International market selection using fuzzy weighing and monte carlo simulation

Jose Cano, Emiro Campo, Rodrigo Gómez-Montoya

Research output: Contribution to journalArticlepeer-review

9 Scopus citations

Abstract

© 2017, Czestochowa University of Technology. All rights reserved. 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.
Original languageAmerican English
Pages (from-to)40-50
Number of pages11
JournalPolish Journal of Management Studies
DOIs
StatePublished - 1 Jan 2017

Fingerprint

Dive into the research topics of 'International market selection using fuzzy weighing and monte carlo simulation'. Together they form a unique fingerprint.

Cite this