Ulf

Question 1

Definition Born Globals

Answer 1

• firms, from inception, view the whole world as a market and/or source to access resources
• increasingly incoming
• highly desirable

Question 2

Entrepreneurs characteristics

Answer 2

Entrepreneurs capabilities and resources compensate for liabilities of newness and foreignness
- knowledge
- experience
- networks
-> recognize international opportunities
-> knowledge and motivated enough to exploit them

Question 3

New born globals

Answer 3

• innovative
• focusing on rapid internationalization
• proactive market orientation
• action-oriented

Question 4

Mature born globals

Answer 4

• 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

Question 5

Strategic orientation

Answer 5

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

Question 6

Use value

Answer 6

The usefulness of the firms offer

Question 7

Exchange value

Answer 7

Price paid for the use value created

Question 8

Customer value

Answer 8

Is ratio of customer perceived benefits to sacrifices in terms of costs incurred, price paid, and efforts spend to acquire the offer

Question 9

Customer value (aus was es besteht)

Answer 9

• monetary benefits
• trust
• reputation
• ease of use
• savings in time, effort and energy
  -> can be long term and short term

Question 10

Sustainable competitive advantage

Answer 10

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

Question 11

Value proposition

Answer 11

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

Question 12

Steps of value

Answer 12

1. Create a value proposition
2. Deliver value to the customers
3. Capture value in return

Question 13

International growth steps

Answer 13

Company culture -> value creation -> international growth

Question 14

International growth theory

Answer 14

• 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

Question 15

Dynamic model integrating main processes and activities leading to international growth in mature born globals

Answer 15

International entrepreneurial and customer focused culture -> P1 -> processes and activities for identifying, creating and delivering customer value -> P2P3 -> international growth ->P4-> wieder von vorne

Question 16

P1

Answer 16

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

Question 17

P2

Answer 17

Focus on differentiated niche products that are important for international customers and have an international growth potential increases mature born globals international growth

Question 18

P3

Answer 18

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

Question 19

P4

Answer 19

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