Definition Born Globals
- firms, from inception, view the whole world as a market and/or source to access resources
- increasingly incoming
- highly desirable
Entrepreneurs characteristics
Entrepreneurs capabilities and resources compensate for liabilities of newness and foreignness
- knowledge
- experience
- networks
-> recognize international opportunities
-> knowledge and motivated enough to exploit them
New born globals
- innovative
- focusing on rapid internationalization
- proactive market orientation
- action-oriented
Mature born globals
- adapted marketing strategies
- reactive market orientation
- analytical
- too much entrepreneurial orientation can be risky
- to continue to grow internationally born globals must broaden the competences of the management team and refrain from focusing on a single niche product
- use a formalized planning and analytical approach
Strategic orientation
Proactive market orientation
- discover, understand, and satisfy the latent needs of customers
- new market behaviors, with a focus on new attributes and new-to-the-world offerings
Reactive market orientation
- discover, understand and satisfy the expressed needs of existing customers
- respond to customers who know about the firm and its offers and thus want to establish some type of exchange relationship with it
-> born globals primarily use proactive market orientation in the early stages and then a reactive market approach in the later stages
Use value
The usefulness of the firms offer
Exchange value
Price paid for the use value created
Customer value
Is ratio of customer perceived benefits to sacrifices in terms of costs incurred, price paid, and efforts spend to acquire the offer
Customer value (aus was es besteht)
- monetary benefits
- trust
- reputation
- ease of use
- savings in time, effort and energy
-> can be long term and short term
Sustainable competitive advantage
Only when customers view firm ps offer as providing superior value to and greater satisfaction than competitors in the marketplace will they opt to do business with the firm
Value proposition
Core product
- benefits the customer seeks
Actual product
- product that provides basic functionality, parts, design, packaging
Augmented product
- additional services built around the original product
Steps of value
- Create a value proposition
- Deliver value to the customers
- Capture value in return
International growth steps
Company culture -> value creation -> international growth
International growth theory
- born globals derive a competitive advantage by commercializing products in multiple country markets
- increased sales revenue derived from international operations
> more volume
> Higher prices
> winning new customers
> selling more to existing customers
> scalability
Dynamic model integrating main processes and activities leading to international growth in mature born globals
International entrepreneurial and customer focused culture -> P1 -> processes and activities for identifying, creating and delivering customer value -> P2P3 -> international growth ->P4-> wieder von vorne
P1
Entrepreneurs early implementation of international entrepreneurial and customer focused culture should not change in mature stage
-> enhances mature born globals capabilities to identify, create and deliver customer value, leading to continued international growth
P2
Focus on differentiated niche products that are important for international customers and have an international growth potential increases mature born globals international growth
P3
Proactive market orientation when dealing with actual product and reactive market orientation when dealing with augmented product increases mature born globals value creation and competitive advantage leading to international growth
P4
Re-investing revenue in international sales activities and continuously enhancing focal product increases mature born globals capabilities to identify, create and deliver customer value, leading to international growth
