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According to a recent and interesting revision of advances in international marketing theory and practice, the international marketing literature has grown exponentially in recent years in order to offer sufficient support to corporate and public policy makers confronting today's hostile global business conditions (Katsikeas, 2003a). In fact, some of the most relevant academic journals in this field (Journal of International Business Studies, Journal of International Marketing, International Marketing Review, International Business Review, Advances in International Marketing, among others) can be considered highly stable and mature publications, with research articles covering a wide range of topics within the international marketing domain and usually authorized by leading contributors to other high-ranking marketing journals (DuBois & Reeb, 2000; Malhotra, Wu, & Whitelock, 2005).

The accelerated globalisation of world markets in the last 30 years has increased the importance of internationalisation models for both academics and practitioners. The internationalisation process of SMEs is one of the newest developments in this area, with major implication for the strategic orientation of small firms. However, this phenomenon has to be considered in relation with the specific characteristics for various market environments and industrial sectors. This study attempts to analyse the impact of the domestic market profile on the internationalisation process of biotech SMEs in US and UK, outlining the similarities and the differences between these two countries.

The purpose of this paper is to reveal the assumptive concept of internationalization because it is discussed and understood in the international business (IB) literature. This paper develops a framework to reconceptualize internationalization in the context of global value chain (GVC) and sustainability. Based on this conceptual framework, this paper aims to formulate interrelated propositions to define internationalization.

This paper reviews the assumptive conceptualization process based on empirical evidence obtained through qualitative, illustrative and descriptive content analysis methods. Through the collection and qualitative content analysis of milestone papers, this paper demonstrates the fragmentation of the concept of internationalization. This paper reviews the evolving nature of the concept of internationalization, analyzing the accumulative issues associated with defining internationalization, as well as its potential future development.

This paper introduces a dynamic perspective on the evolving nature of the concept of internationalization and argue there is a need to reconceptualize internationalization in the context of the GVC and sustainability.

After reviewing the context in which the term “internationalization” has been applied and taking into consideration the current trends in the IB, this paper formulates an updated definition of the term internationalization. This paper offers a viewpoint on the future direction of the concept of internationalization in light of the growing importance of sustainability within IB.