International Market Information Acquisition and Knowledge Generation
Information and knowledge are crucial for the enterprise in the process of becoming international, and both are key concepts in economics and the development of theories of international business. Considering that internationalization means acting in a hitherto geographically, politically, economically, and culturally unknown space, information becomes the only source on which to base the company’s decisions. Per definition, the company has no prior international experience of its own when acting in the new space, and unless it hires someone with such experience from previous jobs, the company can only rely on information already available or to be actively collected by the company. However, information alone is not enough. The information must be analyzed and interpreted for it to make sense to the decision maker. In the end, the perceptions of the decision maker regarding the information lead to the international actions taken by a company.