1. Ljiljana Tanasić, Faculty of Economics Brcko ,
Republic of Srpska, Bosnia and Herzegovina
Contemporary business conditions have caused intensification of competition in almost all business fields, thus making the existence and survival of the market more difficult, especially when it comes to enterprises in transition economies. These enterprises, led by the previous experience, have been focusing their attention solely on controlling and reducing costs in order to strengthen their position on the market, lowering prices in relation to the competition. However, the processes of globalization and internationalization, as well as the development of information technologies are improving the living standard, so now buyers are able to base their shopping decisions on some other factors, too. In this new, extremely dynamic, utterly uncertain, global networking business environment, the buyer gets an honorary role, which calls for the emergence of other, non-traditional approaches that would secure a satisfactory market position. In other words, the concept of the market success QTIC (Quality, Time, Innovation, Costs) is now becoming the requirement for company’s economic viability. The choice of the right strategy which would be focused on the buyer, as well as recognizing the right signals from the market will ‘make’ the company work continuously on improving their business through every segment of the extended value chain. That is because the buyer is not only the goal anymore – but also the integral, central part of the planning, organization and management processes. Precisely for that reason, companies must completely turn to satisfying needs of their customers, while constantly looking for the new ways of lowering costs, improving quality, increasing product reliability, improving the whole delivery system and continuously developing new products which would fit customers’ requests better. All this time they should bear in mind that the most important thing is to keep profitable buyers. Thus, it is important to introduce certain changes to productive and business process. In other words, they need to abandon the previous practice of designing and producing products first and only then taking them out to the market, hoping they will be satisfying to the target group of customers. Today, surviving in the contemporary business environment means that companies first identify requests from current and potential buyers and only then approach to design and production. In this respect, it is essential to adopt and implement adequate strategy ‘at customer’s disposal’ which enables balance between the needs of the company and its buyers. However, a successful realization of this strategy cannot be achieved without the radical change of the traditional priority order of the company’s available resources. Namely, the major force of a contemporary, successful company is the intellectual resource. Delegating responsibility and authorization from the highest to the lowest levels and creating a secure, unique, mutually open, anti-judgmental and stimulating work culture opens the way to the complete ‘exploitation’ of the most valuable competitive weapon of 21st century. This is one of the major requirements for achieving and maintaining competitiveness, and for realization of economic development in a globalized business environment.
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Datum:
07.03.2014.
REDETE 2014 - Researching Economic Development and Entrepreneurship in Transition Economies
