Foreign market network and internationalization of domestic firms: A systematic literature review
1 Department of Marketing, University of Calabar, Nigeria.
2 Department of Marketing, University of Uyo, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(02), 1213-1239
Article DOI: 10.30574/wjarr.2024.22.2.1459
Publication history:
Received on 30 March 2024; revised on 15 May 2024; accepted on 17 May 2024
Abstract:
This study examined foreign market network and internationalization of domestic firms. It was carried out to identify the contemporary foreign-market networks available for domestic firms seeking internationalization; the ways in which foreign market network facilitates the internationalization of domestic firms; and the major barriers to the internationalization of domestic firms in contemporary extant literature. To that end, a systematic literature review methodology was adopted. Through a thorough search process supported by a set of stringent inclusion-exclusion criteria, 103 relevant articles were included in this review. The articles were analyzed using in-depth content analysis method augmented with descriptive statistics. The study found that the contemporary foreign-market networks for internationalization can be grouped into 18 categories. It was also found that foreign market network can enhance the internationalization agenda of domestic forms by providing access to distribution channels, risk mitigation, and enabling access to market knowledge and insights, among other key findings. Therefore, the study recommended the following, among others: Domestic firms seeking to internationalize should seek out foreign market networks using personal contacts, social media and the internet generally in order to gather substantial market intelligence about the countries to which they intend to expand their operations; and domestic firms can leverage foreign market networks by establishing strategic partnerships with local distributors, leveraging international trade associations, and utilizing cross-border collaborations to gain market insights, access distribution channels, and build relationships with key stakeholders, facilitating the successful execution of their internationalization strategy.
Keywords:
Foreign market network; Internationalization; Domestic firms; Going global; International marketing
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