Yaroslavl, Yaroslavl, Russian Federation
JEL F14 Empirical Studies of Trade
JEL F19 Other
Selecting the right new foreign market is critical to the success of a company’s export activities, as it determines the effectiveness of its internationalization strategy. This issue is especially relevant due to the pressing needs of Russian companies, which over the past decade have shifted their focus en masse to the Middle East, Far East, Africa, and Latin America and continue to explore new geographic segments. Furthermore, expanding beyond established markets is key to business development and scaling. A combined approach to selecting a country market is currently common. In the first stage, a company intuitively generates an initial list of potential export countries, and in the second stage, using a specific algorithm, formally selects the most export-attractive ones from this list. The formalized stage of selecting a new country market is the most complex, as it requires an algorithmic analysis of many factors and extensive research and analysis of relevant information. Existing methods for such assessment are often based on a scoring method, which has been criticized for its lack of strict objectivity. This article presents the author’s approach to a formalized methodology for selecting a new country sales market for a company, which attempts to reduce subjectivity in the assessment. The author suggestss a two-stage method, which involves a rapid analysis of the export attractiveness of countries and a scoring system based on four groups of factors. The enables a transition from intuitive decisions to informed strategizing of a company’s export activities.
export, selection of an export market, market export attractiveness, entry barriers, country export attractiveness, express analysis, scoring, organomineral fertilizers
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