Evaluation of international market entry strategies for mineral oil companies using a neutrosophic SWARA-CRADIS methodology

Abstract

Businesses encounter risks when entering new countries, but there are also opportunities. The strategy a business employs when opting to enter a new market is directly tied to its success. In this regard, the study provides an approach for evaluating new market entry strategies for businesses facilitating in the mineral oil sector and manufacturing industries. The approach includes the development of the type 2 neutrosophic step-wise weight assessment ratio analysis (SWARA)-compromise ranking of alternatives from distance to ideal solution (CRADIS) methodology, which aims to solve the problem by determining the candidate strategies and the criteria to be utilized in their evaluation. The findings revealed that market conditions are the most crucial criterion in selecting strategies for mineral oil companies intending to enter new markets. The magnitude and development potential of the new market to be entered, as well as the status of the actors, all have an impact on market conditions, which are critical for businesses. Moreover, foreign direct investment is found to be the best market entry strategy. This strategy arises because businesses aim to maximize the potential in the market they have recently entered, as well as other factors such as government incentives. The study is expected to benefit production enterprises, the mineral oil sector, the marketing field, and the literature by identifying criteria and option sets, finding the importance degrees of the criteria, selecting the ideal entry strategy, and proposing a methodology for handling uncertain data.