Chapter 2- Selecting international markets

This podcast accompanies Chapter 2 "Selecting international markets" of our textbook. International market selection can be defined as the process of establishing criteria for selecting country markets, classifying them according to the chosen criteria and selecting the markets that should be addressed in internationalization. In this chapter, we offer a normative perspective on the selection of markets along a rational decision-making process. We discuss two approaches: First, a top-down process, in which different country markets are selected along their attractiveness and related risks, and second, a bottom-up approach in which decision-makers start with few international markets and orient the further expansion towards further similar markets. In doing so, we provide in-depth insights into the analytical process of screening and evaluating county markets and offer various toolsets and analysis approaches to tackle the market selection process in practical settings. In addition, we discuss a best practice of market selection at a retailer, which combines ideas of both approaches. Finally, we provide recommendations on the practicalities of the international market selection which involve several more technical or quantitative steps. Keywords: Internationalization, market selection, internationalization motives, portfolio analyses, CAGE framework, cultural distance International Business Strategy and Cross-Cultural Management: An applied approach written by: Nicole Franziska Richter (Professor of International Business at the University of Southern Denmark), Jesper Strandskov (Professor Emeritus of International Business at the University of Southern Denmark), Sven Hauff (Professor of Human Resource Management at Helmut Schmidt University in Germany), Vasyl Taras (Professor of International Business at the University of North Carolina at Greensboro in the US) published by: Edward Elgar Publishing. Link: https://www.e-elgar.com/shop/gbp/international-business-strategy-and-cross-cultural-management-9781839108648.html