Final answer:
Born-global firms focus on leveraging communications and information technology, export-based strategies, and forming strategic alliances to compete in the global market from their inception. They benefit from technological advancements and liberalized trade policies to rapidly expand across borders.
Step-by-step explanation:
The most important business strategies adopted by born-global firms often revolve around leveraging advancements in communications and information technology, which facilitate their rapid expansion into international markets. Born-global firms typically focus on the global market from inception, meaning they adopt a global perspective in all aspects of their business, from production to marketing.
Key strategies include utilizing new communication technologies to tap into international markets, capitalizing on the liberalization of trade policies, and strategic alliances with local partners to gain market insights and entry. Additionally, born-global firms adopt export-based, market capitalist strategies successfully exemplified by newly industrializing economies (NIEs) in East Asia.
They achieve competitive advantage by combining standardized production technologies with low-cost labor. Furthermore, embracing technological innovations is essential for these firms to compete effectively in the global marketplace.