An evaluation of the fuzzy attractiveness of market entry (FAME) model for market selection decisions and the related modelling process

Scientific Essay from the year 2015 in the subject Business economics - Operations Research, grade: 74.00/100.00, University of Strathclyde (Strathclyde Business School), course: Foundations of Operational Research and Business Analysis, language: English, abstract: This essay is concerned with a Fuzzy Attractiveness of Market Entry (FAME) model, devel-oped for the Bulgarian winery Vinprom Svishtov (VS). VS had to decide whether to expand two of its wines, a cabernet sauvignon and a chardonnay, into either a regional or a national market (Shipley et al., 2013). The model's purpose was to assist VS's management in deciding whether the firm should expand two wines into a regional or a national market. The success of the modelling exercise discussed in this essay can be assessed from two per-spectives. The first perspective relates to the question whether the model generated satisfactory results given the problem VS faced. The second perspective focuses on potential learning process on the part of VS's management, stimulated through the modelling exercise.