Summary International Strategy
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1 LECTURE 1 CORE CONCEPTS & FIRM-SPECIFIC ADVANTAGES (FSA)
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What are the four main motives distinguished by John H Dunning regarding internationalization?
- Market seeking
- Efficiency seeking
- Resource seeking
- Strategic asset seeking (key knowledge)
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What are examples under each of the four main motives for internationalization identified by John H Dunning?
- MARKETING SEEKING: to find customers. (Industry: consumer goods and services; Core activity: marketing and sales)
- EFFICIENCY SEEKING: to lower costs of performing economic activities. (Industry: manufacturing; Core activity: manufacturing)
- RESOURCE SEEKING: to access resources not available at home. (Industry: Extractive industry; Core activity: Extraction and production)
- STRATEGIC ASSET SEEKING: to obtain critical assets not available locally. (Industry: High tech; Core activity: R&D, innovation)
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What is the general objective of strategy in terms of internationalization according to the assumption presented?
- Achieving SUSTAINABLE COMPETITIVE ADVANTAGE leading to above-average economic performance.
- Involves building upon FIRM-SPECIFIC ADVANTAGES (FSAS) like core knowledge, competencies, efficiencies, and business models.
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What are the elements of international strategy as distinguished by John H Dunning in terms of motives for internationalization?
- Why – internationalization motives (MERS)
- Where – location choice
- What
- How
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In the context of internationalization motives, what does 'location choice' depend on?
- Location choice is dependent on the 'why' motive of internationalization. -
What does "distance" refer to in the context of studying a country's attractiveness in international business?
- Cultural, economic, institutional, and geographic distance
- Significant for B2B companies due to closeness importance in B2B relationships
- Different reasons for location decisions like market seeking, efficiency seeking, resource seeking, and strategic asset seeking
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What are the factors looked at by market-seeking companies when deciding on a location?
- Large population and high purchasing power
- Densely populated areas
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What factors influence the location decision for efficiency-seeking companies?
- Cost levels
- Availability of human resources
- Well-developed infrastructure
- Proximity to home country
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What characterizes resource-seeking companies in terms of their location decisions?
- More constrained in choices
- Resources not evenly distributed geographically
- Imperative reason to enter due to resource constraints
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What are the characteristics of strategic asset-seeking companies when considering location decisions?
- Existence of vibrant clusters and urban centers
- High level of development
- Forward-looking seeking diverse and dynamic environments
- Focus on continual high innovation rates
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