Determining Factors in the Choice of Export Markets for Chemical Products

Rojas, José Jaime Baena; Vanegas-López, Juan Gabriel; López-Cadavid, Diego Alejandro

doi:10.1080/10978526.2020.1827414

Cited by 3 publications

(3 citation statements)

References 68 publications

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“…Similarly, nowadays the access to new information technologies and diverse databases caused companies and their foreign trade departments, led by personnel increasingly qualified by their academic training and experience in international business (Baena-Rojas & Hurtado, 2017), to adopt new strategies that the same theory and field of the study suggest for their implementation as it happens with multicriteria methods to enhance the decision-making process (Calof & Beamish, 1995;McNaughton, 2001;Pflanz, 2013). The present work focused then, in accordance with the above, on reproducing a multivariate technique developed by Baena-Rojas et al (2020) not only with the purpose, on the one hand, of reducing the uncertainty of the companies during the process of IMS for export, but also, on the other hand, with the purpose of making known how this technique that supports the decision-making process in business internationalization can be very useful in other growing industries different from those previously addressed by the referent authors. This study focuses on the confectionery industry in Colombia, considering that, in 2018, it presented a growth of 8.8% and a contribution of 4% to the generation of employment in the food sector of the country (Asociación Nacional de Empresarios de Colombia -Andi, 2019).…”

Section: Introductionmentioning

confidence: 89%

“…The first one corresponds to the model of AHP, created by Saaty (1980), which is a mathematical tool that allows analyzing problems with multiple variables and alternatives, through the successive decomposition of the factors, from the judgments granted by the group of experts. Meanwhile, the second model used corresponds to the normalization tool initially developed by Baena et al (2018) and improved by Baena-Rojas et al (2020), whose utility lies in the final weighting of international markets, considering the importance given to factors and variables. The methodological steps followed for the development of the models are described below:…”

Section: Data Processing and Analysismentioning

confidence: 99%

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Hybrid multicriteria technique for international markets selection based on the analytic hierarchy process

Rojas

López-Cadavid

Mackenzie-Torres

et al. 2022

RAM, Rev. Adm. Mackenzie

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Purpose: To present a rigorous technique for merchandise companies that are internationalizing and pursuit the best options of export markets to direct their products. Originality/value: The literature suggests that companies, especially small and medium enterprises (SME), due to their lack of experience when participating in international business, tend to employ uncertainty processes that affect in decision making when exporting. For this reason, an innovative multivariable technique for international markets selection (IMS) is presented, in which factors such as trade barriers, economics, cost, logistics and culture are considered. Design/methodology/approach: Consulting different databases obtained from the internet, it was possible to analyze the factors indicated above, which, in turn, are integrated by different variables. Thus, this work used a multivariable methodology and/or technique that is complemented with the analytic hierarchy process (AHP) to assign the weights of each factor and their respective variables; all this, including a survey among experts and members of the foreign trade department of the company under study, in this case, dedicated to the production of confectionery. Findings: According to the statistical data processed with the multivariable technique and weighted with the AHP process, the results suggest that by their score the best export markets are Ireland, Netherlands and Denmark. In this sense, the empirical evidence indicates that the pointed countries are the most attractive markets for the factors considered, as well as for their general features.

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Section: Introductionmentioning

confidence: 89%

Section: Data Processing and Analysismentioning

confidence: 99%

Hybrid multicriteria technique for international markets selection based on the analytic hierarchy process

Rojas

López-Cadavid

Mackenzie-Torres

et al. 2022

RAM, Rev. Adm. Mackenzie

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“…Note: The source column corresponds to the indicators that support the structure of variables Source: Own elaboration based onBaena et al (2018) andBaena-Rojas et al (2020) …”

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confidence: 99%

International market selection: an application of hybrid multi-criteria decision-making technique in the textile sector

Vanegas-López

Rojas

López-Cadavid

et al. 2020

RIBS

Self Cite

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Purpose The selection of an international market (IMS) is a prime factor in the success and growth of a company. Therefore, the purpose of this study is to consolidate and apply a systematic methodology that contributes toward the evaluation of international markets and promotes entry into the export market of Antioquia’s textile companies. Design/methodology/approach Through a systematic literature review, the criteria and sub-criteria involved in the IMS process are identified and a total of 5 general criteria and 23 sub-criteria are selected. A hybrid approach is used to address the gap. In total, a multiple case study of 11 companies from different range of export values are selected. Data analysis is conducted using two multiple criteria decision-making (MCDM) models, namely, the analytic hierarchy process for weighting the factors and the technique for order of preference by similarity to the ideal solution for the country selection ranking. Findings The results demonstrate the applicability of the hybrid MCDM technique to improve IMS decision-making in the textile sector and other sectors. It is found that Canada, Belgium and the UK are the best destinations for textile exports with a selection score of 0.7716, 0.7488 and 0.7337, respectively. The sub-criteria belonging to the dimensions of trade barriers, economic factors and costs are the main factors affecting the export of a textile-clothing product. Research limitations/implications The possibility of achieving a generalized result through this case study is not possible, but the methodological application carried out is a novel for the selection of markets in the Colombian case and within the literature available in the domain. Practical implications From the managerial point of view, firms associated with trade have a broader vision when looking for new markets. Emerging entrepreneurs can equip themselves to enter the international market. Practitioners and policymakers can also use this methodology, which will allow them to evaluate new markets to outline promotional strategies for positioning products abroad. Social implications To facilitate the selection of international markets for enterprises. Originality/value The contribution of the study is twofold. First, the combination of techniques will allow wider support for the selection of markets and act as a decision support system. On the other hand, this is the first time that such a methodology is used for IMS in the exporting sector not only in Colombia but also in Latin America. Finally, the detailed methodological process described in the study allows both academicians and decision-makers to replicate the study in other contexts and scenarios.

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Systematic selection of international markets using a hybrid multi-criteria approach: A study in the paper and paperboard industry

López-Cadavid,

Vanegas-López,

Restrepo-Morales

et al. 2023

Cogent Business & Management

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Determining Factors in the Choice of Export Markets for Chemical Products

Cited by 3 publications

References 68 publications

Hybrid multicriteria technique for international markets selection based on the analytic hierarchy process

Hybrid multicriteria technique for international markets selection based on the analytic hierarchy process

International market selection: an application of hybrid multi-criteria decision-making technique in the textile sector

Systematic selection of international markets using a hybrid multi-criteria approach: A study in the paper and paperboard industry

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