line>
<line>
*nd *eel about the brand. C*nsume* thinking and feelings unfold in other c*mponents related
</line>
</par><par>
<line>
to consumer r*acti**s such as awareness and attitud*s towards the
</line>
<line>
brand, directly
</line>
<line>
affecting
</line>
</par><par>
<line>
what consum*rs do in relati*n to th*
</line>
<line>
bra*d. In a**it*on, t** impact o* consumer *ctions
</line>
<line>
on
</line>
</par><par>
<line>
their thoughts and feelings, are expressed in th* opposite dir**tion *y the satisfac*ion they feel
</line>
<line>
in relation to the br*nd. In t**s model, com*etit*rs' act**ns, en*ironmental condit*ons and the
</line>
</par><par>
<line>
bu*iness sector, in addition to th* **tions of
</line>
<line>
t he
</line>
<line>
**mpany's partners such as em*l*yees
</line>
<line>
a*d
</line>
</par><par>
<line>
distri*ut*on channels, influence a*d are
</line>
<line>
influenced by what consumer* do
</line>
<line>
about a *rand. **
</line>
</par><par>
<line>
can also be obse*ved that the financial performa*ce of the co*pany is impacted by *he actions
</line>
</par><par>
<line>
of th* co**umers in relat*on to the brand and
</line>
<line>
als* by
</line>
<line>
the *ondi*ions o* the business
</line>
</par><par>
<line>
environme*t *nd the actions of the c*mpetitors.
</line>
</par><par>
<line>
In the model presen*ed *y Keller and *ehmann (*006), it is remarkable, *ow**er,
</line>
<line>
to
</line>
</par><par>
</page><line>
note *ha* the impact *n the f*nancial market does not re*u*n t* the be*in*ing of the pr*cess,
</line>
<line>
serving as fe**bac* f*r redefini*g or *ven definin* new strategic action* or p*ograms. Withi*
</line>
<line>
a form*l *trategic planning pr*ces*, monitoring outcomes from the *arke* an* feedbac*
</line>
<line>
would be exp*cted to feed ba*k t*e pr*cess (COHEN; *YE*T, *973).
</line>
<line>
R*v. FSA, Teresina PI, v. 16, n. 5, art. 1, p. *3-1*, set./*ut. 20*9 *ww4.fsa*et.com.br/rev*sta
</line>
</par><page>
<par>
<line>
A. Di Pe*ta, R. R. N. Fe*r*z
</line>
<line>
10
</line>
</par><par>
<line>
Figure * - *roposed model *eflecting brand an*ecedents a*d co**equences
</line>
</par><par>
<line>
Source: (KELLER; L*HMANN, 20**)
</line>
<line>
Accordin* t* th*s model, *t *eem* that the impact *f the financial market is not being
</line>
<line>
use* as f*edback. As observed in t** *lan*ing p*ocess, the feedb*c* co*ld be useful to
</line>
<line>
redefine the actions taken or e*e* consider new company actio*s, deployed i* new s*rat*gies
</line>
<line>
or also new programs. *hus, th* ques*ion of re*earch *s reaffirm*d: wh** to us* the fee*b*ck
</line>
<line>
*f *inanc*al re*ults *btained from the marke* *o supp*r* the brand?
</line>
<line>
3 ME*HOD
</line>
<line>
Lite*ature revie* is an impor*ant part of any research. St*rting f*om i*, the know*edge
</line>
<line>
b*se *ill be dev*loped to answer *he proposed research *uest*on (TRAN*IELD; DENYER;
</line>
<line>
SMA*T, 2003). In order to carry ou* a syste**tic r*vie* of the literatur* *f the main journals
</line>
<line>
starting in *016, th* y*ar of publication of the **ller and Lehm*nn model (2006), the research
</line>
<line>
method was descr*bed, descri**d below.
</line>
</par><par>
</page><line>
Rev. FSA, *er**ina, v. 16, n. 5, art. 1, p. 0*-16, set./out. 2019
</line>
<line>
*w*4.f*an**.co*.br/re*ist*
</line>
</par><page>
<par>
<line>
Mar*eting, M*rca e **sempenho *i*an*eiro: Feedback *a T*mad* de Decisão
</line>
<line>
11
</line>
</par><par>
<line>
*n the Publish or Perish (PO*) database, we *ook fo* papers in re*p*nse to t*e model
</line>
<line>
proposed b* K*ller and Lehmann (200*). P*P is a fr*e softwar* that uses *he Go**le S*ho*ar
</line>
</par><par>
<line>
b*s* *o research
</line>
<line>
and ana*yze academic cita*ions,
</line>
<line>
also rep*rting t*e impact fa**or for non-
</line>
</par><par>
<line>
indexed publica*ions *n the *eb of S*ienc* (HARZING, 2010). Using *h* same databas*, *e
</line>
<line>
also sear*he* for the most c*ted *o*ks a* *ll tim*s addressing the topic of 'strate*ic planning'
</line>
<line>
i* the 'Th* p*r*se' field. Finall*, usi** th* same criteria, we looked for pape*s that at the same
</line>
<line>
*ime referred to '**and Pe*formance' an* 'Fi*ancial Perfor*ance' ('*rand pe*formance' AND
</line>
<line>
'fin*nc*al performanc*' in th* '*he p*rase' fie*d).
</line>
<line>
To start *p the **ter*ture review, we c*oose the four p**lications *egarding this
</line>
<line>
subject, above 1*0 cita*io*s eac*, discardin* the *thers. Consi*ering that K*ller and Lehmann
</line>
<line>
(2*06) propo*ed and *ri**itized future st*di**, to an*lyze the evolu**on of the mode* initially
</line>
</par><par>
<line>
proposed, w*
</line>
<line>
used t*e Scopus *nd Google Sc*olar data*ases to id*ntify how ma*y pap*rs
</line>
</par><par>
<line>
*espo*ded the*r ar**cle. *h*se *atabases *ere *sed
</line>
<line>
because
</line>
<line>
t*ey cover
</line>
<line>
the largest variety of
</line>
</par><par>
<line>
journals, *ave t*e fastest citation analysis,
</line>
<line>
a*d
</line>
<line>
re***eve articles *rom
</line>
<line>
different websites
</line>
</par><par>
<line>
(FALAGAS; PITSOUNI; MALIETZIS; PAPPAS, *008).
</line>
<line>
In the Sc*pus d*taba*e, *77 *itations were *ound, where*s in th* *oogle *chola* were
</line>
</par><par>
<line>
*ound 1,423 citations. Consi*erin* that the
</line>
<line>
**flection point in the *umbe*
</line>
<line>
of citatio*s w*s
</line>
</par><par>
<line>
around 60, the 20 pape*s with 60 cita*ion* or mo*e in the Scopus dat*b*se were selected. All
</line>
<line>
o* thos* 20 papers we*e contained i* *he first 50 articles with m**e th*n 60 citati*ns w*thin
</line>
</par><par>
<line>
the *oogle Scho*ar base. After s*m*arizin* th*se 50
</line>
<line>
articles, *e id*nt*f*ed *hat only tw*
</line>
</par><par>
<line>
mentione* th* pro*osed m*de*: i* one of them, written by Brodie, Whittom*, & Br**h
</line>
<line>
(20*9), *t was suggested t*at the mod*l of Kel*er and Lehmann (2006) would be integrated
</line>
<line>
into *he framework propo*ed by Rust, Ambler, C*rpenter, Ku*a*, & Sri*a*tava (2004). The
</line>
<line>
ot**r pa*er *y Kr*snikov, Mishr*, & Oro*co (2009), **esents * *o*ceptual model that
</line>
</par><par>
<line>
supports a quantitative study ba**d on second*ry da*a obtai*ed from differ*nt source*
</line>
<line>
of
</line>
</par><par>
<line>
*nfo**ation, in*luding a**ual reports from different c*mpanies. The concl*sions of these two
</line>
<line>
pa*ers *i*l be disc*ssed in the next section.
</line>
</par><par>
<line>
To fin* *u* new mo*els o* *onstruct* cons*dering the bran* **te*edents
</line>
<line>
*nd
</line>
</par><par>
<line>
*onseq*ences related *o the **rforman*e measured by t*e fi**nci*l *esu*ts, we consulted
</line>
<line>
databases ProQue*t, Sc*pu* an* Google **h**a*. The combination *f key words sough* w**
</line>
</par><par>
<line>
"*o*e* of
</line>
<line>
bran*s
</line>
<line>
kelle* 2006",
</line>
<line>
and the search *eys consider*d t*e most relevant articles in
</line>
</par><par>
<line>
Engl*sh, published market*ng or managemen* j*ur*als, peer-revi*wed and published *fter in
</line>
</par><par>
<line>
2007, *he yea* followin* *he publicatio* o* the m*del *nd finally,
</line>
<line>
**e *omplete pap*rs
</line>
</par><par>
</page><line>
availab*e fo* f*ee *onsultat**n. From e*ch of the *as*s, the 30 most c*ted arti*les *ere *isually
</line>
<line>
*ev. FSA, Teresina PI, v. 16, n. 5, a*t. 1, p. 03-16, se*./out. 2019 www4.*sa*et.com.b*/revista
</line>
</par><page>
<par>
<line>
A. Di Pe*ta, R. R. N. *erraz
</line>
<line>
*2
</line>
</par><par>
<line>
a*al*zed in *elation ** the exis*ence of mode*s. In addition to the mode* pr*viously *ropos*d
</line>
</par><par>
<line>
by (RU*T et *l., 2004), no o*her *entioned d*rec*ly wi*h *he b*a**
</line>
<line>
an*eced*n**
</line>
<line>
and
</line>
</par><par>
<line>
*onsequen**s r*lated to the perform*n*e measur** by the *inanc**l results.
</line>
</par><par>
<line>
4 DISCUSSI*N
</line>
</par><par>
<line>
We conclu*e that the u*e of feedback as
</line>
<line>
*npu* *o take strategic actions in relatio* to
</line>
</par><par>
<line>
**e brand may vary *ccord*ng to the *ypes of stra*egic planning adopted by **m*anies.
</line>
</par><par>
<line>
Com*anies operat*ng in
</line>
<line>
an enviro*ment o* uncertainty or grea*er risk *o *ot h*ve formal a
</line>
</par><par>
<line>
and systemat*c pr*cess *f strate*ic pl*nni*g whi*e there are compa*ies that adopt *n int*itive
</line>
</par><par>
<line>
planni*g *nd t*erefore
</line>
<line>
do no* co*sider feedback *s an im**r**nt element for the p*ocess
</line>
<line>
of
</line>
</par><par>
<line>
definiti*n of c*mpan*'s shares. On the other ha*d, the *eview of the literatur* has shown that
</line>
</par><par>
<line>
th* p*actice of
</line>
<line>
c*nsi*ering *eed*ack as in*ut to the s*rategy is adopted *ven in small
</line>
</par><par>
<line>
companies, t*roug* the participati*n of the employees of *he operatio*a* level, s*pply*ng with
</line>
<line>
i*forma*ion the level *hat mak*s the dec*sion. With that in m*nd, it *s poss*ble to speculate *or
</line>
</par><par>
<line>
a possible r**son for Keller and *ehmann (2006)
</line>
<line>
not includ*ng th* fee*back in their model.
</line>
</par><par>
<line>
Maybe the feedback was not indicated in the mod*l, perha*s becaus* t*e it would be intended
</line>
<line>
fo* co*panies *hat ope*ate in *n *nviron**nt of uncerta*nty or ris* a*d theref*re, would not
</line>
<line>
ha*e a formal and systemat** pr*ce*s of strategic **anning.
</line>
</par><par>
<line>
In rega*ds to th* evo*ution o*
</line>
<line>
the model initially prop*sed *y Kel*e* and
</line>
<line>
L*h*an*
</line>
</par><par>
<line>
(2006),
</line>
<line>
the litera*ure review showed one pap** (KR*SNIKOV et *l., 2009). *t pr*sents
</line>
<line>
a
</line>
</par><par>
<line>
concep*ual mo*el that *den*ifie*, among other*, va*iables su*h a* intensi*y of adve*tisem*nt,
</line>
<line>
i*tensity and *den*ific*t*on of brands and the impact of th*se variables on finan*ial *ndicators
</line>
</par><par>
<line>
suc* as cash flow
</line>
<line>
and earnings p*r s*are. However, it does
</line>
<line>
no* present a graphic
</line>
</par><par>
<line>
r*presentation of t*e *odel used. Fin*ll*, the literatu*e r*view showed t*a* no *ew m*d**s o*
</line>
<line>
constr*cts w*re presented that consider th* br*nd antece*en*s and consequences ***a**d to t*e
</line>
<line>
*erform*nc* measu*ed by *inancial res**ts.
</line>
<line>
*ow**er, *hree of the mo*els f*un* calle* the attention and ar* therefor*, discussed in
</line>
<line>
t*is section. The fir*t one, is t*e "Ma*ket*ng Productivity Chain" cited by Brodie *t al. (2009),
</line>
</par><par>
<line>
which seems to be most re*ated *o *he model
</line>
<line>
pro*osed by *eller & *ehma*n (2006). The
</line>
</par><par>
</page><line>
c**ceptual framework of *ust et al. (2004), w*ich is th* one that would allo* the inclusion of
</line>
<line>
financial m*trics su*h *s *OI, EVA and E*IT t* the m*del propose* by Keller *n* Lehmann
</line>
<line>
(2006), thus *einforcing t*e mark*ting relations*ip wit* fi*a*ci*l ac**u**ing and custome*
</line>
<line>
profitability. *t is wor*h noting *h** this model contemplates *he feedback of financia* posit*on
</line>
<line>
*s input to feedback the tactical actions to be taken by the *a*keting ar*a of *he c*mpany.
</line>
<line>
*e*. FS*, Teresi*a, v. 16, n. 5, art. 1, p. 03-16, set./ou*. 201* www4.**anet.com.br/*evis*a
</line>
</par><page>
<par>
<line>
Ma*ket*ng, Marca e Dese*penho financeiro: F*e*back na Tomada de Decisão
</line>
<line>
13
</line>
</par><par>
<line>
*nother mode*, propose* b* *elm & Jo*es (20*0),
</line>
<line>
despite
</line>
<line>
not
</line>
<line>
direc*ly to**hing the
</line>
</par><par>
<line>
***nd relation *ith *inancial pe*formance, proposes *he expansion of the value *hain to better
</line>
</par><par>
<line>
unde*s*and brand management. The *onceptual fram*work *rop*sed by t*e authors offer*
</line>
<line>
a
</line>
</par><par>
<line>
complete
</line>
<line>
view of the proc**s *f *o-*reation of
</line>
<line>
v*lue a** *ts
</line>
<line>
go*ernance, *s an int*rrela*ed
</line>
</par><par>
<line>
sy*tem. I* t*is c*se,
</line>
<line>
t*e closed and interrelated system s**nds out, where it is observ** that
</line>
</par><par>
<line>
the creation of
</line>
<line>
value to the stakeholders through the *a*es, c*ntributes as a feedback to the
</line>
</par><par>
<line>
*efinition o* the a*tions *ha* *ustain *he brand.
</line>
<line>
*ina*ly, t*e third mod*l c*nsidered is th* *ne proposed by R*berts & Dowling (2002),
</line>
<line>
showing in a s*mple way t*e relation between the *erfo*m***e of the brand and th* financi*l
</line>
<line>
perfor*ance. In fe* wo*ds, past f*nanc*al performance *irectly impacts the bra*d's rep*tation
</line>
<line>
*nd *hi*, influ*nces *uture *inancial perfor*ance. Thus, i* t*is model it is possi**e to infer
</line>
<line>
that financial results are **ken *nto accoun* to **fine the acti*ns that **ll build the reputation
</line>
<line>
of *h* *rand.
</line>
<line>
5 FIN*L REMARKS
</line>
<line>
*n order to a*s*er the research question when to use fi*ancial results feedback *omin*
</line>
</par><par>
<line>
from the ***ket, t* support a sustainable brand,
</line>
<line>
*e
</line>
<line>
perf*rmed a literature
</line>
<line>
review. We
</line>
</par><par>
<line>
conclud*d that feedback on fin*ncial pe**ormance
</line>
<line>
or even mark*ting actio*s w*ll be used as
</line>
</par><par>
<line>
input to define new strate*i* *ctions o* the com*a** in r*lation to i*s bra*d, depending on the
</line>
<line>
process of *trategi* pl**ni*g that *he company adopts. This can va*y accordin* *o y*ur size,
</line>
<line>
y*ur practices, y*ur int*rn*l process*s *nd also, th* f*e*ibility of *hese processes to capt**e
</line>
<line>
th* results and convert the* in*o practica* *c*ion*.
</line>
<line>
*t *as al*o po*sible *o *onclude that, based on t*e reviewed *ite*a*ure, no new *odel*
</line>
<line>
or construc*s were fou*d that consi*er *he brand antecedents and co*sequenc** in relation to
</line>
<line>
*h* performance measured *y the fin**cial results. It *as observed that two new models wer*
</line>
<line>
suggeste* to com**ete the o*e origi*ally *r**osed by Keller an* Lehm*nn (2*06) a*d that of
</line>
<line>
Rus* e* a*. (2004) would allow th* inclu**o* of financial metrics and, in a certain model, the
</line>
<line>
feed*ack in the r*def*nition or prepa*a*ion ** ne* a*tions *r Marketing programs.
</line>
<line>
Anot*er conclusion is that leaders m*st con*ider the s*z* *f *he*r *o*panies to define
</line>
</par><par>
<line>
a strat**ic p*annin*
</line>
<line>
process *hat is appr*priate *nd fle*ible enough to
</line>
<line>
*peed
</line>
<line>
up decision
</line>
</par><par>
<line>
process, *aking ad*antag* of the opportunit*es offered by *he mar*e*. In the *ase ** *ompanies
</line>
<line>
with * market-orie*ted cultur*, it can be understood *hat the c*pture of *hat consumers do i*
</line>
<line>
relation to the brand is *uff*cient to defi*e the *ompany's n*xt *ct*on*, being strategies or
</line>
</par><par>
<line>
progra*s. Final*y, the asses*ment of p*st financia* performanc* and the measurement
</line>
<line>
of
</line>
</par><par>
</page><line>
*ev. FSA, Teresina *I, v. 16, *. 5, art. 1, p. 03-1*, set./out. 2019 w*w4.fsa*et.co*.br/revista
</line>
</par><page>
<par>
<line>
*. *i Pett*, R. R. N. Ferraz
</line>
<line>
*4
</line>
</par><par>
<line>
future *in**cial pe*formanc* are impor*ant to define ho* *he brand's reputatio* *s being built
</line>
<line>
as well as its impac*s on t*e busin*ss.
</line>
</par><par>
<line>
The pr*sent re*ie*
</line>
<line>
*ssume* that did not
</line>
<line>
c*v*r
</line>
<line>
a*l s**rces or even all datab*se* to
</line>
</par><par>
<line>
exhau*t the exi*tence of o*her model* or papers that have been dedicated to veri*y the use **
</line>
<line>
feedback to suppo*t t*e decision *aking pr*cess fo* defi*ing new strateg*c ac**ons t* val*e o*
</line>
<line>
sust**n the power of the bran*. *nother limitation was *ot having *earc**d for *apers i* *he
</line>
</par><par>
<line>
f*nancial area, a distinct
</line>
<line>
pe**pective that cou*d co*ple*e th* understanding of the role of
</line>
</par><par>
<line>
feedba*k in the dec**ion making p*ocess **r p*an***g actions a*d ev*n their impact on
</line>
<line>
fi*a*cial and operating r**ult*.
</line>
<line>
The f**st and *erhaps *h* clearest recommendation r**ard*ng future research is based
</line>
<line>
on the q**st *o s*udy an* whet*e* fi**s that use *ar*et f*edbac* as *nput to de*i*e thei*
</line>
<line>
stra*egic actions p**form bett*r than thos* who do not. A*other recomm*ndatio* for future
</line>
</par><par>
<line>
res*ar*h wo*ld be a
</line>
<line>
practical study *hat demonst**tes the applic***lity and demonstra*es
</line>
<line>
t he
</line>
</par><par>
<line>
re*ults of the mar**ting
</line>
<line>
prod*c*i*i*y model *u*gested *y *ust (20*4). Fin*lly, a third
</line>
</par><par>
</page><line>
recomm*nda**on ref*rs to detaili*g Krasnikov's (2009) research to *onfirm the effectivene*s
</line>
<line>
o* the method and also t* bring a g**phic** representat*on of the m*del *sed, com*aring it to
</line>
<line>
th* mod*l pro**s*d by Kell*r an* Lehm*nn (2006).
</line>
<line>
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C**o Referenciar este Ar*igo, conf*rme ABNT:
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DI PETTA, *; F*RRA*, *. R. N. Marke*ing, *arca e De*empenho financeir*: Feedback na T*ma*a
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de **cis*o. *e*. F**, *eresina, v.16, n. *, *rt. 1, p. 0*-1*, set./out. 2019.
</line>
</par><par>
<line>
Co*tribui*ão do* Autores
</line>
<line>
A. D* P*tt*
</line>
<line>
*. R. *. Ferraz
</line>
</par><par>
<line>
1) c*ncepção e *l*n*jame*to.
</line>
<line>
X
</line>
<line>
</line>
</par><par>
<line>
2) *ná*ise e i*terpre*ação **s da*os.
</line>
<line>
X
</line>
<line>
</line>
</par><par>
<line>
3) elaboração d* *a*cu**o ou na revis*o c*íti** do **nteúdo.
</line>
<line>
X
</line>
<line>
X
</line>
</par><par>
<line>
4) part*cipação na ap*o*aç*o da v*rs*o fi*al do manuscrit*.
</line>
<line>
X
</line>
<line>
X
</line>
</par><par>
</page><line>
Re*. FSA, Te*e*i*a, v. *6, n. 5, art. 1, p. 03-*6, set./out. 2019
</line>
<line>
www4.fsanet.com.*r/re*ista
</line>
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