Criteria for international market selection: insights from experts in Colombia and Ecuador

Abstract

International market selection involves multiple decision-making factors, whose understanding is crucial for business success in the era of globalization. In this sense, the aim of this study is to assess the relevance of some international market selection criteria from a comparative academic perspective between Colombian and Ecuadorian professors, building upon previous research on international market selection criteria. Similarly, a quantitative method was used in this research; in this case the Analytic Hierarchy Process (AHP) was applied to 30 international business expert professors from Colombia and Ecuador. The analysis considered five general factors (Costs, Logistics, Trade Barriers, Economics, and Cultural Environment) and 23 specific sub-factors, evaluated through paired comparisons using a 1-9 scale. A geometric mean was employed to consolidate expert judgments. This research shows Colombian professors prioritized Logistics (0.2377) and Trade Barriers (0.2226), while Ecuadorian professors emphasized Trade Barriers (0.2369) and Logistics (0.2200). Country risk was identified as the most relevant sub-factor by both groups, with weights of 0.1045 and 0.0849 respectively. Cultural Environment and Costs received the lowest ratings in both countries. Therefore, the study reveals significant similarities in academic perceptions between both countries, prioritizing aspects related to medium and long-term business risks over traditionally considered factors such as costs, contributing to the existing literature on international market selection criteria assessment.