INTERNATIONAL MARKET SELECTION USING FUZZY WEIGHING AND MONTE CARLO SIMULATION
Journal Title: Polish Journal of Management Studies - Year 2017, Vol 16, Issue 2
Abstract
This article aims to develop a methodology for the international market selection (IMS), using fuzzy logic for the uncertainty of the variables in the market evaluation. Therefore, several procedures are proposed, including market pre-selection, criteria definition, criteria weighting, data collection, data variability and a market evaluation model. Through Monte Carlo simulation, the market evaluation model measures the stability of international markets for exporting when criteria are fuzzy. A case study for the export of frozen beef from Colombia validates the methodology. The proposed approach helps to improve the exporting performance, and it is applicable for small and medium enterprises because the model uses free access data sources, and the algorithms of the market evaluation model can be performed in spreadsheets.<br/><br/>
Authors and Affiliations
Jose Cano, Emiro Campo, Rodrigo Gómez-Montoya
Keywords
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- EP ID EP248528
- DOI 10.17512/pjms.2017.16.2.04
- Views 103
- Downloads 0
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