THE PRIVATE DEMAND FOR INNOVATION: THE CASE OF EX - YU COUNTRIES
Slagjana Stojanovska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А - , Skopje; Macedonia
Violeta Madzova
International Balkan University, Skopje, Macedonia
Biljana Gjozinska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А - , Skopje; Macedonia
DOI: https://doi.org/10.31410/Balkans.JETSS.2018.1.1.14-21
Slagjana Stojanovska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А - , Skopje; Macedonia
Violeta Madzova
International Balkan University, Skopje, Macedonia
Biljana Gjozinska
Integrated Business Faculty, bul. 3-ta Makedonska brigade, 66А - , Skopje; Macedonia
DOI: https://doi.org/10.31410/Balkans.JETSS.2018.1.1.14-21
Balkans Journal of Emerging Trends in Social Sciences, (2018) , Vol 1, No 1
ISSN: 2620-164X
ISSN: 2620-164X
Abstract: In the era of high sophisticated technology, the innovation is recognized 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 discrepancies among their business leaders’ assessments about the level of their customer demand for innovation and business sophistication.
Keywords: private demand, buyer sophistication, innovations, value, sales
JEL Classification O31
REFERENCES
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 discrepancies among their business leaders’ assessments about the level of their customer demand for innovation and business sophistication.
Keywords: private demand, buyer sophistication, innovations, value, sales
JEL Classification O31
REFERENCES
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- Edler, J. (2011). Innovation in EU CEE: the role of demand based policy, book Challenges for European Innovation Policy: Cohesion and Excellence from a Schumpeterion Perspective (edited by Slavko Radosevic and Ana Kaderabkova), Edward Elgar Publishing
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- OECD (2005). The Measurement of Scientific and Technological Activities; Oslo Manual, Guidelines for Collecting and Interpreting Innovation Data, 3rd Edition. OECD, Statistical Office of the European Communities, Luxembourg.
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