Final answer:
An organization using an internal development strategy relies on its own resources to enter new markets, focusing on sustainable initiatives and growth. This approach, which contrasts with protectionist strategies, involves bringing in capital, technology, and creating jobs. It is essential for the rapid growth of developing economies for attracting capital and access to international markets.
Step-by-step explanation:
An organization that uses internal resources for entering a new market is said to be deploying a development strategy. This approach contrasts with strategies like import substitution that rely heavily on protectionist measures to grow domestic industries. Entering a new market using internal resources encourages the development of small-scale initiatives, the use of sustainable resources, and may include aspects such as bringing in financial capital, technology, and creating new jobs within the organization or region.
For developing countries to achieve rapid growth, they need to attract inexpensive capital to invest in new businesses and to improve traditionally low productivity. They also need access to new, international markets to sell goods, services, and technology. Strategies that focus on holistic economic development, beyond import substitution, such as those used successfully in Asian economies, are more likely to move the development process forward and allow countries to prosper in the international financial markets.
An internal development strategy may also entail moving resources efficiently, providing goods and services that cater to the new market demands, and tapping into potentially untapped sectors or consumer needs. In the context of developing a product like a web browser with substantial barriers to market entry, such an approach might mean leveraging company-specific advantages or innovations to offer a unique product that can overcome these barriers.