The 'mantra' of the new edition is 'Glocalization'. The international marketers can utilize the synergies of both being 'local' and 'global' at the same time. Another important aspect of the new edition is the strengthening of the Web 2.0 theme (social media, e-commerce etc.), which is now incorporated in all the chapters and in many of the cases and exhibits. The book is still structured around the well-known stages that SMEs go through when they internationalize: Stage 1: Deciding whether to internationalize Stage 2: Deciding which markets to enter Stage 3: Deciding how to enter these foreign markets (Market Entry Strategies) Stage 4: Designing the Global Marketing Programme (Marketing Mix) Stage 5: Implementing and Coordinating the Global Marketing Programme The book's chapters and cases are totally updated with newest journal articles and company information. Besides that, the following new issues are introduced in the single chapters In total 10 (Chapter cases) + 5 (Part Video Cases) + 6 (Part cases) = 21 new cases have been added to the book, making a total of: 38 Chapter case studies (two per chapter) + 5 Part video case studies (one per Part) + 19 Chapter video case studies (one per chapter) + 25 Part case studies (five per part) = 87 case studies in total. Furthermore 28 completely new exhibits have been added to the book. The total number of exhibits is now 67.

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... The main model of International Entrepreneurship is centred on three elements as antecedents to internationalisation, namely characteristics of the entrepreneur, including their international experience (Oviatt et al., 1995;Bloodgood et al., 1996;Eriksson et al., 1997;Reuber & Fischer, 1997) age (Manolova et al., 2002;Andersson & Evangelista, 2006); the company, particularly its size (Olivares-Mesa & Suarez-Ortega, 2006), products (Boter & Lundström, 2005) or location (Walker & Brown, 2004;Boter & Lundström, 2005); and the environment, such as market conditions (Root, 1994;Jones & Coviello, 2005), regulation (Root, 1994;Mtigwe, 2005) and competition (Root, 1994;Etemad & Chu, 2004). Similarly, drivers and barriers to internationalisation are also discussed, which also encompass conditions of the market and competition, but also point to the motivation to internationalise, which can be due to reactive and proactive measures (Czinkota & Ronkainen, 2006;Hollensen, 2014) or push and pull factors (Etemad & Chu, 2004). ...

... However, this study builds on the Johanson and Mattson (1988) model by also analysing non-exporters' relationships with internationalisation as a means of better understanding internationalisation and identifying specific support needs to facilitate internationalisation. Johanson and Mattson (1988) The use of typographies in this study also builds on research by Fillis (2008), who employed a similar method to develop profiles of craft business owner-managers based on motivations to internationalisation. The four company types developed within this study are also influenced by motivation, distinguishing between different attitudes to internationalisation, reflecting theories of drivers to internationalisation, such as the reactive and proactive motives discussed by Czinkota & Ronkainen (2006) and Hollensen (2014) and push, pull and interactive factors (Etemad, 2004). COPYRIGHT OF THE AUTHOR(S) with non-exporters showing little or no desire to internationalise, due to a lack of managerial urge or ethical considerations evident among the Improbable Exporters, with the Domestic Market-focussed companies placing emphasis on the domestic market due to limited managerial urge and limited foreign market knowledge. ...

... The investigation of non-exporting companies also draws back to literature on the barriers to internationalisation, resource availability and International Entrepreneurship. The lack of desire and awareness for internationalisation evident among the Improbable Exporters highlights both a lack of appetite for internationalisation due to company values (Jones & Coviello, 2005) and the challenges of limited resources and a greater perceived risk of internationalisation (Hollensen, 2014). The Domestic Market-focussed company sees greater benefits in concentrating resources on the domestic market (Westhead et al., 2002) and not expanding the risk to international markets. ...

  • Robert Bowen Robert Bowen

The aim of this paper is to investigate the internationalisation of food and drink SMEs, to identify and analyse the motivations towards a company's internationalisation, the conditions in which it can occur and the challenges that impact on this activity. Representing 99% of businesses in the European Union (European Commission, 2018), small and medium-sized enterprises (SMEs) play a significant role in many national economies and therefore merit closer investigation. Globalisation has brought opportunities in recent decades for SMEs to develop international growth, however this development has brought a greater need to understand how SMEs operate in international markets. SME internationalisation has seen a wealth of research since the emergence of the Stage Approach in the 1970s, with a vast range of studies conducted across multiple industries and research contexts. However, there is a need for more industry-specific research (Fillis, 2008), particularly in the food and drink industry (Bowen et al., 2016), which has particular characteristics due to the close connections between food and its place of origin (Tregear, 2001). Informed by the conceptual framework of food and drink SME internationalisation (Bowen et al., 2016), this study uses a sequential convergent mixed methods design involving 169 questionnaire responses and 37 interviews with exporters and non-exporters in the food and drink industry in Wales and Brittany. Results from a logistic regression analysis identify 22 statistically significant variables, mostly pointing to an increased likelihood of internationalisation through greater company experience, awareness of growth opportunities and support, attending trade fairs and proactivity in seeking international growth. Interview findings identified 4 themes and 10 sub-themes following thematic analysis (Braun & Clarke, 2006) of both exporters and non-exporters with differences observed between the motivation of companies to internationalise. The triangulation of data led to the development of 4 company types through a cluster analysis, distinguishing between non-exporters with no desire to internationalise or a focus on the domestic market, and exporters who are either reactive or proactive in seeking international growth. It is apparent that SMEs of all characteristics have the ability to internationalise, however this is largely dependent on the conditions in which the company operates and access to support. As such, future research should seek to provide a more detailed analysis of the conditions in which internationalisation could occur, as well as investigate different support policies designed to help SMEs.

... Thus, collaboration emerges as a new paradigm in obtaining competitive advantages. Hollensen [30] states that the main strategic problem for companies is knowing where and when to collaborate and where and when to act competitively. The competition requires companies to take measures, which were not requested by customers, to achieve a better position against competitors and stimulates the development of new products and markets [5,11]. ...

... Transposing these interactions into the economic context, the dispute occurs when two companies compete for the customers of a particular product or service. In order to surpass competitors, companies are looking for strategies of efficiency and differentiation that guarantee an advantageous competitive position [30,34]. Business-to-business collaboration is a strategic choice when accessing new technologies and new markets, even if this relationship is between competitors [8,41,50]. ...

  • Gonçalo Fernandes Gonçalo Fernandes

The tourist destination of Serra da Estrela, as the main mountain destination in Portugal, has a strong brand in the domestic market, especially supported by natural resources, winter sports, gastronomy and health. However, destination organization and management processes are incipient and scattered with a sustained tourism offer based on brand awareness and a loyal winter demand. Structurally based on small businesses, Serra da Estrela's tourism offer seeks to combat seasonality and competition from national destinations with higher growth rates, as well as to provide a more consistent offer of services and differentiation of tourism products/experiences. It seeks to generate greater competitiveness and tourism value for the territory, identifying weaknesses and enhancing greater cooperation relations between the various local actors, with the municipalities having a strategic interest in their strengthening and promotion. In this context, we seek to evaluate the processes of collaboration in the tourism sector of Serra da Estrela, supported geographically in the six municipalities that constitute the Natural Park (PNSE), inquiring about the strategies and ways of acting that are perceived and desired by tourism actors, foster strategies of greater competitiveness and promote territorial development and sustainability. The survey processes developed sought to understand the formats of collaboration, the main areas of action, the desired levels of satisfaction, the desirable model of cooperation, and the development of destiny, according to the heritage characteristics, lifestyles and touristic products.

... It is relevant in the context of this research to briefly review some fundamental concepts to underline embedded aspects of economic and development growth which are interrelated exogenous elements in the question of SME financing. The economic system growth or size of an economy is measured by the Gross Domestic Product (GDP), expressed as 'total production or output' and 'earnings per-capita' (Hollensen, 2007 andFiore, 2003). Productivity is, in fact, an indicative factor for performance level and, therefore, a determinant of growth rate (Sala-i-Martin et al., 2010). ...

  • Laura Deflorio

SMEs represent about 99% of all businesses within a European Union context and their contribution is recognised as being relevant to economic sustainability and wealth. SMEs' access to finance for development and innovation assumes relevance in the context of a sustainable economy (see European Commission, 2013b; Commission of the European Communities, 2008a). This study contributes to the existing literature in adding theoretical and empirical evidence on SMEs' access to credit, to investigate those aspects recognised as drivers of SMEs' access to credit. This research aims to address issues relating to SMEs' ability to access credit and to analyse the possible hampering elements in relation to liquidity allocation exercised by financial institutions. The objective is to understand the nature of the phenomena by means of exploring social entities, by the application of an interpretative approach, to inductively discover embedded elements and encapsulate the essence of the research problem. To best probe different elements, the research attempts to analyse the topic through a different lens to provide a new perspective. These aspects represent embedded elements of a case study strategy application. The elements to be reviewed to provide an idiosyncratic perspective are elements of SMEs' access to lending, approaches to lending and local lending effectiveness. These represent interrelated elements of SMEs' access to lending. Transactional Analysis is the theoretical lens that guides the research. Primary data, through a descriptive survey-type approach, endeavours to add SMEs' perspectives and adds to the empirical data. It is important to underline that although banks, as liquidity suppliers, constitute a focal point for this research, the study does not attempt to analyse institutions' financial aspects, nor their perspectives on profit maximisation or sustainability. Rather, the study aims to understand SMEs' perspectives on lending aspects. The research evidences that critical factors like opacity and asymmetry are connected to the risk of lending. The risk element is enhanced by factors like size, age and innovative sectors. These elements contribute negatively to credit distribution, to the total cost of lending and to banks' willingness to lend, which adversely affects SMEs' lifecycles. The study shows that local lending, enhanced by a relationship lending approach to exploit the proximity element, can support SMEs' access to credit. Proximity to SMEs and the environment can, in fact, contribute effectively to promoting economic development and growth.

  • Sandipan Biswas Sandipan Biswas
  • Shivnath Ghosh

From past times, there is strong link between finances, currencies and economic growth the future and progress of humankind. Now a days, the future of economic development is dictated by fortunes and vagaries prevalent in share stock markets. Researchers have found that it is possible to make forecasts with large historical data on stock market and up-down in prices of share values. So, the fact that stock markets play a really vital role in national and global economy, which is today undeniable. Stock markets can be profitable by speculations provided, of course though the future behavior can be forecast with a constant degree of accuracy. In this study, the authors propose a model which help to guess stock market trends consistently and with minimal of error value. The model discussed here makes the use of sentiment analyses based on financial news and also historical patterns of stocks in share markets and can offer more accurate results to analyses data from multiple news sources and historical price movement of individual stocks. By using a two-step process, the model offers a minimum prediction accuracy value of 72%. In the first step, Naïve Bayes algorithm is used to evaluate text polarity to obtain a fix on public sentiment based on news feeds collected and received. In the second step, the future stock prices are forecasted by combining the evaluation results on text polarity with historical data on stock value price up-down.

  • Sania Khan

Advertisement, being one of the most effective marketing tools, induces customers to purchase their products and encourages them to behave in a certain way. This study focused on the relationship between demographic and cultural values of young Saudi Arabians. Primary data was collected from a total of 284 respondents from the Riyadh region using an online survey. The survey questionnaire was adopted from previous relevant studies and modified according to the objectives of the understudy by considering the cultural values apparent to Saudi citizens. The corresponding sub-items were also designed on a 5-point Likert scale. Based on the theoretical aspects presented in the literature, the hypotheses were formulated to find the substantial contributions of the sample data. The correlation using SPSS revealed that gender and marital status had no relation to the segmentation of advertisements, whereas other vital cultural factors such as religion, language, manners and customs, social institutions, aesthetics, and traditions demonstrated a strong linkage with segmenting firms' advertisements. The study revealed important implications for international product advertisers and market communicators. It also provided several directions for future researchers.

  • Vitally I. Cherenkov Vitally I. Cherenkov
  • Samira Ali Kyzy Musayeva

There is a lot of scandals and even food poisoning caused by consuming poor-quality meat in Russian Federation (RF). This is especially true for ready-toeat meat products (e.g., sausages, smoked meats, dumplings, meat pies), as the buyers do not see what they are made of. The fact is that in the USSR they had a well-developed system of state verification and standardization of all food products. The state standards (GOSTs) issued for each food product had the power of law. Violations of GOST requirements were regarded as crimes. However, the RF Law "On Standardization" has factually lost its power in connection with the adoption (2002) of the Federal Law "On Technical Regulating". Therefore, new GOSTs have not previous power and are removed from the jurisdiction of the RF government. The fuzzy "technical specifications" (TUs) in contrast with previous severe GOSTs for food do not provide products quality control but are only indicators of biological, chemical and radiation safety. Using GOST labelling on food items seems as a marketing gimmick today. Nevertheless, recently there have been reports of the development of digital quality control and related legislation. Research findings presented herein show significant growth of Halal meat market. Increased customer confidence in Halal products is also found among non-Muslim buyers. The Council of Muftis of RF, together with the presidential administration of RF, has initiated the development of the state document "Requirements for producing, manufacturing, processing, storage and sale of Halal products". Halal labelling was developed and approved and Halal stores opened. Our brief customer survey has showed the results of customer confidence in the Halal meat and meat product market could be found across the entire range of Halal food items. Taking into account global trends, the Halal food market in Russia as well as Halal industry as a whole have great prospects (exporting Halal items included) and this phenomenon demands a future extended research.

  • Dut Van Vo Dut Van Vo
  • Huong Tran Thu
  • Dang Nguyen Huu

The aim of this study is to examine the drivers of performance of franchisee organizations. Adopting agency theory, we hypothesize that age, size and obligatory assortment decided by central franchisors, distribution of power from franchisors to franchisees and frequency of franchisor's visits to franchisee are positively associated with the performance of franchisees. The survey data of 186 franchisees in four European countries are used to test the proposed hypotheses. Principal component analysis and a hierarchical linear model are applied in this study. Empirical results reveal that whether the proposed hypotheses are statistically supported depend correspondingly on how franchisees' performance is measured. The paper provides some implications for franchisee literature.

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