Research background: International market selection is an essential issue for big companies that supply food products. Different types of decision factors and different characteristics of different international markets have brought up a complicated decision-making problem for food supply companies. In order to select the most suitable and profitable market, food supply companies have to consider several qualitative and quantitative factors, including social, political, economic, and ecological aspects.
Purpose of the article: In order to overcome international market selection issues, the current study develops a novel integrated decision-making tool.
Methods: A novel decision-making model of market analysis is developed as an extended model of Market Attractiveness and Business Attractiveness (MABA) analysis based on the Multiple Attribute Decision Making (MADM). To improve the MABA analysis model, we combine the EDAS method with MABA analysis to empower decision-makers in food supply companies to evaluate several international markets and select the most profitable market for their products.
Findings & value added: In this study, we first identified the most important and frequently used decision factors for market analysis problems within MABA analysis under two categories: market attractiveness and business attractiveness. To show the proposed methodology's applicability and feasibility, we perform a case study for a food supply company in Iran that supplies products to Middle East and Asian countries. In order to investigate the reliability of the obtained results, we perform a sensitivity analysis concerning the importance of involved decision factors. The proposed decision-making tool results suggest that the model can be used as a reliable tool for market analysis problems. To sum up the long-term value of the study, we have developed a novel decision-making tool using MABA analysis and the EDAS method. No study integrates any MCDM methods with MABA analysis to the best of our knowledge. Integration of EDAS method with MABA analysis empowers decision-makers in market selection division to use more systematic methods for evaluating several markets.

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International market selection: a MABA based EDAS analysis framework

The selection of an international market (IMS) is a prime factor in the success and growth of a company. Therefore, the purpose of this study is to consolidate and apply a systematic methodology that contributes toward the evaluation of international markets and promotes entry into the export market of Antioquia’s textile companies.,Through a systematic literature review, the criteria and sub-criteria involved in the IMS process are identified and a total of 5 general criteria and 23 sub-criteria are selected. A hybrid approach is used to address the gap. In total, a multiple case study of 11 companies from different range of export values are selected. Data analysis is conducted using two multiple criteria decision-making (MCDM) models, namely, the analytic hierarchy process for weighting the factors and the technique for order of preference by similarity to the ideal solution for the country selection ranking.,The results demonstrate the applicability of the hybrid MCDM technique to improve IMS decision-making in the textile sector and other sectors. It is found that Canada, Belgium and the UK are the best destinations for textile exports with a selection score of 0.7716, 0.7488 and 0.7337, respectively. The sub-criteria belonging to the dimensions of trade barriers, economic factors and costs are the main factors affecting the export of a textile-clothing product.,The possibility of achieving a generalized result through this case study is not possible, but the methodological application carried out is a novel for the selection of markets in the Colombian case and within the literature available in the domain.,From the managerial point of view, firms associated with trade have a broader vision when looking for new markets. Emerging entrepreneurs can equip themselves to enter the international market. Practitioners and policymakers can also use this methodology, which will allow them to evaluate new markets to outline promotional strategies for positioning products abroad.,To facilitate the selection of international markets for enterprises.,The contribution of the study is twofold. First, the combination of techniques will allow wider support for the selection of markets and act as a decision support system. On the other hand, this is the first time that such a methodology is used for IMS in the exporting sector not only in Colombia but also in Latin America. Finally, the detailed methodological process described in the study allows both academicians and decision-makers to replicate the study in other contexts and scenarios.

International market selection: an application of hybrid multi-criteria decision-making technique in the textile sector

Abstract Purpose: To present a rigorous technique for merchandise companies that are internationalizing and pursuit the best options of export markets to direct their products. Originality/value: The literature suggests that companies, especially small and medium enterprises (SME), due to their lack of experience when participating in international business, tend to employ uncertainty processes that affect in decision making when exporting. For this reason, an innovative multivariable technique for international markets selection (IMS) is presented, in which factors such as trade barriers, economics, cost, logistics and culture are considered. Design/methodology/approach: Consulting different databases obtained from the internet, it was possible to analyze the factors indicated above, which, in turn, are integrated by different variables. Thus, this work used a multivariable methodology and/or technique that is complemented with the analytic hierarchy process (AHP) to assign the weights of each factor and their respective variables; all this, including a survey among experts and members of the foreign trade department of the company under study, in this case, dedicated to the production of confectionery. Findings: According to the statistical data processed with the multivariable technique and weighted with the AHP process, the results suggest that by their score the best export markets are Ireland, Netherlands and Denmark. In this sense, the empirical evidence indicates that the pointed countries are the most attractive markets for the factors considered, as well as for their general features.

Hybrid multicriteria technique for international markets selection based on the analytic hierarchy process

Sourcing is considered as one of strategic decision in supply chain. In industry with impacts on environment, supplier selection must even go beyond traditional criteria such as cost, delivery and quality. The study is a case study in a palm oil processor aiming to evaluate and shortlist its current suppliers. The research first analyzed comprehensive criteria & sub-criteria to be used for the studied company, taking into account sustainability impact on palm oil processes. Twelve sub-criteria grouped into Cost, Quality, Delivery an Environment were recommended for the studied company. The research then evaluated five existing CPO suppliers of the studied company against the selected sub-criteria using combination of AHP and TOPSIS approach. Weight of criteria and sub-criteria was calculated using AHP, while supplier ranking was done using TOPSIS, to make sure the shortlisted supplier has closest distance from the best ones and farthest distance from the worse one. The results recommended the studied company to shortlist its supplier into top 3 suppliers.

Multi Criteria Decision Making in Supplier Selection Process – A Case Study in a Palm Oil Processor

The deployment of effective and efficient information and communication technologies (ICTs) remains a major priority for the smooth running of electoral management systems worldwide. To guarantee t...

https://www.tandfonline.com/doi/pdf/10.1080/21642583.2021.1954106

Decision science: a multi-criteria decision framework for enhancing an electoral voting system

With the era of globalisation, firms have the opportunity to expand their operations beyond the country's boundary. Expanding business to an international market can give firms benefits such as economic of scale leading to cheaper cost, higher asset utilisation, as well as knowledge to international exposure. However, entering international market also poses its own challenges and risks. To make a sound business decision, firms wish to enter international market need to do a proper analysis and evaluation. The study is based on a case of a medium-size Indonesia company that wishes to export its metal-derivatives products to the international market. The study used a systematic international market selection (IMS) approach using a combination of analytical hierarchical process (AHP) and goal programming (GP). It chose 12 (sub) criteria, representing generic and product-related considerations. Based on the preliminary screening, it narrowed down the alternatives to 15 countries, and using the combination of AHP-GP recommended three countries to enter.

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Evaluating international market selection with multi-criteria decision making tools - a case study of a metal company in Indonesia