“…Market knowledge accumulates with increased commitment in specific markets (Johanson & Vahlne, 1977). It concerns 'institutional knowledge' of government, institutional frameworks, rules and norms (Eriksson et al, 1997), knowledge of local conditions and opportunities (Chetty & Blankenburgh Holm, 2000;Schweizer et al, 2010), and 'business knowledge' of the resources, capabilities and market behaviours of suppliers, competitors, and local clients and their customers (Blomstermo et al, 2004a;Coviello & Munro, 1995;Johanson & Mattsson, 1988Johanson & Vahlne, 2003). Market knowledge is country and market specific, but it is not firm specific.…”