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factors that make international expansion more interesting for the companies commencer à apprendre
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push factors and pull factors
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entry of international competitors in home country; saturation of home market; strong competition in home market; internationalization of customers
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success in home market; attraction of new customers; entrepreneurial spirit; calls from abroad; learning from competitors
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productive assets of the firm
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abilities of firms to use resources
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characteristics that create a sustainable competitive advantage (Valuable, Rare, Inimitable, Organized to capture value)
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resource or capability that is not valuable
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resource or capability that is valuable but not rare
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temporary competitive advantage commencer à apprendre
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resource or capability that is valuable and rare but not costly to imitate
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unexploited competitive advantage commencer à apprendre
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resource or capability that is valuable, rare and costly to imitate but not organized to capture value
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sustained competitive advantage commencer à apprendre
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resource or capability that is valuable, rare, costly to imitate and organized to capture value
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country atractiveness factors commencer à apprendre
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market, resource endowments, competition, institutions
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4 strategic objectives in expanding internationally commencer à apprendre
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1. natural resource seeking; 2. market seeking; 3. efficiency-enhancing; 4. capability-enhancing
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non-equity expansion modes commencer à apprendre
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exporting, licensing, and franchising
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joint ventures, greenfield operations or acquisitions
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restrictive local mandates commencer à apprendre
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local subsidiaries need to operate within strict boundaries of their task and responsibility
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liability of outsidership is caused by commencer à apprendre
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distant origins; lack of local experience; lack of nearby experience
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key factors for market seeking commencer à apprendre
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strong market demand and customers are willing to pay
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key factors for natural resource seeking commencer à apprendre
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quality and costs of natural resources
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key factors for efficiency-enhancing commencer à apprendre
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abundance of cheap and qualified labour force and suppliers; transportation and communication structure; proximity to customers
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key factors for capability-enhancing commencer à apprendre
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innovative individuals, firms and universities, industry clusters
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international transactions take place between two or more independent companies, but there is no equity involved
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follow FDI, only these result in ownership of foreign operations
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one firm sells another firm rights to use a different technology or trademark
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"licensing" that covers an entire business concept rather than just the product or the trademark
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partnerships at which two or more independent companies establish a joint company under a new name
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subsidiaries established from scratch
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international acquisiotions commencer à apprendre
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buying foreign companies to enter a particular country
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conditions under which FDI is the most appropriate business; Ownership, Location, and Internalization Advantages
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internal firm-specific capability that is transferable across borders; e.g. brands, patents
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difference between two cultures along some identifiable dimensions
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extent of similarity or dissimilarity between the regulatory, normative and cognitive institutions of two countries
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comparative Location Advantage commencer à apprendre
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is it more attractive to locate new activity in the foreign country than at home?
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production. locating assets or employees in foreign countries with the purpose of securing production (e.g. somewhere with different weather or raw materials)
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ability to sell products abroad. desirable to produce abroad if there are protectionist barriers, high transport costs, etc.
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created factor conditions commencer à apprendre
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skilled labour, scientific knowledge
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natural factor conditions commencer à apprendre
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may be undesirable factor conditions
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strong advantage if domestic demand is large and sophisticated. demand heterogenity: within-country differences
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different corporate regulations
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presence of related and supporting industries commencer à apprendre
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suppliers and producers of related products contributing to efficiency and innovation
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about the merits of licensing a local producer in a foreign market before commiting to a foreign investment
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the beneficial comparative advantage in foreign locations by buying inputs or exporting to that market
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Internalization Advantage commencer à apprendre
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market exchange has to come with high transcation costs; is it more attractive to have the activity performed by external party or by the company itself?
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being very reliant on the supplier, which leads to them being able to hold you up and force you to agree to worse conditions as you have no other options
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4 strategies for organizing the multinational company commencer à apprendre
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global standars (global products division), transnational (global matrix), home replication (international division), localization (geographic area strategy)
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global standardization strategy commencer à apprendre
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high global integration and low local reponsiveness (autonomy); standardized products worldwide; Warner Bros - same films shown across different countries, but also centralized activities in home country
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home replication strategy commencer à apprendre
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low global integration and low local reponsiveness; replicating the firm in a new market with low adaptation to local tastes or needs; Starbucks - replicating coffee stores without adapting products in any way
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high global integration and high local reponsiveness; Netflix - domestic productions in local markets to adapt to consumer tastes; geographical divisions to serve different content in different countries
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low global integration and high local reponsvieness; number of foreign countries, regarding each as a standalone local domestic market worthy of attention and adaptation; McDonald's - large standardized core around which it innovates
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lack of absorptive capacity commencer à apprendre
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capacity to recognize the value of new knowledge and apply it
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directly investing in activities that control and manage value creation in other countries
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foreign portfolio investment (FPI) commencer à apprendre
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investment in a portfolio of foreign securities such as sotcks and bonds
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horizontal FDI (explained better) commencer à apprendre
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duplicating home country-based activities at the same stage in the value chain in a host country through foreign direct investment
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vertical FDI (explained better) commencer à apprendre
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foreign direct investment in which a firm moves upstream or downstream in different value chain strategies in a host country
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for example gaining control over natural resources (similar to vertical integration backwards)
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for example gaining control over distribution facilities (similar to vertical integration forward)
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amount of FDI moving in a given period in a certain direction (inbound (inflow) - moving into a country; outbound (outflow) - moving out of a country)
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total value of foreign-owned firms operating in a country or controlled by a country's firms abroad at a certain point in time
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