Drawing on previous literature proposing that entrepreneurial orientation (EO) reflects a disposition toward, rather than actual involvement in, entrepreneurial activity, and on the resource–based view of the firm, we complement the literature concerning the EO–performance relationship with the introduction of exploratory innovation and exploitative innovation as mediating variables accounting for entrepreneurial behavior. Data from 228 adolescent companies indicate the existence of an EO–entrepreneurial behavior gap and support the predicted mediating effects. In this context, the constituent dimensions of EO differ in their effects on exploration and exploitation, and performance, calling for an exacting consideration of the interplay of orientation, activity, and performance.

Purpose-Opportunity recognition and opportunity exploitation are two central concepts in the entrepreneurial process. However, there is a lack of both a clear specification of the content domains of the constructs and valid and reliable multi-item scales for their measurement. The paper aims to discuss these issues. Design/methodology/approach-This paper first reveals existing issues around the definitions and measures relating to the concepts, then defines their content domains, and also proposes scale items to measure the concepts. Four samples are used to develop the measurement instruments. Findings-Two scales are suggested, one to measure opportunity recognition, and other to measure opportunity exploitation. The scales demonstrate reliability and construct, discriminant, and nomological validity. Originality/value-The resulting instruments provide tools for research and practice that could prove valuable when examining the antecedents and consequences of both opportunity recognition and opportunity exploitation.

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The aim of the following discussion is to present the division of markets into marketplace and marketspace and evaluate the significance of virtual value chains in opening up further possibilities in the marketplace and marketspace. Against this background, it will secondly be argued that information becomes a factor of success in its own right in competition in future markets. However, in order to activate information, marketing is forced to adapt to the conditions of information networks in the virtual marketplace (marketspace). Third, the theory that marketing must develop into information-based marketing will be discussed. The demands put on the information-based market in order to achieve real competitive advantages in marketspace from the factor of production information will be particularly considered. The significance of virtual value chains in revealing new market opportunitiesThe marketspace -the virtual market system of cyberspace One can assume that through the development of networked information systems (cyberspace), a division of market systems relevant to companies takes place. Conversely, the physical world of raw materials, resources and products, the so-called marketplace, continues to exist. Within the marketplace, the traditional problems concerning the real value chain of a product or service (e.g. procurement, production, distribution, etc.) are considered. Alongside the physical world there emerges a virtual world of cyberspace induced by an increase in electronically networked information systems, this virtual world being characterised by digitalised information and communication channels. The virtual market in cyberspace, in which information is handled, processed and utilised, and through which virtual value creation chains are brought about within data networks, can be referred to as marketspace according to Rayport and Sviokla (1994, p. 142). It is in this context that virtual marketplaces and virtual transactions of or with information develop. This means that the marketspace can be seen as an artificial, intangible market for information. The

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