Essay on International Market Selection

Essay on International Market Selection

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I. INTRODUCTION
The international business development has heightened the importance of international market selection (IMS) of companies, especially for their exporting strategy. However, not many companies really comprehend the geographical, social, economic characteristics of foreign countries in comparison with their home countries (Cavusgil, 1985). This fact has challenged many studies to create the optimal approach for IMS. The major question is: Which foreign market should a company enter? Thus, this report focuses on providing a practical consultancy to evaluate and determine its most appropriate foreign markets.
The report suggests the specific recommendations through a logical three-stage process. It is constructed to define the targeted markets. These stages are closely linked together as they look at different levels of the business environment to offer firms a complete map of market’s prospect and the company’s condition. Managers will be able to approach a comprehensive evaluation of the future marketplaces and prioritise which market is the optimal destination.
In this report, discussions aim to assist an Irish SME to optimise its analysis and assortment of the BRICS countries (Brazil, Russia, India, China, and South Africa) - the developing or newly industrialised nations. The term ‘company’ herein mainly refers to small and medium enterprises rather than the large international enterprises. Besides, the exporting aspect is the main concern in this context. Furthermore, the entry mode to each market is presumed to be the subsequent decision of a company after identifying the market. Thus, it would not be covered in this report.


The BRICS “has come to symbolize the growing power of the world’s largest emerging e...


... middle of paper ...


...arrell, P. N. & Wood, P. A. (1994). International Market Selection by Business Service Firms: Key Conceptual and Methodological Issues. International Business Review, 3(3), 243-261.
Porter, M. E. (1979). How Competitive Forces Shape Strategy. Harvard Business Review, 57(2), 137-145.
Rahman, S. H. (2003). Modelling of International Market Selection Process: A Qualitative Study of Successful Australian International Businesses. Qualitative Market Research: An International Journal, 6(2), 119-132.
Rahman, S. H. (2006). International Market Selection Process: An Investigation of the Relevance of Business Operating Environment. Journal of International Business Research, 5(1), 73-86.
Sakarya, S., Eckman, M. & Hyllegard, K. H. (2007). Market Selection for International Expansion - Assessing Opportunities in Emerging Markets. International Marketing Review, 24(2), 208-238.

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