A fuzzy attractiveness of market entry (FAME) model for market selection decisions

M F Shipley, M Johnson, L Pointer and N Yankov
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M F Shipley: University of Houston-Downtown, Houston, TX, USA
M Johnson: University of Houston-Downtown, Houston, TX, USA
L Pointer: University of Houston-Downtown, Houston, TX, USA
N Yankov: Tsenov Academy of Economics, Svishtov, Bulgaria

Journal of the Operational Research Society, 2013, vol. 64, issue 4, 597-610

Abstract: A Fuzzy Attractiveness of Market Entry (FAME) model is developed to address the decision-making problem of product introduction into alternative markets. FAME is a market entry selection model that is specifically designed to handle situations when information is limited and/or ambiguous, and a high level of uncertainty exists. As such, the FAME model is an easy to implement tool that supports a reasoning approach to market selection decisions. The model uses expert opinions regarding four factors: (1) fit of the firm's marketing mix in each market; (2) the fit of its key competitor's marketing mix in each market; (3) environmental conditions in each market; and (4) the strategic importance of each market to the firm. Application of the model algorithm is conducted for a small, Bulgarian winery's market selection decision. Ease of use is relevant for small to mid-size companies since a spreadsheet is sufficient to complete the algorithmic calculations.

Date: 2013
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