International Market Screening And Target Market Selection

2093 WordsOct 21, 20169 Pages
The expansion of business to foreign locations is a strategy that enhances additional growth and revenue. At the same time, the decision to move to the international market poses challenges for the management. The choice of an appropriate market requires extensive information research and proper data processing to ensure that the offered product satisfies consumer needs. Therefore, international market screening is a comprehensive and extensive process based on numerous theories of decision-making mapping. The current paper reviews the available literature in the field of market screening and target market selection while offering a critical evaluation of the proposed models. Additionally, it applies the reported ideas to the case of Apple iWatch2. Models of International Expansion The international market consists of abstract elements that management needs to recognize and evaluate. The models for international market screening consist of many different approaches. Researchers in social studies transfer their knowledge into the business field due to behavioural uncertainty in marketing management. Therefore, creation of mental maps to identify the threats and opportunities is one of the methods used in international market screening (Andersen & Strandskov 1998). Cognitive mapping is a powerful tool in international expansion as it provides resources to update obsolete information, create a unified explanation of different characteristics, and arrive at a single decision

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