This paper addresses the development of a multi-criteria decision making (MCDM) procedure including a pattern extraction from success and failure of current market introduction to generate a logical framework for target market selection. In addition of covering the gap of comprehensive research in Iran’s domestic dairy market, using combined MCDM methods and grey systems, the main problem this paper tries to solve is the selection of a target market which covers not only the limitations of the company’s current markets but also possesses their advantages. A real-world implementation of the approach is done within a dairy company located in Iran. Considering Tehran, the North, Khuzestan, and West Azerbaijan as the current market, and also Mashhad, Isfahan, Shiraz, and Tabriz as the potential market, Shiraz selected as the best target market through analysis of various criteria. Results show that considering current markets has a big influence on the market ranking procedure.