Introduction to IB at University of Groningen

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Firms should develop unique resources

Exemplary flashcards for Introduction to IB at the University of Groningen on StudySmarter:

Upstream knowledge

Exemplary flashcards for Introduction to IB at the University of Groningen on StudySmarter:

Downstream knowledge

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Administrative Knowledge

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Reputational resources

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FSA

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Routines

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Recombination skills

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Location-bound FSA

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Paradox of FSAs

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LA are reasons for FDI (Foreign Direct Investment)

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Bounded rationality

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Exemplary flashcards for Introduction to IB at the University of Groningen on StudySmarter:

Introduction to IB

Firms should develop unique resources

  • Physical resources (natural resources, buildings)
  • Financial resources (equity)
  • Human resources

Introduction to IB

Upstream knowledge

Product and process- related technological knowledge

Introduction to IB

Downstream knowledge

  • Marketing
  • Sales
  • Distribution

Introduction to IB

Administrative Knowledge

  • Organizational structure
  • Culture
  • System

Introduction to IB

Reputational resources

  • Brand names
  • Reputation for honest business dealings

Introduction to IB

FSA

  • Firm specific advantage
  • source of its competitive advantage in the market place
  • (Stand alone resources+ Routines+ Recombination skills)

Introduction to IB

Routines

  • ability to combine firm's resources over and over again in unique ways
  • patterns of decision and actions which are stable and coordinate the productive use of resources ->generate value

Introduction to IB

Recombination skills

Locating resources, especially knowledge, as response to differences between national and foreign environments, and to satisfy new stakeholders' demands

Introduction to IB

Location-bound FSA

  • non-transferable FSA's= stay in home country
  • firm uses stand-alone, immobile resources linked to the location advantages in home country
  • deep knowledge of local market or reputation
  • local best practices (e.g. effective routines)
  • difficult to transfer entrepreneurial potential (recombination capability)
  • ->So: acquire help from third parties in operating these foreign markets (complementary resources)
  • BUT: only when not doing it yourself is more efficient& reliance in external partners is not risky
  • cultural, economic, institutional and geographic distance between home and host complicate development of location bound FSAs in host country

Introduction to IB

Paradox of FSAs

  • easy codifiable FSAs can be imitated by others
  • FSAs that consist of tacit knowledge are hard to imitate ->more important FSA for firm
  • most important bundle of tacit knowledge= administrative heritage (key routines that have been developed)

Introduction to IB

LA are reasons for FDI (Foreign Direct Investment)

  • natural resource seeking (physical, financial, HR)
  • market seeking (seek costumer)
  • efficiency seeking (producing low- cost)
  • strategic resource seeking (often taking over other companies to become industry player in a set of strategically important knowledge development centres)
  • export platform MNE activity

Introduction to IB

Bounded rationality

  • imperfect assessment
  • information is partial and incomplete bc of complexity& uncertainty
  • cognitive limitations of managers (limited mental capacity)
  • is information relevant to the firm or not?
  • differences between decision making between home and host

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