Selecting the Foreign Market
When considering an international market, one of the critical issues is correct market selection. Although there are several market selection models available, one effective method employs a five-step approach: (1) develop appropriate indicators, (2) collect data and convert into comparable indicators, (3) establish an appropriate weight for each indicator, (4) analyze the data, and (5) select the appropriate market from the market rankings.
In step one, appropriate indicators need to be developed based on past sales, competitive research, related experiences, and management discussions. Specific indicators for the company need to be developed in three general areas: overall market indicators, market growth indicators, ...
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