Slagjana Stojanovska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А – , Skopje, Macedonia
Violeta Madzova
International Balkan University, str. Samoilova 10, Skopje 1000, Macedonia
Biljana Gjozinska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А – , Skopje, Macedonia
DOI: https://doi.org/10.31410/EMAN.2018.952
2nd International Scientific Conference – EMAN 2018 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 22, 2018, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty – Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-11-0
Abstract
In the era of high sophisticated technology, the innovation is recognised as a key driver towards better national competitiveness and economic growth, creating opportunities for better employment and better responding to global social challenges.At the company level however, innovation improves efficiency, boosts company productivity and provides numerous benefits to the consumers. Being identified as a key variable for the importance of demand for innovation, buyer sophistication signals the ability of buyers to select products and services based on performance rather than price. Furthermore, the companies witnessing more sophisticated domestic market are likely to sell products with higher quality and to better understand the customers’ needs and how they perceive the value of the product.
This paper aims to provide a comparative analysis of private demand for innovation in selected ex- YU countries using the two key indicators: “buyer sophistication” and “sales of new-to-market and new-to-firm product innovations for the period 2011-2016. Although sharing the same socio-political and historical background, the analysis of these selected countries show significant descrepancies among their business leaders’ assesemnts about the level of ther customer demand for inivation and business sophistication.
Key words
private demand, buyer sophistication, innovations, value, sales