2 THE INTERNATIONAL MARKET SELECTION PROCESSThe market selection process is an important part of deciding whether or not a company should expand abroad. According to Hollensen (2014), market selection is “a formal, structured process of evaluating opportunities leading to the selection of foreign markets in which to compete.” (6, p. 271) Finding the right market to enter is an important decision: (6) • It can be a major determinant of success or failure and we can predict the future of our internationalization ideas. • This decision influences the nature of foreign marketing programs. in the selected countries.• The nature of the geographic location of the selected markets affects the firm's ability to coordinate its foreign operations.Image 1 Potential determinants of the firm's choice of foreign marketsSource: Hollensen, 2014According to the diagram before proceeding with market segmentation, we must think about the business and the environment. Our company Skagen Denmark is at a good level of internationalization and has a lot of experiences abroad, it sells its products in Europe, USA and Asia and we can consider them as an international company. They also have the resources to enter more countries and continue to grow. The watch industry has seen global growth over the past five years, but sales of luxury watches have declined, particularly in China and Europe, due to the global economic recession. Global sales fell 3.6 percent. The biggest buyers of luxury watches still remain Hong Kong and China where 52% of watch production is exported. (2)Image 3 International market segmentationSource: Hollensen, 2014The first step of the market selection model is to select the relevant segmentation criteria; we can choose more types of criteria. We need ...... middle of paper ...... e from: .[3] Euromoney Institutional Investor PLC. Country risk regarding Eurocurrency. 2014. Available from: .[4] European Commission. SWOT analysis. European Commission: 2014. Available on: .[5] FranExcel. Advantages and disadvantages of franchising. 2014. Available from: .[6] HOLLENSEN, S. Global Marketing. Harlow: Pearson Education Limited, 2014. 6th edition. 792 pp. ISBN978-0-273-77316-0.[7] HOLLENSEN, S. Global Marketing: A decision-oriented approach. Harlow: Pearson Education Limited, 2011. 5th edition. ISBN 9780273726227.[8] Skagen Denmark. Skagen Denmark. 2014. Available from: .