The evaluation of target markets for hazelnut exports with the classification approach of potential market alternatives

Abstract

PurposeThe aim of the proposed classification approach of potential market alternatives (CAPMA) is to provide exporting countries with a framework for identifying potential market opportunities for their products or services.Design/methodology/approachIn today's global market conditions, with competition increasing daily, companies, businesses and states must seek new markets at the national and international level. Target market selection is a strategic process that directly affects the success of an organization and can lead to important results in the short and long term. The process requires systematic research and digitization of data to analyse target markets.FindingsThe study tested the proposed approach by analysing Turkey's potential markets for hazelnut exports and identifying new target markets. A significant part of Turkey's hazelnut exporting is confined to the European geography of Turkey, the leading country in hazelnut production and export. Twenty potential markets were evaluated on the basis of 11 criteria, and feasible alternatives were categorized into four classes. The study revealed that the USA, India, the United Kingdom and Japan were in the category of markets with the greatest potential for increasing exports (Dimension 1).Originality/valueThis study has developed a novel approach that allows the comparison of the current market situation with potential market outcomes and creates an accurate classification of target markets.