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Once a firm enters a foreign market, its productivity should increase thanks to the exposure to new knowledge and experience abroad. We test this hypothesis of ‘learning-by-exporting’ by scrutinisi...

The study explores the nature of adaptations made on an experiential product, a TV series, that enters a foreign market, and investigates the perceptions of foreign consumers concerning the adapted experiential product in two parts. The first part content analyses the nature of adaptations based on comparisons of the contents of the original and adapted versions of the TV series, while the second part content analyses consumers' perceptions of the adapted TV series based on their social media entries. The first part reveals three broad categories of adaptations, namely contextual, cultural, and competitive. The second part indicates that the familiarity with the original TV series and the distinct genre were influential on consumers' evaluation of and satisfaction with the adapted TV series.

The purpose of this research is first to ascertain what the brand image of a globally recognized sport club is as perceived by the citizens of a foreign market, then to determine how brand image pr...

Survival in a foreign market is not always the same as in the home market. This study examines interaction effects between cultural distance, country risk, entry mode, firm age, investment location...

This paper developed an optimal intertemporal asset allocation strategy of a multinational corporation, which invests in foreign market under exchange rate risk. First, through Ito formula, the int...

Foreign market entry is important in market development. We examine entry timing/mode, investment, advertising, location, and interactive effects. Early entrants enjoy a high market share. The type...

Recent Free Trade Area (FTA) agreements of the EU are ‘deep and comprehensive’. This can be explained by the various and complex ‘trading costs’ that business encounters when accessing a foreign market and which business is keen to reduce as much as possible. The paper examines what ‘deep and comprehensive’ means more precisely in four EU FTAs: CETA and EU/Korea, and two FTAs that have not yet been completed (TTIP and EU/Japan). It provides a tentative explanation of the nature of these four modern EU FTAs by taking a closer look at the business dimension, in particular transnational value chains in some prominent sectors, the growing importance of services and inter-sectoral linkages.

A significant number of firms conduct their initial public offerings in a foreign market without a domestic listing; this is known as a foreign single listing. The existing literature has mainly focused on examining cross-listings – where firms are listed in both the domestic market and one or more foreign markets – with little attention to foreign single listings. This study examines the costs of foreign single listings. Using a sample of Chinese firms, we show that – on average – the stocks of foreign single-listed firms are undervalued by around 20–30% relative to cross-listed firms. The results are robust in both panel regressions and in a natural experiment analysis. Our findings have strong implications for firms which may consider listing overseas.

This article gives a retrospective look at the main determinants of foreign market entry modes and examines the variables and conditions used in empirical studies in this stream of research. We found that there is an “analytical context hazard” in past studies. The findings suggest: first, future research should focus on developing and extending theories with reference to strategy dimension and market/industry environment; second, the interrelationship between the main entry mode determinants should be figured out; third, attention has to be paid to the entry modes of firms from non-developed economies in research.

This study identifies a gap in research concerning how small and medium-sized enterprises (SMEs) can benefit from pursuing locally (rather than globally) oriented internationalization strategies. Becoming overly dependent on one single foreign market could potentially reduce the inflow and diversity of new knowledge that can serve as input for new product development. This study discusses how this risk can be minimized. In this endeavour we create a theoretical model that investigates how the local sales concentration and relationship-specific commitment of SMEs relates to new product development. To do this we draw on the behavioural internationalization process framework. The theoretical model is tested on an effective sample of 188 Swedish SMEs. The results show that relationship-specific commitment mediates the effect of local sales concentration on new product development. The implication is that investments which enable collaboration in important business relationships are crucial requisites for keeping firms innovative and in pace with market fluctuations. The findings thus contribute to international business literature by showing that a local market scope of operations combined with a relationship orientation are beneficial for new product development in international SMEs.

This article presents a study of the effects of immigration on trade and FDI. Our analysis is distinct from previous work because it systematically examines the interactions between immigration, trade and FDI. Previous studies treated FDI–immigration relationships as being independent of the modes of foreign market access. Using bilateral data of Japan and 28 other economies for the period 1996–2011, our analysis shows that FDI inflows become more dominant compared to imports when skilled immigration flows increase and less dominant when unskilled immigration flows increase. The results suggest that the relevant policy instruments as regards the promotion of trade, FDI and immigration should vary depending on economic goals, such as current account balances and labour shortages.

This paper builds on the recent literature on firm heterogeneity in international trade and foreign direct investment (FDI), and aims to empirically examine how firm productivity affects a firm’s foreign market entry strategy beyond the simple binary choice between exporting and FDI. Utilizing the panel data of Taiwanese manufacturing firms during 2002–2012, we further classify FDI methods by whole ownership or a joint venture to investigate a firm’s foreign expansion decision. By performing Kolmogorov–Smirnov (KS) tests, we find that if a firm is more productive, it is more likely to choose FDI rather than exporting. However, productivity of firms choosing whole ownership is not so different from choosing a joint venture. Furthermore, a more productive firm is more likely to conduct both whole ownership of the foreign subsidiary and a joint venture formation in the case of FDI.

This study investigates the relevance of interorganizational networks for the international performance of small and medium‐sized enterprises (SMEs) in relation to the foreign market entry mode (FM...

The middle-income trap has been a complicated phenomenon for developing countries to handle with. Various authors explain it from economic or historical perspectives; however, causes behind such prolonged economic stagnation may not be fully uncovered. Being an effective property system to promote innovation and industrial development, patents can help fix and safeguard technological and market advantages one country has in both its domestic market and foreign market. It is demonstrated that patents can be correlated with economic growth or stagnation in a country, especially middle-income economies. A profit pumping effect is proposed to illustrate the potential mechanism. While profits collected by companies from less developed countries have been pumped back to highly developed countries, the middle-income countries may remain economically stagnant. The newly established global patent system may serve a barrier for middle-income countries by blocking their economic growth and keeping them in the middle...

Service firms face a unique set of challenges in their internationalization and foreign market growth. Their services' characteristics, particularly intangibility, constrain the options available to them for growth. When such firms are services International New Ventures (INVs), their challenges are combined with those related to rapid internationalization and growth. This research investigates how service intangibility and the typical challenges of INVs relate to the firms' Entrepreneurial Orientation and their foreign market growth. The findings show that indeed service intangibility has a relationship with firm proactiveness, risk-taking, and innovativeness; and that not all elements of Entrepreneurial Orientation have a positive impact on growth.

This study empirically investigates the dynamics of motivations behind China's outward foreign direct investment (FDI). Based on a dataset of 75 host countries of China's outward FDI, we test the relative importance of outward FDI motives in different time periods. We account for endogeneity issues due to unobserved host country-specific factors and reverse causality using a dynamic panel estimation approach. We find that over time increasing foreign market commitment, exploiting global network linkages, and the seeking of external resources (natural resources and strategic assets) have become more important in driving outward FDI from China.

The purpose of this paper is to examine the internationalization of Small and Medium-Sized Enterprises (SMEs) in the mechanical manufacturing sector. The focus of the paper is on the factors affecting both the strategic choices and the changes that occurred during the internationalization process, after the first foreign market entry. To accomplish this goal, quantitative research has been performed through a survey on entrepreneurs and managers of 60 Italian SMEs. The questionnaires collected were used to perform a cluster analysis in order to identify various groups of companies exhibiting similar behaviours. This study provided a valuable contribution to the knowledge of SMEs' internationalization in general and of the mechanical sector in particular, showing the importance of analysing when a firm decides to change its markets or its entry mode, along a continuum of reactive versus proactive changes.

We study the relative diversification potential of American Depository Receipts (ADRs) as compared to the underlying shares as well as the relative diversification potential of closed-end country funds as compared to the foreign market indexes across various economic conditions. We find that, based on daily return correlations, direct access to foreign stocks is most advantageous in bad times. Specifically, we construct several measures of the U.S. stock market’s and the U.S. economy’s effect on the benefits of including ADRs and country funds in equity portfolios. For all measures, we find that the underlying shares are more useful for diversification purposes than ADRs and country funds when the U.S. stock market returns are low and when the U.S. economy is underperforming. However, there is no evidence of differential benefits of relative diversification when we examine measures based on monthly Sharpe ratios. We discuss potential reasons for the discrepancies between our correlation-based and Sharpe ratio-based results, and conclude that direct access to foreign markets is most valuable in periods of greatest need.

This article investigates spatial determinants of FDI location. In particular, it focuses on FDI in neighbouring countries and foreign market potential for a panel of 25 transition countries in 1993–2010. The spatial FDI spillovers are found to be positive and economically large. Moreover, omitting spatial FDI leads to a serious misspecification of the model explaining FDI location and biases estimation of the coefficient of the foreign market potential variable, which is found to be a non-robust determinant of FDI location. The spatial complementarity is stronger for disaggregated data such as bilateral FDI and sector level FDI. There is substantial heterogeneity of spatial FDI spillovers across sectors. Spillovers are large and positive for services sectors and non-significant or even negative for manufacturing sectors.

We present a duopoly model with heterogeneous firms that vary in cost-efficiency, each of which can choose to serve a foreign market by either exporting or local production. We do so to analyse the effects of a host-country corporate profit tax on both the scale and composition of FDI, and find that: strategic interaction between oligopolistic firms provides for a pattern of FDI that favours cost-inefficiency to the detriment of host-country welfare; and the host-country tax rate can be optimally used to avoid such patterns of FDI and instead promote direct investment by a relatively cost-efficient firm.

This paper presents a three-stage game to model the entry behavior of a multinational firm in the presence of R&D spillovers. The multinational firm's entry mode choice – that is, to invest to set up a new plant or merge with a local firm – is a function of the magnitude of spillovers, as well as the relative cost of greenfield investment, and mergers and acquisitions (M&A). Our model shows that if there exist relatively high R&D leakages and relatively small difference in cost between M&A and greenfield investment, an R&D-intensive foreign firm tends to choose greenfield investment rather than M&A, while if there exist relatively low R&D leakages, the foreign firm is more likely to choose M&A rather than greenfield investment. It is also shown that the size of social welfare of the host country depends on the degree of R&D spillovers. These results produce strong implications for antitrust policy for particularly developing countries.

This paper examines the nature of diversification within a successful UK apparel retailer, illustrating the competitive advantages which may be accrued as a consequence. Analysis of the Next business model and its corporate development suggests that diversification of brand, product, channel, format, foreign market and business support variables concentric to the core brand management competency of the company may be successful in creating sustainable competitive advantage for an apparel retailer. The paper proposes a conceptual model for the diversification of an apparel retailer, demonstrating hypothetical factors which may be used in the diversification of an apparel retail business in contemporary markets.

International audience; We outline a methodology which aims to give an answer to the widespread demand of impact methodologies by regulators or by funding agencies which need to evaluate the current and past performance of development projects and may lack of time series evidence. We devise a retrospective panel data approach to evaluate the dynamics of the effects of fair-trade affiliation on the schooling decisions of a sample of Thai organic rice producers across the past twenty years. We find that the probability of school enrolment in families with more than two children is significantly affected by FT affiliation years. We try to ascertain whether our finding is robust to endogeneity of producers' choices of local cooperative affiliation and adoption of organic techniques. The significant difference between pre- and post-FT affiliation performance documents that fair-trade participation generates a significant break in the schooling decisions of affiliated households.

This paper presents a dynamic mathematical model developed to determine the optimum location for new export-oriented slaughterhouses (EOSs) in the Brazilian state of Mato Grosso. The optimal locations are identified by minimising the costs of cattle transportation, EOS installation, and distribution from the EOS to export ports and from these ports to foreign destinations. The spatial arrangement is subject to a series of physical and behavioural constraints such as supply of raw materials, demand for beef, and EOS production capacity. Results show that the installation of three EOSs located in Mato Grosso regions closest to export ports would meet current foreign market demand for Mato Grosso beef and minimise logistical costs in the state's export beef supply chain.

Venturing into foreign countries is highly risky. A study was conducted to examine the internationalisation of Malaysian contractors. Considerations that guide their decisions to enter particular foreign markets were examined. Data was collected using a postal questionnaire survey, interviews and secondary data. It was found that Malaysian contractors examine a whole range of market-entry considerations before entering a particular country. The collected data were analysed to determine the applicability of the premises embedded in certain extant models of firm internationalisation in the context of the subject. It is found that in these models more often than not, market-entry considerations can be termed as ‘locational disadvantages’ rather than locational advantages. This is because these contractors, by virtue of having to deliver their services on location, are not only market-seeking, but, in the process, also have to be resource-seeking, asset-seeking and efficiency-seeking. The study finds ...

This study is one of the first to address the ownership strategy of multinational enterprises from the Nordic region using the concepts of regulative and normative institutional distance. This study contributes to the application of the institutional distance concept in foreign market entry studies. The results of our study challenge some of the findings of the previous studies due to unique sample and settings of the study. Based on a sample of 345 foreign direct investments (FDIs) made by 122 Finnish firms in 11 Central and Eastern European countries during 1990–2007, we found out that high normative institutional distance leads to the preference for wholly owned subsidiaries, which is opposite to our hypothesis and findings of previous studies. Moreover, the impacts of regulative institutional distance and international experience of the firm on ownership strategy are found to be nonsignificant in our study.

The internationalization of construction companies is a subject of enduring interest among construction management scholars. The internationalization pattern of Malaysian contractors was explored, this time mainly using the international entrepreneurship body of literature as the theoretical basis. In doing so, the focus of the internationalization process was on the entrepreneurs or top management. Data were collected with a postal questionnaire survey and follow‐up semi‐structured interviews. The findings underscore the importance of the entrepreneurs’ decision in the surveyed firms’ internationalization trajectory. Top management’s perception of how their companies might benefit from internationalization was the highest ranked foreign market entry consideration. Top managements’ initial and subsequent motivation also fashioned their companies’ degree of internationalization and tactics for securing contracts. The characteristics of the entrepreneurs which drove their companies to internationalize were ...

The international expansion of housing developers from developing countries is a fairly recent phenomenon. This paper examines the internationalisation of several Malaysian housing developers abroad. It uses the Eclectic Paradigm as the basis for analysis. Understanding foreign market potential was regarded as the most important firm-specific ownership advantage whereas house buyer demand in Malaysia was ranked the highest country-specific advantage. Of the locational factors that the surveyed Malaysian developers considered when venturing in foreign markets, availability and cost of land ranked the highest. Protection of the firms’ reputation was the strongest motivator to invest abroad directly rather than use the market mechanism e.g. licensing.

The purpose of the study is to seek a better understanding of the investment allocation behaviour of the real estate mutual funds by focusing on asset allocation at the country level. Analysing the country allocation of 553 real estate mutual funds domiciled in 20 countries, we attempt to trace how investment bias exists across countries and affects their country allocations. Our results evidence the existence of disproportionate country allocation to their domestic markets (domestic bias) and to each foreign market (foreign bias). We also find each bias is influenced by different sets of variables: real estate market influences for domestic bias and familiarity influences for foreign bias. This difference in factors influential for each bias in part explains the conflated relationship between the two biases.

In the field of international retail research, there has been little attention paid to the role of business support organisations in the process of internationalisation. Given the barriers to foreign market expansion, the focus of this study is to investigate the importance of facilitating factors, in the form of business support organisations, which can assist retailers in the process of international expansion. A qualitative research methodology was employed and the findings provide evidence relating to three important areas: firstly, the types of business support programmes available to retailers seeking to internationalise from the UK, secondly, the barriers encountered by retail companies expanding overseas, and thirdly, how government and private organisations can assist in helping retailers overcome these hurdles.

This paper develops an understanding of the barriers to retailer foreign market expansion focusing on SME retail firms. A qualitative methodology was adopted to obtain a holistic understanding of the key barriers to international expansion experienced by retailers from both the firm and industry-level perspectives. In light of the findings from the case companies and industry organizations in this study, the paper concludes that the main barriers to foreign market expansion experienced by SME UK retailers, both at the entry and growth stages, comprise internal and external factors. This paper not only provides an understanding of the barriers encountered by SME retailers but also considers how such problems may be overcome.

Against the backdrop of the increasing trend towards economic globalisation, many international firms are indicating that decisions on how to enter foreign markets remains one of the key s...

Existing literature has identified a number of exogenous advantages that enabled US firms to dominate the global film industry. This article explores how these firms actually operated in their largest foreign market, and in doing so looks for evidence of endogenous advantages that may have enabled some US firms to outperform their rivals. It finds that firms which developed the most distinct local element to their production portfolios typically achieved a greater share of the British market. However, it does not find evidence that locally-based producers were any more effective at developing such locally-themed films than those based in Hollywood.

The multi-polarization of political situation creates beneficial conditions for Chinese petroleum corporations to enter foreign market of prospecting and drilling of oil and natural gas resources. ...

This article tries to answer the question: is the response of current returns to past returns asymmetric when the returns follow an autoregressive, spillover GARCH model? Our empirical findings are consistent with the following notions. First, both US and UK markets appear to overreact to the drastic events in the 1990s. Second, the impacts of the 1-week-ahead foreign market returns were marked during the 1980s, especially when the home market returns were both volatile and negative. In contrast, the impacts were insignificant during the 1990s. Third, in the 1990s, the UK (US) investors' behaviour during the bust appears to be consistent (inconsistent) with the leverage effects.

Foreign market entry can play a very significant role in a nation's economic prosperity. There are essentially four principal means of foreign market entry: exporting, licensing, joint-venture part...

Wal-Mart entered South Korea in late 1990s for its international expansion; however, IT had a major failure in this market and left Korea in 2005 as the American way of marketing did not translate well in Korea. Wal-Mart had critical shortfalls in enabling value exchange with the Korean consumers as the Korean consumers had significantly different taste and preferences compared to American consumers. Wal-Mart's Every Day Low Price (EDLP) strategy was not perceived to have the “value” in the minds of the Korean consumers, while its store locations were not strategically well positioned to create sufficient customer traffic. Wal-Mart's competitive advantage of low cost and low price was not suitable in the Korean competition and consumption context. Wal-Mart was not prepared to develop an effective localization strategy that might have stemmed from not having a clear projection of how much it was willing to invest and grow in this market. This Wal-Mart Korean case shows the importance of the compat...

The article examines economic performance in the CARICOM Region against the background of the challenges facing the growth of both regional and international trade. It argues that CARICOM has not only failed to create the expected dynamic in intra-regional trade but has also failed to lay the groundwork for a competitive and efficient manufacturing sector that could exploit foreign market opportunities in an increasingly transparent global economy. A strategy for greater competitiveness needs to embrace a broad range of non-price factors.

This article contributes to the firm market diversification literature by using a bivariate probit model analogous to SURE vs. OLS for probit estimation to examine the market diversification decisi...

This research used a case-study method, through personal interviews with owners, CEOs, or other senior officers of eight SMEs in the Czech Republic in order to determine factors affecting their foreign market entry. It examined six research questions on factors which have been identified by previous research to influence SMEs' foreign market entry. It was found that exporting SMEs in the Czech Republic tend to be larger, and more motivated in systematically exploring export opportunities than their non-exporting counterpart. Exporting SMEs also utilize a larger percentage of their production capacity, and have fewer problems in obtaining financial services than non-exporting SMEs. Finally, the three major challenges to the international business efforts of exporting firms in the study were financial, foreign marketing practices, and locating prospective clients/customers.

Client following is considered the major motivation of professional businesses for entering a foreign market. However, client following alone cannot explain why a company chooses foreign direct investment (FDI) rather than other entry modes, such as exporting or franchising. It cannot explain how a transnational advertising agency (TNAA) can compete with local firms in an unfamiliar environment. This paper applies the ownership–location–internalisation (OLI) model to gain a more thorough understanding of the motives of TNAAs for entering China. The results support the notion that the presence of clients (i.e. client following) is the major motive, but only part of the story: it is the most important advantage of location. On the other hand, ‘competent personnel’ is the key advantage of ownership, while ‘ensuring quality control’ is the principal advantage of internalisation. Internalising their operations in China was seen as a better economic choice for foreign agencies, rather than merely exporting or e...

In this study, we apply a more refined statistical procedure to test the dependencies and direction of inter-day spillover effects between the ADRs and their underlying shares on two nonsynchronous international markets. The empirical results provide evidence of contemporaneous return and volatility spillovers from Tokyo to New York, and vice versa. In the lagged spillover test, the evidence also suggests that the dominant market (home market) adjusts to the information from the satellite market (foreign market) in an efficient manner. In contrast, the satellite market reacts to the information from the dominant market with a delay.

In a large cross-country sample of manufacturing establishments drawn from 188 cities, average exports per establishments are smaller for African firms than for businesses in other regions. Based on the estimation of firm level exporting equations, we show that this is mainly because, on average, African firms face more adverse economic geography and operate in poorer institutional settings. One part of the effect of geography operates through Africa's lower ‘foreign market access’: African firms are located further away from wealthier or denser potential export markets. A second occurs through the region's lower ‘supplier access’: African firms face steeper input prices, partly because of their physical distance from cheaper foreign suppliers, and partly because domestic substitutes for importable inputs are more expensive. Africa's poorer institutions reduce its manufactured exports directly, as well as indirectly, by lowering foreign market access and supplier access. Both geography and instit...

This study examines key edlements associated with Western firms entering Central and Eastern Europe (CEE): a region classified as transitional. We highlight the role of networking in the foreign market-entry (FME) process in terms of entry strategies. Following a qualitative analysis of six Western (Australian) firms entering two main (Poland and Czech Republic) transitional markets, three key themes were identified: networking strongly underpins initial market-entry; is fundamental in refining target-market decisions; and is integral to strategy-building for market participation in the post-entry phase. Based on our findings we describe a distinct market-situation for emerging markets. We then propose a typology, identifying a fifth “type” of market-situation in emerging markets, the “Transitional International,” an extension of Johnson and Mattsson's (1988) typology. Our ‘Transitional International’ firm is characterised by significant pre-entry and development of post-entry business networks w...

A relatively recent area of foreign market entry into China is that of foreign credit cards branded with the acceptance marquees of American Express, Mastercard or Visa. These have now been marketed in a variety of Chinese geographic markets, including Shanghai and Beijing. Like many other areas of foreign market activity in China, the issuing of foreign credit cards–and associated services–in China raises, at least conceptually, the issue of the degree to which they should be adapted or standardised to meet the need of Chinese consumers. Recent research on areas such as education (foreign sourced programs in China) indicate that products and services of high status and value seem to be best delivered in an unadapted manner so as to preserve their international status and image (Willis, 2003). Other authors, however, have viewed the issue rather differently, arguing that foreign companies need to adapt their products and services to meet the needs of the local market since, logically enough, ever...

Multinational firms are important conduits of managerial skills, foreign market linkages, and technology. Foreign export spillovers associated with multinational firms have the potential to reduce entry costs for local exporting firms. This paper examines whether exports by multinational firms increase the probability of exporting by domestic Chinese firms. The findings from the Probit estimation highlight the varying relationships between multinational exports and local foreign entry based on the type of ownership. The results from separating foreign-invested enterprises into overseas Chinese companies and OECD-based multinational firms suggest that the export activity of the former does not increase the probability of exporting by local firms, whereas the latter positively influence the export decision of local firms, particularly under processing trade.

Franchising is emerging as a highly effective strategy for growth, job creation, and economic development and is spreading rapidly around the globe. However, the pursuit of global markets by franchisors has traditionally relied on employing just three generic franchising options (i.e., direct franchising, master franchising, area development). This paper presents a more expansive view of strategic choice for franchisors by presenting first-mover, platform, and conversion strategies as additional strategic approaches that may be utilized to meet the challenge of expanding into international markets. Propositions are advanced to first suggest which strategic approaches aremost appropriate under varied foreign market conditions and then how these approaches should be linked to the three generic licensing options to create combination strategies based on franchisor experience/capabilities and similar/dissimilar markets. A contingency model of global franchising is presented, which depicts the above r...

Franchising is emerging as a highly effective strategy for growth, job creation, and economic development and is spreading rapidly around the globe. However, the pursuit of global markets by franchisors has traditionally relied on employing just three generic franchising options (i.e., direct franchising, master franchising, area development). This paper presents a more expansive view of strategic choice for franchisors by presenting first-mover, platform, and conversion strategies as additional strategic approaches that may be utilized to meet the challenge of expanding into international markets. Propositions are advanced to first suggest which strategic approaches aremost appropriate under varied foreign market conditions and then how these approaches should be linked to the three generic licensing options to create combination strategies based on franchisor experience/capabilities and similar/dissimilar markets. A contingency model of global franchising is presented, which depicts the above r...

This study examines the impact that various barriers to export have on the export marketing performance of Queensland export market ventures. This study considers a comprehensive set of potential barriers to export identified from the literature. The unit of analysis was firms engaged in exporting to foreign markets. Data were gathered via a self-administered mail survey directed to the Managing Director of 689 Queensland firms, identified by a Queensland State Government department as being involved in exporting. The firms comprising the sample were manufacturing firms. The findings indicate that export venture management characteristics, and adapting to foreign market needs as barriers to export, were the significant predictors of export marketing performance.