Modelling of international market selection process: a qualitative study of successful Australian international businesses

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The importance and need for systematically evaluating and selecting potential foreign markets has been stressed by many researchers, and several models for selecting international markets have been prescribed. If models are simplified pictures of reality, current IMSP models do not pass the test of reality. Further, there has been limited research carried out in Australia on this issue. Using grounded theory methodology, explores how a cross‐section of successful Australian international businesses select their international markets and develops a model based on the findings. The conclusions drawn are: international businesses follow a stepwise IMSP; the first stage of this two‐stage process is based on the evaluation of market size attractiveness which takes into consideration some macro‐ and micro‐economic variables along with some other macro level and firm related variables; and the second stage is based on the evaluation of a market’s structural attractiveness which takes into consideration some cost, structural compatibility, government policy variables, along with some firm related variables.