International market selection for small and medium-sized enterprise in landlocked countries: a hybrid multicriteria decision support model

Abstract

The international market selection process remains complex, especially for small and medium-sized enterprises in landlocked countries. In this context, this research contributes to this field in two key aspects. Firstly, this study seeks to provide a tool to small and medium-sized companies in the sector of cereal-insufflated food products such as quinoa, amaranth, and canahua in a landlocked country like Bolivia. In this sense, this tool assists in the systematic selection of potential markets and enables the international presence of these companies in foreign markets. On the other hand, the theoretical contribution lies in integrating multiple criteria decision-making methodologies in the global market selection process. In this context, this study proposes a four-step model. Firstly, the model determines potential export markets through reliable databases. Secondly, the model identifies and selects the criteria for evaluating these markets through an extensive literature review and applying the Fuzzy Delphi method with experts. Thirdly, the model employs the entropy and the rank order centroid method to determine the relative importance of each criterion. Fourthly, the model uses the Topsis method to rank these markets. Then, the best market is evaluated through a sensitivity analysis to validate the results' stability. This approach has the potential to be adapted to various industries beyond small and medium-sized food enterprises in landlocked countries, thus contributing to the broader field of international market research.