A HYBRID MULTI-CRITERIA DECISION-MAKING TECHNIQUE FOR INTERNATIONAL MARKET SELECTION IN SMES [HYBRYDOWA WIELOKRYTERIALNA TECHNIKA PODEJMOWANIA DECYZJI DLA WYBORU RYNKU MIĘDZYNARODOWEGO W MŚP]

Abstract

Traditional market selection analysis relies purely on macroeconomic and political factors and fails to account for cultural aspects. Also, international market selection systematic models lack to incorporate hybrid techniques to systematically reduce the uncertainty by comparing results and examining the similarities and differences of the various approaches. The paper aims to present a multi-criteria decision-making model combined with a qualitative technique to make strategic decisions while selecting an international market. Using a hybrid approach, it was examined 18 coffee-producing SMEs to contrast the current multi-criteria model with the firms’ qualitative approach. Thus, the study offers novelty by incorporating a cultural dimension in a multi-criteria model and combining this quantitative approach with a qualitative approach to validate a hybrid approach and thus gain more reliable decision-making while selecting markets abroad. The contribution of the study is twofold. First, the study offers insights into international business by analyzing the relationship between international market selection and small and medium-sized enterprises from novel contexts. Second, the study proposes a multi-criteria decision-making model combined with a qualitative technique to make accurate and strategic decisions while selecting foreign markets. © 2023, Czestochowa University of Technology. All rights reserved.