This document summarizes revisions made to the Uppsala Internationalization Process Model. The original 1977 model proposed that firms gradually increase their foreign market commitments starting with occasional exporting to nearby countries and psychically close markets, then establishing sales subsidiaries and eventually production facilities. The revised model emphasizes that internationalization occurs through business networks and relationships. Firms learn from partners, build trust over time, and identify new opportunities collaboratively. The revised model better explains rapid internationalization patterns through acquisitions and born global firms. It suggests future research could study when liability of foreignness versus liability of outsidership impact market entry and integrate the network perspective with internalization theory and eclectic paradigm.
INTERNATIONAL ENTRY MODES
Criteria for Country selection :
Choosing Product to trade in International markets
Global Product Strategies
Strategy for new product launch
STANDARDIZATION VS ADAPTATION
FOREIGN MARKET ENTRY MODES
International entrepreneurship - 2 - Born GlobalJoseph Ho
Born Global Concept
- Rennie, M. (1993)
- Oviatt, B. and McDougall, P. (1994)
- Choquette E. at al. (2017)
* Rise of Born Global Firms
* Case Studies – Alibaba, benchmark with Amazon
* The Top 5 Challenges
> To define globalization and international business and show how they affect each other
> To understand why companies engage in international business and why international business growth has accelerated
> To discuss globalization’s future and the major criticisms of globalization
> To become familiar with different ways in which a company can accomplish its global objectives
> To apply social science disciplines to understanding the differences between international and domestic business
> To define globalization and international business and show how they affect each other
INTERNATIONAL ENTRY MODES
Criteria for Country selection :
Choosing Product to trade in International markets
Global Product Strategies
Strategy for new product launch
STANDARDIZATION VS ADAPTATION
FOREIGN MARKET ENTRY MODES
International entrepreneurship - 2 - Born GlobalJoseph Ho
Born Global Concept
- Rennie, M. (1993)
- Oviatt, B. and McDougall, P. (1994)
- Choquette E. at al. (2017)
* Rise of Born Global Firms
* Case Studies – Alibaba, benchmark with Amazon
* The Top 5 Challenges
> To define globalization and international business and show how they affect each other
> To understand why companies engage in international business and why international business growth has accelerated
> To discuss globalization’s future and the major criticisms of globalization
> To become familiar with different ways in which a company can accomplish its global objectives
> To apply social science disciplines to understanding the differences between international and domestic business
> To define globalization and international business and show how they affect each other
Slide chapter 1 : The Scope and Challenge of
International Marketing - International Marketing 15th Philip R. Cateora, Mary C. Gilly, and John L. Graham.
People looking out for International Trade theories, This Porters Diamond will be a useful presentation for you!... If requested on mail i will send you any particular Topic in International Business.
All the Best!
Since the early 1990s, developing countries have been the fastest-growing market in the world for most products and services. Companies can lower costs by setting up manufacturing facilities and service centers in those areas, where skilled labor and trained managers are relatively inexpensive.If Western companies don’t develop strategies for engaging across their value chains with developing countries, they are unlikely to remain competitive for long.Companies that choose new markets systematically often use tools like country portfolio analysis and political risk assessment, which chiefly focus on the potential profits from doing business in developing countries but leave out essential information about the soft infrastructures there.
Slide chapter 1 : The Scope and Challenge of
International Marketing - International Marketing 15th Philip R. Cateora, Mary C. Gilly, and John L. Graham.
People looking out for International Trade theories, This Porters Diamond will be a useful presentation for you!... If requested on mail i will send you any particular Topic in International Business.
All the Best!
Since the early 1990s, developing countries have been the fastest-growing market in the world for most products and services. Companies can lower costs by setting up manufacturing facilities and service centers in those areas, where skilled labor and trained managers are relatively inexpensive.If Western companies don’t develop strategies for engaging across their value chains with developing countries, they are unlikely to remain competitive for long.Companies that choose new markets systematically often use tools like country portfolio analysis and political risk assessment, which chiefly focus on the potential profits from doing business in developing countries but leave out essential information about the soft infrastructures there.
This is a project that I worked on with a group for my "Marketing Strategy" module in my masters of International Marketing and Communications. The main focus is on the process of internationalizing companies. This report answers the following questions:
- Is it necessary to go international?
- What are influential factors for internationalizing?
Which countries would be unsuitable for a BFSI subsidiary at thijonghollingberry
Which countries would be unsuitable for a BFSI subsidiary at this time, and what are the basic shortcomings in each case?
BERTOS MANUFACTURING CORPORATION Evaluating Markets to Invest Abroad E. N. Roussakis and Anastasios Moysidis Abstract: This case deals with the key considerations when planning an international expansion through direct investment in foreign markets. These considerations must be addressed by a finance company seeking to establish foreign subsidiaries to support the international sales of its parent firm, a U.S.-based multinational enterprise (MNE). The company already operates three foreign subsidiaries--in Canada, Mexico (both NAFTA members), and the United Kingdom--but wishes to increase this network further through entry into additional markets. Ten candidate countries are being considered to determine the five most suitable for entry. Hence the need for a rational decision of where to invest. Keywords: Subsidiaries; multinational enterprise; transnational activities; foreign direct investment; greenfield investment ; leveraged institution ; wholesale financing ; captive finance company; retail installment contract 1 Introduction Victoria Pernarella is a recent university graduate in business administration and a new hire in Bertos Financial Services, Inc., a major finance company in Nashville, Tennessee. After a month long rotational training to gain insights into the company’s scope o f activities, she was placed in the international department where she has been assigned to work on a project. Bill Pappas, her manager, had asked her to analyze a select number of foreign countries to determine the best pro spects for the local establishment of subsidiary finance companies. He went on to clarify that the mode of entry into the foreign markets-- acquisition of an existing company or a greenfield investment (from the ground up, that is, from a green field)--was not a primary consideration at this stage. The candidate countries were Croatia, Chile, Colombia, Serbia, Philippines, Costa Rica, Australia, Malaysia, Qatar, and Nigeria. With finance companies highly leveraged institutions, the firm was prepared to provide the initial amount of equity capital needed for the establishment of five such institutions. At this stage therefore, the study ought to limit its recommendation to a corresponding number of foreign countries. With this information at hand, Victoria started reflecting on the approach to use for her analysis. Sensing the need to prove her capabilities by delivering a high quality study for her first company assignment, she thought appropriate to first familiarize herself with the pertinent literature on the international expansion of multinational enterprises (MNE) in general and banks in particular, and then review background information o n her employer, and the scope of activities of its financial subsidiary. Hence the sequence of the following sections which address the internationalization process (litera ...
BERTOS MANUFACTURING CORPORATION Evaluating Markets to InvChantellPantoja184
BERTOS MANUFACTURING CORPORATION
Evaluating Markets to Invest Abroad
E. N. Roussakis and Anastasios Moysidis
Abstract: This case deals with the key considerations when planning an international
expansion through direct investment in foreign markets. These considerations must be
addressed by a finance company seeking to establish foreign subsidiaries to support the
international sales of its parent firm, a U.S.-based multinational enterprise (MNE). The
company already operates three foreign subsidiaries--in Canada, Mexico (both NAFTA
members), and the United Kingdom--but wishes to increase this network further through
entry into additional markets. Ten candidate countries are being considered to determine
the five most suitable for entry. Hence the need for a rational decision of where to invest.
Keywords: Subsidiaries; multinational enterprise; transnational activities; foreign direct
investment; g r e e n f i e l d i n v e s t m e n t ; l e v e r a g e d i n s t i t u t i o n ; w h o l e s a l e
f i n a n c i n g ; c a p t i v e finance company; retail installment contract
1 Introduction
Victoria Pernarella is a recent university graduate in business administration a n d a new
hire in Bertos Financial Services, Inc., a major finance company in Nashville, Tennessee.
After a m o n t h l o n g r o t a t i o n a l t r a i n i n g t o g a i n i n s i g h t s i n t o th e c o m p a n y ’ s scope
o f activities, she was placed in the international department where she has been assigned
to work on a project. Bill Pappas, her manager, had asked her to analyze a select number
of foreign countries to determine the best prospects for the local establishment of
subsidiary finance companies. He went on to clarify that the mode of entry into the foreign
markets-- acquisition of an existing company or a greenfield investment (from the ground
up, that is, from a green field)--was not a primary consideration at this stage. The
candidate countries were Botswana, Chile, Honduras, Iceland, Indonesia, Kuwait, New Zealand,
Paraguay, Senegal, and Vietnam. With finance companies highly leveraged institutions, the
firm was prepared to provide the initial amount of equity capital needed for the
establishment of five such institutions. At this stage therefore, the study ought
to limit its recommendation to a corresponding number of foreign countries.
With this information at hand, Victoria started reflecting on the approach to use for
her analysis. Sensing the need to prove her capabilities by delivering a high quality study
for her first company assignment, she thought appropriate to first familiarize herself with
the pertinent literature on the international expansion of multinational enterprises (MNE)
in g e n e r a l a n d b a n k s i n p a r t i c u l a r , a n d t h e n r e v i e w b a c k g r o u n d i n f o r m a t i o n
o n h e r employer, and the scop ...
The Internationalisation of Young Internet CompaniesJeroen Reunis
This study is motivated by the lack of explanation in existing literature concerning International New Ventures, SMEs and Born Global firms. To address this lack of explanation this study defines and studies a new type of international new venture, the Internet Enabled International New Venture. These internet ventures are enabled by the internet to exist, generate most of their revenue via the internet and often sell digital products to an increasingly global marketplace. These new type of internet firms are studied in their strategic process of internationalisation. Four key components of this process are studied. (1) Motivation, (2) Market Selection, (3) Market Entry and (4) Internationalisation Barriers. This qualitative study aims to reveal how these new type of internet firms internationalises. A case studies have been conducted for which founders, CEOs and managers of thirteen young international internet firms were interviewed.
BERTOS MANUFACTURING CORPORATION Evaluating Markets to .docxikirkton
BERTOS MANUFACTURING CORPORATION
Evaluating Markets to Invest Abroad
E. N. Roussakis and Anastasios Moysidis
Abstract: This case deals with the key considerations when planning an international
expansion through direct investment in foreign markets. These considerations must be
addressed by a finance company seeking to establish foreign subsidiaries to support the
international sales of its parent firm, a U.S.-based multinational enterprise (MNE). The
company already operates three foreign subsidiaries--in Canada, Mexico (both NAFTA
members), and the United Kingdom--but wishes to increase this network further through
entry into additional markets. Ten candidate countries are being considered to determine
the five most suitable for entry. Hence the need for a rational decision of where to invest.
Keywords: Subsidiaries; multinational enterprise; transnational activities; foreign direct
investment; greenfield investment; leveraged institution; wholesale financing; captive
finance company; retail installment contract
1 Introduction
Victoria Pernarella is a recent university graduate in business administration and a new
hire in Bertos Financial Services, Inc., a major finance company in Nashville, Tennessee.
After a month long rotational training to gain insights into the company‟s scope of
activities, she was placed in the international department where she has been assigned to
work on a project. Bill Pappas, her manager, had asked her to analyze a select number of
foreign countries to determine the best prospects for the local establishment of subsidiary
finance companies. He went on to clarify that the mode of entry into the foreign markets--
acquisition of an existing company or a greenfield investment (from the ground up, that is,
from a green field)--was not a primary consideration at this stage. The candidate countries
were Argentina, Australia, Brazil, China, France, Netherlands, Russia, Switzerland,
Turkey, and Venezuela. With finance companies highly leveraged institutions, the firm
was prepared to provide the initial amount of equity capital needed for the establishment
of five such institutions. At this stage therefore, the study ought to limit its
recommendation to a corresponding number of foreign countries.
With this information at hand, Victoria started reflecting on the approach to use for
her analysis. Sensing the need to prove her capabilities by delivering a high quality study
for her first company assignment, she thought appropriate to first familiarize herself with
the pertinent literature on the international expansion of multinational enterprises (MNE)
in general and banks in particular, and then review background information on her
employer, and the scope of activities of its financial subsidiary. Hence the sequence of the
following sections which address the internationalization process (literature review on the
development of MNEs), the mod ...
InstructionsWrite a paper about the International Monetary Syste.docxvanesaburnand
Instructions
Write a paper about the International Monetary System that addresses each of the following issues:
· Define the International Monetary System and outline the history of the system.
· Describe and provide examples of what is meant by “currency regimes,” and define selected types of regimes and form an argument for selecting fixed exchange rate and arguments for selecting flexible exchange rates.
· Describe and define the creation of the Euro and discuss the benefits as well as the problems associated with the creation of this currency.
Support your paper with at least five (5) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Length: 5-7 pages (not including title and reference pages).
Eiteman, D., Stonehill, M., & Moffett, M. (2016). Multinational business finance. Boston, MA: Prentice-Hall.
Read Chapters 1, 2
This is a major resource, however, I think the assignment can be accomplished without it. I can’t seem to be able to download the book.
The global company's challenge.
Authors:
Dewhurst, Martin1
Harris, Jonathan2
Heywood, Suzanne
Aquila, Kate
Source:
McKinsey Quarterly. 2012, Issue 3, p76-80. 5p.
Document Type:
Article
Subject Terms:
*International business enterprises
*Emerging markets
*Economies of scale
*Contracting out
*Risk management in business
*Business models
*Executives
*Financial leverage
*Globalization
*Research & development
Developing countries
Company/Entity:
International Monetary Fund DUNS Number: 069275188
Aditya Birla Management Corp. Pvt. Ltd.
International Business Machines Corp. DUNS Number: 001368083 Ticker: IBM
NAICS/Industry Codes:
919110 International and other extra-territorial public administration
928120 International Affairs
541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology)
541711 Research and Development in Biotechnology
Abstract:
The article focuses on the management of risks, costs, and strategies by international businesses in emerging markets. It states that the International Monetary Fund reported that the ten fastest-growing economies after 2012 will all be in developing countries. It mentions that technology company International Business Machines expects by 2015 to earn 30 percent of revenues in emerging markets compared to 17 percent in 2009, while Indian multinational conglomerate Aditya Birla Group earns over half of its revenue outside India and has operations in 40 nations. It talks about the benefit of economies of scale in shared services enjoyed by large global companies and comments that the ability to outsource business services and manufacturing is benefiting local busine.
Role of venture capital in the development of Rajasthan: Entrepreneurs perspe...inventionjournals
: Since independence there is significant improvement in the economic and social development of
Rajasthan for which role of venture capitalist is important. in this paper the researcher indented to highlight
the different industrial sector of Rajasthan which got benefited by different venture capitalist . and Also efforts
are made to determine the entrepreneurs perception regarding the role of venture capital for smooth
functioning of newly established companies. The research design used is exploratory in nature. The data is
being collected from the entrepreneurs of Rajasthan, RVCF and other websites, hence this research is based on
primary and secondary data. Correlation is used to determine the relationship between the role of venture
capital and development of Rajasthan . The results of this study would help venture capitalist to modify their
role and policies according to the changing needs of state’s entrepreneurs which will facilitate it’s adoption by
rural.
Key
Ideas, insights and inspiration on the topic of how to develop a strong and successful anti-corruption Collective Action initiative. The ideas arise from the 2020 Integrity Partners Workshop Series, hosted by the Basel Institute on Governance in August 2020 with the support of the Siemens Integrity Initiative.
Joint Ventures between a foreign multinational and local entity are common across Asia, but can be a minefield and often fail to live up to expectations. Over 8 years, more than 100 real-life examples have been studied across multiple industries and markets to identify what are the common key to success and reasons for failure
A framework for the analysis of interview data from multiple field research s...Afzaal Ali
Anne Lillis is a Professor of Management Accounting and Head Department of Accounting and Finance, University of Melbourne, Melbourne, Victoria, Australia.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. Jan Johanson
Studied at Uppsala University
Professor Emeritus at Uppsala
University, Sweden
Research interests include
Internationalization processes,
business networks
3. Jan-Erik Vahlne
Ph.D., Uppsala University
Professor at Gothenburg University,
Sweden
Research interests include
Internationalization and globalization
processes
4. Introduction
In 1977 the Swedish doctors wrote the “Uppsala Internationalization
process model”.
In 2009 they made an actualization, due to the changes of
economic and regulatory environments.
The change mechanisms in the new version are the same although
they have added the trust-building & knowledge creation.
The Uppsala model explains the characteristics of the
internationalization process of the firm.
However when they constructed the model there was only a
rudimentary understanding of market complexities.
5. Core Argument
Markets are networks of relationships, hence insider-ship in relevant
networks is necessary for successful internationalization and there’s a
liability of outsider-ship.
Relationships offer potential for learning and for building trust and
commitment.
6. The 1977 Model
They did empirical observations that contradicted the established economics
and normative, international business literature of the time.
According to that literature, firms choose the optimal mode for entering a
market by analyzing their costs and risks based on market characteristics
and taking into consideration their own resources.
However, their empirical observations from a database of Swedish-owned
subsidiaries abroad, and also from a number of industry studies of Swedish
companies in international markets, indicated:
Swedish companies frequently started internationalization with ad hoc
exporting.
They would subsequently formalize their entries through what is called:
the Establishment Chain;
7. The Establishment Chain
Ad Hoc
Exporting
Agents
Own sales
organization
Manufacturing
in Foreign
market
Time
Sales
8. Psychic distance & Liability of foreignness
Internationalization frequently started in foreign markets that
were close to the domestic market in terms of psychic distance.
These are factors that make it difficult to understand foreign
environments.
The companies will enter into other markets that were further
away in psychic distance terms.
This process had its origin in the liability of foreignness a
concept that originally explained why a foreign investor needed
to have a firm-specific advantage to more than offset this liability.
The larger the psychic distance the largeris the liability of
foreignness.
9. The 1977 Model, continued
The underlying assumptions of model were uncertainty and bounded
rationality.
Two change mechanisms of Model:-
Firms chage by learning from their experience of operations,
current activities in foreign markets.
They change through the commitment decisions taht they make to
strengthen their position in the foreign market. They defined the
commitment as the:
Size of the Investment X Degree of inflexibility
10. The 1977 Model, continued
They argued that the process is by no means deterministic: commitment might
decline or even cease, if performance and prospects are not sufficiently
promising.
Their model is considered to be descriptive, it has been characterized in the
subsequent literature as behavioral.
Their 1977 model can be considered a model of rational internationalization,
and be used for prescriptive purposes.
11. The Firm in Market Environment: a Business
Network view
Need for further development in model, due to realization of:
The Importance of Networks
Concept of Insidership: developed before the entry in new markets or
even before the firm was created.
Lasting relationships with important customers.
IMP project carried out in late 1970s and early 1980 by Swedish and other
European countries. It demonstrated that:-
Close and lasting business relationships between suppliers and
customers are indeed important.
Relationships usually involve a number of managers who coordinate
the activities of the different firms.
12. The Firm in Market Environment: a Business
Network view (II)
Greater accumulation of knowledge and building trust: creating greater
commitment:
From: Weak ties and unilateral dependence,
Into: Strong relationship, bilateral dependence
Realization of Importance of mutual commitment for Internationalization
Time taking (5 years) and managerial efforts to create working relationships
Effect of the liability of foreignness.
The webs of connected relationships are called business networks.
13. The Firm in Market Environment: a Business
Network view (III)
Knowledge does not only accrue from the firm's own activities but also
from the activities of the partners.
Based on the above, they view the firm as a business entity engaged
primarily in exchange activities: exchange rather that production.
A firm’s success requires that it be well established in one or more
networks. Anything that happens, happens in the context of a relationship.
A firm that is well established in a network is an insider.
It is via relationships that firms learn and build trust and
commitment – the essential elements of the internationalization
process.
A firm that doesn’t have a position in a relevant network is an outsider. If
a firm tries to enter a market without a relevant network: it’ll suffer from:
liability of outsidership. “We as international students might have that
problem”.
14. Knowledge and Learning
Recent studies demonstrated that Market Entry shouldn’t be studied as a
decision of modes of entry, but instead as a position-building process in a
foreign market network.
A lack of institutional market knowledge: language, laws and rules, has to do
with psychic distance and to the liability of foreignness.
Some important experiences they didn’t take into consideration in their initial
plan: foreign market entry, model specific, core business, alliance,
acquisition and other specific kinds of internationalization.
They add to their model the concept of: relationship-specific knowledge.
That includes knowledge about each others heterogeneous resources and
capabilities.
Management teams may have a strong efffect on internationalization:
management’s team prior experience probably provide extremely important
knowledge.
The 1977 model is general, doesn't consider all the kinds of knowledge.
However they think that empirical studies of the internationalization process
demonstrate the central role of the experiential learning in the process.
15. Trust and Commitment Building
The original model doesn't explicitly include any affective or emotional
dimensions in relationships.
Though it can be argued that they are implicitly present in the concept
of knowledge.
They now think those dimensions should be explicit.
Much has since been writen in social capital, trus and similar
concepts, which of course include affective and cognitive
elements.
They realize some empirical observations that affective
dimensions are indeed important for understanding the
relationships.
Trust plays an important element, it can even substitute
knowledge, e.g.: when a firm lacks market knowledge and so lets
a trusted middleman run its foreign business.
Trust can be transformed into commitment if there is
willingness and positive intentions.
There are reasons for firms to believe in the trustworthiness of
their business partners: relationships will continue if they both
benefit in L/T.
Trust is a costly and time-consuming process.
16. Opportunity Development
Assumptions of Model
Perceived opportunities and risks affect commitment decisions.
Knowledge of opportunities or problems initiate the company
decisions.
“Risk Avoidance or Reduction Model (Risk Management)”
Knowledge and opportunities
Objective knowledge leads to theoretical opportunities.
Experiential knowledge leads to concrete opportunities.
Opportunities in Internationalization Process
Opportunities exist in market because markets are never in
equilibrium (Kirzner, 1973).
Prior knowledge of firm leads to discovery of knowledge and
privileged knowledge (internal resources) (Shane, 2000).
Knowledge of external resources through network relationships.
Interaction between partners for knowledge building.
17. Opportunity Development Process &
Internationalization Process:
Unilateral: One firm learning about the other firm’s needs, capabilities,
markets and network thereby identifying an opportunity.
Bilateral: Two firms identifying an opportunity.
Multilateral: Several firms interacting and increasing their commitment to an
idea/opportunity.
Opportunity Research
Opportunity Stages
1. Recognition: gradually and
sequentially increasing
learning.
2. Exploitation: commitment
feeds by trust.
Two Ends of Spectrum
1. Opportunity discovery
2. Opportunity creation
18. Declining Validity of Establishment Chain
Companies behavior and rapid internationalization
Establishment Chain, empirical observations and inductive
theoretical arguments.
Phenomena of international new ventures or born global.
International expansion cannot be done quickly. In fact, it takes a
sufficient time for learning and relationship building.
Acquisition is a good way to enter into foreign market.
Changed business world but companies need to learn, to create
and strengthen relationships in order to exploit opportunities.
19. Business Network Model of
Internationalization Process
Traditional
Way
•Overcoming various barriers
• Less Important now
Present
• Internationalization
• More Important now
•Undertaken to strengthen a
firm’s position in the network
Entry in Foreign Market
20. Internationalization Process Model
Internationalization
Developing
Opportunities
Resemble
Entrepreneurship
High degrees of
Uncertainties
22. Effectuation Process vs Internationalization
Process Model
Environmental
Characteristics
Limited number
of available
options
Similarities
Incremental
development
Emphasis on
cooperative
strategies
23. Effectuation Process vs Internationalization
Process Model
•Emphasis on Actors &
Characteristics
Effectuation Process •Consistent with Model
•Actors implicitly present in model
• To the extent actors are carriers
of tacit knowledge, trust,
commitment & network relations.
Internationalization
Process Model
24. The Business Network Internationalization
Process Model
Knowledge
Opportunities
Network
Position
Relationship
Commitment
Decision
Learning
Creating
Trust-Building
State Change
25. Characteristics and Components of Model
Characteristics
Dynamic
Cumulative Process of learning
Trust & commitment building
Components
State Variables
Change Variables
26. State Variables
Opportunities
(subset of
knowledge)
Knowledge
(needs,
capabilities,
strategies,
and networks)
Knowledge
Opportunities
Internationalization
Process Network
Network
Position
27. Change Variables
Learning
Creating
Trust-Building
• In Old Model “Current activities”
• Learning (higher level of abstraction: more
than experiential learning)
• Affective dimension of “Trust-building” is more
explicit in this model
•Opportunity creation: knowledge producing
dimension (more highlighted in this model)
•Developing Opportunities: critical part of any
relationship
•Knowledge, trust & commitment (High levels)
results in more efficient creative process
•Nahapiet & Ghoshal (1998) explained these
by using concepts of Intellectual Capital &
Social Capital.
28. Change Variables
Relationship
Commitment
Decisions
• In Old Model “Commitment Decisions”
• Addition of “Relationship” is to identify that
commitment is to relationships or to network
of relationships
•Variable implies that focal firm decides either
to increase or decrease the level of
commitment to one or several relationships in
its network
• From network point of view there are two
kinds of decision regarding commitment to
relationship:-
•a: to develop new relationships (in most
business cases)
• b: building bridges to new networks and
filling structural holes
• Alternatively, to protect or support firms’
existing network of strategic relationships e.g.
Volvo
29. Implications of Revised Model
Internationalization depends on a firm’s relationships and network.
Relationship partner who is going abroad, or already is abroad,
wants the focal firm to follow. i.e. demonstrates its commitment to
the relationship.
30. Where will an internationalizing company go?
In foreign market
where the partner
has a strong position
Where focal firm and its
partners see
opportunities
If no valuable partner then
firm can go where it is easy
to connect with a new firm
that already has a position in
the foreign market. E.g.
Middleman i.e. An agent or a
distributor
31. How might the process start?
Look for explanations in the state variables, such as knowledge, trust
or commitment to the firm’s specific relationships.
Focal firm may exploit some of its existing connections by using the
trust that a partner has established with another party or parties.
On other hand increased knowledge may cause either the focal firm or
its partners to become dissatisfied with the relationship.
Firm, then may either decide to decrease its commitment or even end
the relationship.
32. Applicability of Revised Model
Earlier Paper: Uppsala Model more applicable to smaller firms due to
the argument that access to information is of more relevance to large
companies.
Now, the model should be equally applicable to large and small firms
as knowledge is highly context specific.
Large firms are better informed when they acquire a firm in a market
where they are already active.
“Experience” matters more than size, in acquisitions which are not
unusual.
33. Suggested research agenda:
Formulating a more unified explanation of the emergence and
growth of multinational enterprise………Similarities between the
Internalization Theory (Buckley & Casson, 1976; Hennart,
1982; Rugman, 1981) and the Eclectic Paradigm (Dunnings,
1980) on one hand, and the Business Network Model of the
Internationalization process on the other.
Business Network
Model of the
Internationalization
Internalization
Theory
Eclectic
Paradigm
34. The Internalization Theory
The Internalization
Theory
• Internalization theory tries to explain whether
MNCs use licensing or franchising methods for
the sale of their products abroad or they
produce abroad through FDI by themselves.
• In other words it answers the question why a
company prefers FDI instead of producing in
the home country and then exporting it.
35. Eclectic Paradigm:
Eclectic Paradigm
• Ownership Advantages: If an organization has
more and valuable competitive advantages
than its competitors, then the firm will more
likely to engage in FDI, instead of going for
licensing, franchising etc.
• Location Advantages: If another country or
location has more benefits in term of cheap
material, low wage rate, tax/ tariff exemption
etc, then it should go for foreign direct
investment instead of licensing/ franchising etc.
• Internalization advantages: The greater the net
benefits of internalizing cross-border product
markets, the more likely a firm will prefer to
engage in foreign production itself rather than
license the right to do so.
36. Conti…
A firm’s problems and opportunities in international business are
becoming less a matter of country-specificity and more one of
relationship-specificity and network- specificity.
The problems associated with the foreign market entry are
largely the same as those associated with entry into any other
market.
There is a need for research that may explain when the liability of
foreignness (the costs of doing business abroad) is the main
problem in foreign market entry and when the liability of outsider-ship
(a market where no network exist) is the primary difficulty?
37. Conti…
The business network model of internationalization can be used
to study both resource- seeking and market – seeking
internationalization.
38. Conti…
Resource seekers:
The resource seeking companies are those investing abroad in
order to obtain resources (Dunning, 1993).
39. Conti…
Market seekers:
This category of motives focuses on demand aspects i.e. to
increase sales, to exploit new markets, to increase revenue, to get
first mover advantage etc.