International market selection: a MABA based EDAS analysis framework

Abstract

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.