International market entry strategy analysis with hybrid fuzzy multi-criteria decision-making methods

Purpose Selection of target market entry strategy in the international market significantly affects the success of the company in international markets. The purpose of this study is to analyze international market entry strategy of a Turkish home textile company that has its own brand with hybrid fuzzy Multi-Criteria Decision-Making (MCDM) methods. Design/methodology/approach In the first stage, 5 criteria and 30 sub-criteria were selected with the help of the literature review and the experts working in the company. In the second stage, criteria weights were determined with Fuzzy PIPRECIA (PIvot Pairwise RElative Criteria Importance Assessment) method and in the third stage, the best international market entry strategy was selected using Fuzzy CODAS (Combinative Distance-Based Assessment) method. Findings The top three most important criteria for entering the Gulf countries target market were obtained as Return on investment (C36), Market size (C11) and Financial resources of company (C34). Franchise (A2) was chosen as the most appropriate international target market entry strategy. The same results were obtained using Fuzzy CODAS, Fuzzy TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) and Fuzzy EDAS (Evaluation based on Distance from Average Solution) methods. Research limitations/implications Results depend on the experience and observations of the expert group limited to single textile company. Hybrid model formed with Fuzzy PIPRECIA, Fuzzy CODAS, Fuzzy TOPSIS and Fuzzy EDAS methods provides convenience in deciding international market entry strategy with uncertain and complex information. Practical implications The proposed fuzzy hybrid model is expected to assist managers in selecting international market entry strategy by providing different perspective. Also, policymakers can extend this study to different countries for analyzing differences in international market entry strategies among countries. Social implications To facilitate companies for the selection of international market entry strategy. Originality/value The originality of this study is the application of hybrid approach based on Fuzzy PIPRECIA and Fuzzy CODAS methods in international market entry strategy selection problem of a textile company which includes a large number of criteria and sub-criteria. According to comparative analysis, the same result is obtained with three Fuzzy MCDM methods and sensitivity analysis is applied according to the changes in criteria weights.