Book of Abstracts M-Sphere Conference Dubrovnik 2012 by Tihomir Vranesevic

1st International M-Sphere Conference For Multidisciplinarity in Science and Business 1st International M-Sphere Conference

Book of Abstracts Dubrovnik, Croatia 4th - 6th October 2012

M-Sphere Association for Promotion of Multidisciplinarity in Science and Business 1st International M-Sphere Conference For Multidisciplinarity in Business and Science (1st M-Sphere Conference)

Book of Abstracts

Dubrovnik, Croatia 4th â&#x20AC;&#x201C; 6th October 2012

1st M-Sphere Conference, Book of Abstracts. Copyright 2012. All rights reserved. The author is responsible for all of the content that has been published. Printed in Croatia. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in crtitical articles or reviews.

Organized by: M-Sphere (www.m-sphere.com.hr) Hosted by: University of Dubrovnik, Department of Economics and Business Economics, Croatia Publisher: Accent For Publisher: Tihomir Vranešević Editors: Tihomir Vranešević Doris Peručić Miroslav Mandić Boris Hudina

ISBN 978-953-99762-9-1 A CIP catalogue record for this book is available from the National and University Library in Zagreb under 817251

M-SPHERE M-Sphere – Association for Promotion of Multidisciplinarity in Science and Business

MISSION Promote multidisciplinary approach. Promote multidisciplinary approach by encouraging and providing the circumstances to exchange of experiences and ideas from different disciplines, in order to further encourage scientific curiosity in research and practical work, with the aim of achieving positive change in all spheres of science, business and society – respecting multidisciplinary.

OBJECTIVES Acquiring of conditions for achieving a permanent mission of the organization of annual conferences, publishing journals and various forms of education.

VISION Become a focal point of advocacy for multidisciplinary approach in business and society.

GUIDING PRINCIPLE IDEAS WORTH TO SPREAD – RESULTS WORTH TO DISSEMENATE

Committee Members (Alphabetical Order)

SCIENTIFIC COMMITTEE MEMBERS FOR THE CONFERENCE: Professor Ivo Ban

University of Dubrovnik, Croatia

Professor Vesna Babić Hodović

University of Sarajevo, Bosnia and Herzegovina

Professor Antoni Serra Cantallops

Universitad de les Illes Balears, Spain

Professor Stjepan Dvorski

University of Zagreb, Croatia

Professor Leopoldo Gutiérrez Gutiérrez Universidad de Granada, Spain Professor Pablo Gutiérrez Rodríguez

Universidad de León, Spain

Professor Branko Maričić

University of Beograd, Serbia

Professor Jože Mencinger

University of Ljubljana, Slovenia

Professor Božo Mihailović

University of Montenegro, Montenegro

Professor Žarko S. Pavić

University Singidunum Belgrade, Serbia

Professor Dušan Radonjič

University of Maribor, Slovenia

Professor Drago Ružić

University of Osijek, Croatia

Pofessor Ivona Vrdoljak Raguž

University of Dubrovnik, Croatia

Professor Vesna Vrtiprah

University of Dubrovnik, Croatia

ORGANIZING COMMITTEE MEMBERS FOR THE CONFERENCE: Professor Marija Dragičević

University of Dubrovnik, Croatia

Boris Hudina, prof.pscyh.

HDPRO, Croatia

Miroslav Mandić, PhD

University of Zagreb, Croatia

Professor Ivana Pavlić

University of Dubrovnik, Croatia

Professor Doris Peručić

University of Dubrovnik, Croatia

Professor Tihomir Vranešević

University of Zagreb, Croatia

CORRESPONDENCE: Professor Tihomir Vranešević info@m-sphere.com.hr

Program Details Thursday, 4th October 2012 08.00 – 10.00

Conference Registration

10.00 – 10.30

Opening Ceremony / Ofﬁcial Welcome

10.30 – 11.30 Key Note Speech: • MULTIDISCIPLINARITY OF SCIENCES, CURRENT ECONOMICS AND BUSINESS by Professor Soumitra Sharma • THINKING AND ACTING ENTREPRENEURIALLY AS A WAY OF LIFE IN THE MULTIDISCIPLINARY WORLD: A PERSONAL JOURNEY by Gazmend Haxhia 11:30 – 12.30

Coffee Break

12.30 – 14:00 1MS Paper presentations (6 parallel tracks) TRACK 1MS1 ROOM 1 TRACK 1MS2 ROOM 2 TRACK 1MS3 ROOM 3 TRACK 1MS4 ROOM 4 TRACK 1MS5 ROOM 5 TRACK 1MS6 ROOM 6 17.00 – 20.00

Dubrovnik Tour (optional)

20.00 – 23.00

Dinner in Dubrovnik (optional)

Friday, 5th October 2012 10.00 – 11:30 2MS Paper presentations (6 parallel tracks) TRACK 2MS1 ROOM 1 TRACK 2MS2 ROOM 2 TRACK 2MS3 ROOM 3 TRACK 2MS4 ROOM 4 TRACK 2MS5 ROOM 5 TRACK 2MS6 ROOM 6 (POSTER PRESENTATIONS) 11.30 – 12:00

Coffee Break

12.00 – 13:30 3MS Paper presentations (5 parallel tracks) TRACK 3MS1 ROOM 1 TRACK 3MS2 ROOM 2 TRACK 3MS3 ROOM 3 TRACK 3MS4 ROOM 4 TRACK 3MS5 ROOM 5 14:00 – 15:00

Plenary session and conference feedback

20:30 –

Gala Dinner

Saturday, 6th October 2012 Excursion (Dubrovnik Region) 9.30 – 18.30 Note: (Optional) Minimum 25 participants

Contents THURSDAY 04TH OCTOBER 2012

1MS

12.30 AM – 14.00 PM

1MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 1.

POSITION OF SELECTED CEE COUNTRIES IN CONDITIONS OF GLOBAL ECONOMIC IMBALANCE JANA KOTLEBOVÁ

IS THERE A NEED FOR APPLYING A BROADER SET OF CRITERIA FOR EMU MEMBERSHIP – THE ROLE OF UNOFFICIAL EUROISATION VLADIMIR SIMIC

THE EUROPEAN UNION AND INNOVATION POLICY ĽUDMILA LIPKOVÁ

ECONOMIC COMPETITIVENESS IN THE CEE REGION PETRA PLATZ, TAMAS TOTH

THE NEW EU COMMON AGRICULTURE POLICY FOR THE YEARS OF 2014 – 2020. ĽUBICA HARAKAĽOVÁ

1MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 2.

ECONOMIC IMPERIALISM AND LACK OF WILLINGNESS FOR BETTER COOPERATION WITH OTHER SCIENTIFIC DISCIPLINES ALEKSANDAR KESELJEVIC

TRANSDISCIPLINARY CONDITIONS AND CIRCUMSTANCES FOR FINDING SUSTAINABLE DEVELOPMENT SOLUTIONS JANEZ CERAR, BOGOMIR KOVAC

WEALTH, POVERTY AND HAPPINESS IN THE CONTEXT OF THE DIFFICULT CONDITIONS OF THE EARLY 21ST CENTURY DARIA ROZBORILOVÁ INFLUENCE OF GENERAL AND ECONOMIC ANIMOSITY ON CONSUMERS’ PURCHASE INTENTION TOWARDS PRODUCTS FROM FORMER YUGOSLAVIA: AN EMPIRICAL STUDY IN DALMATIA REGION MATEA MATIC STRATEGIC DECISION MAKING AND STRATEGY IMPLEMENTATION IN SMALL AND MEDIUM ENTERPRISES IN CROATIA DOMAGOJ HRUSKA, TOMISLAV BAKOVIC, MARIJA JURCEVIC

1MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 3.

ICT DECISION-MAKING PROCESS IMPROVEMENT: APPLIED SOLUTIONS FOR AUTHORITY DISTRIBUTION RELATED TO STRATEGIC ICT ISSUES MLADEN CUDANOV, IVAN TODOROVIC, IVANA MIJATOVIC, STEFAN KOMAZEC

MODELS FOR MEASURING OF KNOWLEDGE MANAGEMENT AND E-BUSINESS SYSTEMS SUCCESS OTILIJA SEDLAK, MARIJA CILEG, TIBOR KIS, IVANA CIRIC

E-BUSINESS AS A TOOL FOR GAINING STRATEGIC ADVANTAGE IN INSURANCE COMPANIES. THE CASE OF ALBANIA AND MACEDONIA MIMOZA KOTOLLAKU, KLIME POPOSKI, ILIR ELMAZI

vii

QUALITY MANAGEMENT AND INTEGRATED INFORMATION SYSTEM AS SUCCESS FACTORS OF PORT AUTHORITIES DESA RATHMAN, ANA MATULIC

PATIENTS’ BEHAVIOURAL INTENTIONS AND THE INFLUENCE OF SERVICE QUALITY PERCEPTIONS AND CUSTOMER SATISFACTION IN THE ALBANIAN HEALTHCARE INDUSTRY ELSA GEGA, ZHANINA DAPI

1MS4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 4.

YOUTH UNEMPLOYMENT IN THE CRISIS: THE CASE OF CROATIA PERICA VOJINIC, NEBOJSA STOJCIC, MARIJA BECIC

THE FINANCIAL KNOWLEDGE OF ECONOMICS STUDENTS IRIS LONCAR, ZRINKA GOLEMAC

BEHAVIOR OF SECONDARY LEVEL EDUCATION STUDENTS IN VARAZDIN CITY ON FACEBOOK – CASE STUDY ALEN DELIC, MATIJA KAPIC, IVA GREGUREC

INTERDISCIPLINARY HIGHER EDUCATION THE CASE OF CROATIAN HIGHER BUSINESS SCHOOLS LJILJANA BABOGREDAC, MARTA RACIC

JAYSTUDENT EXPERIMENTS IN HIGHER EDUCATION KATALIN JÄCKEL, ZOLTÁN VERES

1MS5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 5.

DEVELOPMENT OF GROUP BUYING IN POLAND EDYTA RUDAWSKA, KRISTINA PETLJAK, IVANA STULEC

MARKET RESEARCH IN FUNCTION OF MARKETING COMMUNICATION ON THE REGIONAL MARKET OF AGROCULTURE: THE CASE OF AGROPORTAL INES KLARIC, DIANA PLANTIC TADIC, MIRJANA BAUTOVIC

POSSIBILITIES FOR DEVELOPMENT OF THE RURAL TOURISM IN HERZEGOVINA DORIS PERUCIC, BLANKA BRADVICA

URBAN TOURISM TOWARDS SUSTAINABLE DEVELOPMENT IVANA PAVLIC, ANA PORTOLAN, MARIJA BUTORAC

THE ROLE OF THE PORT AUTHORITY WITHIN CRUISE DESTINATION MANAGEMENT DESA RATHMAN, KATARINA VAREZ

1MS6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 6.

REVISION OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM) ACCEPTANCE IN CROATIA MIROSLAV MANDIC

SYSTEMS APPROACH TO MANAGEMENT PROBLEMS STJEPAN DVORSKI, VLADIMIR KOVSCA

THE IMPACT OF QUALITY ON CROATIAN MANUFACTURING SMES PERFORMANCE TOMISLAV BAKOVIC,TONCI LAZIBAT, INES SUTIC

PRODUCT PLANNING AS A PHASE OF PRODUCT DEVELOPMENT MANAGEMENT MILAN GASOVIC, DARKO VASELIC, MARIJA BRDARIC

CUSTOMER PERCEIVED VALUE AS A MEDIATOR BETWEEN CORPORATE REPUTATION AND WORD OF MOUTH IN BUSINESS MARKETS MAJA ARSLANAGIC, VESNA BABIC-HODOVIC, ELDIN MEHIC

viii

FRIDAY 05TH OCTOBER 2012

2MS

10.00 AM – 11.30 AM

2MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 1.

ANALYSIS OF MACROECONOMIC FUNDAMENTALS OF V4 COUNTRIES AND THEIR IMPACT ON BOND RISK SPREADS BOZENA CHOVANCOVA, PETER ARENDAS

INTERTEMPORAL APPROACH TO THE BALANCE OF PAYMENT: CASE OF SLOVAK REPUBLIC AND SLOVENIA MARIA VOJTKOVA

DETERMINANTS OF LOAN PRICING FOR CROATIAN BANKS IVAN SVERKO, IVICA PRGA, ZORAN MARTINOVSKI

TRACKING A FINANCIAL BENCHMARK IN INEFFICIENT MARKETS: THE CASE OF BULGARIA BOYAN LOMEV , IVAN IVANOV

OPERATIONAL RISK MANAGEMENT IN BANKS IN SLOVAKIA KATARÍNA ORAVÍKOVÁ PODOLIAKOVÁ

2MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42 ROOM 2.

FOSTERING SUSTAINABILITY THROUGH ENTREPRENEURSHIP IN SOUTH AFRICA: SELECTED CASE STUDIES FELICITE A. FAIRER-WESSELS

ALBANIAN BRANDS- A TOOL TO INCREASE COMPETIVENESS OF LOCAL PRODUCTS: CASE STUDY OF SASA PROJECT IRIS KAZAZI, BLEDI HOXHA, ILIR ELMAZI

EMPLOYMENT OF THE INFRARED SPECTROSCOPY TECHNIQUE FOR DIFFERENT TYPES OF CHEESE CRISTIAN OVIDIU COROIAN, MONICA TRIF, AURELIA COROIAN, VIOARA MIREŞAN, CAMELIA RĂDUCU, STELIAN DĂRĂBAN THE STORY OF THE HUNGARIAN FITNESS SECTOR – FAIRY TALE OR NIGTHMARE? ÁGNES SZABÓ ENTREPRENEURSHIP AND ITS LONG ROAD TO DEVELOPMENT IN BOSNIA AND HERZEGOVINA: AN INSTITUTIONAL APPROACH ZIJAD DZAFIC, ILIJA CORIC

2MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48 ROOM 3.

THE MARKETING OF HIGH-TECH INNOVATION: RESEARCH AND TEACHING AS A MULTIDISCIPLINARY COMMUNICATION TASK RAINER HASENAUER, PETER FILO, HERBERT STÖRI

ATTITUDES OF BUSINESS STUDENTS TOWARDS LEADERSHIP STYLES: CASE OF UNIVERSITY OF DUBROVNIK-CROATIA IVONA VRDOLJAK RAGUZ, MATEA MATIC, BOZENA MILJANIC

EDUCATION FOR ENTREPRENEURSHIP IN PUBLIC ADMINISTRATION MLADEN ILIC

IMPACT OF INOVATION ON CUSTOMER SATISFACTION AND BRAND LOYALTY OF MOBILE PHONES USERS IN MACEDONIA ELFRIDA MANOKU, JOVAN STOJANOSKI, LILJANA ELMAZI

THE LOW LEVEL OF COMPETETIVENESS AS A RESULT OF INADEQUATE IMPLEMENTATION OF BUSINESS LOGISTICS BOZIDAR ROCA, NIKOLA MILICEVIC

2MS4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 4.

DISEASE MANAGEMENT PROGRAM: MULTIDISCIPLINARY APPROACH CASE-STUDY: „DIABETES MANAGEMENT PROGRAM“ ZARKO PAVIC

MILESTONES OF THE DEVELOPMENT OF HUMAN RESOURCE MANAGEMENT IN CENTRAL AND EASTERN EUROPE SONIA FERENCIKOVA

THE IMPACT OF COLLABORATION ON MODERN BUSINESS AIDA HABUL, NERMIN KULDIJA, IRFAN IBROVIC

DIAGNOSIS OF PSYCHOSOCIAL CLIMATE - SUPPORT FOR ORGANIZATIONAL CHANGES BORIS HUDINA

METHODOLOGICAL OBSTACLES FOR IMPROVEING LEVEL OF COOPERATION AMONG ECONOMIC SCINECE, AND DISCIPLINES OF SOCIAL SCINECES RADISLAV JOVOVIC, SANDA SENIC

2MS5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ANALYSIS OF USE OF TOURIST BOARD WEB SITES IN THE REPUBLIC OF CROATIA IVAN RUZIC, ANTUN BILOS, IVAN KELIC

ROOM 5. 62

THE ROLE OF INFORMATION SOURCES IN POSITIONING TOURIST DESTINATION OF MONTENEGRO DARKO LACMANOVIC

TOURIST OFFER IN THE FUNCTION OF SATISFACTION AND LOYALTY - THE CASE OF THE ISLAND MLJET IVANA PAVLIC, ANA PORTOLAN, LUCIJA HAJDIC

BENCHMARKING EFFECTS IN TOURISM BUSINESS VIZJAK ANA, MAJA VIZJAK, JASNA LASINGER

LOCAL RESIDENTS ATTITUDES OF DUBROVNIK AS A CULTURAL DESTINATION BARBARA PUH

2MS6 POSTER PRESENTATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ROOM 6.

THE INFLUENCE OF WIVES IN THE TOURISM DECISION PROCESS KRISZTINA ARPASI

IMPORTANCE OF BRAND ARCHITECTURE STRATEGY IN REPOSITIONINIG PROCESS ANA MULOVIC, TIHOMIR VRANESEVIC

SELF-PROMOTION ACTIVITIES OF ADVERTISING AGENCIES IN CROATIA AND COMPARISON BETWEEN AGENCIES IN TRANSITIONAL AND DEVELOPED COUNTRIES IRENA PANDZA BAJS, KRISTINA OZIMEC

CONCEPT OF BRAND IN MONTENEGRIN SERVICE INDUSTRY LUKA B. USKOKOVIC

VOLUNTEERS AND NONPROFIT SECTOR IN ALBANIA XHILIOLA AGARAJ (SHEHU), ELENICA PJERO

PUBLIC GOVERNING IN THE CONTEXT OF QUALITY AND TRANSITION ZVONKO NOVOSEL DOLNJAK

ADVERTISING IN THE EUROPEAN UNION MARKET – DO’S AND DON’TS IN MISLEADING AND COMPARATIVE ADVERTISING OLIVERA JURKOVIC MAJIĆ, HELENA MAJIC

ANALYSES OF IMAGE RESEARCH IN CROATIA DIANA PLANTIC TADIC, MAJA DAWIDOWSKY MAMIC

NATIONAL SYSTEM OF INNOVATION AND COMPANIES’ COMPETITIVENESS: INTERNATIONAL EXPERIENCE AND RUSSIAN TRENDS TATIANA G. FILOSOFOVA, TATIANA A. LANSHINA

FRIDAY 05TH OCTOBER 2012

3MS

12.00 AM – 13.30 PM

3MS1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE EU FINANCIAL AND ECONOMIC CRISES – A NEED FOR A MULTIDISCIPLINARY APPROACH ANDREJ KUMAR, VINKO KANDZIJA DISTORTING EFFECTS OF TAXATION ON ASSETS AND SOURCES OF FINANCE: EFFECTIVE TAX RATES IN THE CZECH REPUBLIC IN THE YEARS 2000 – 2010 JAROSLAVA HOLECKOVÁ DETERMINANTS OF CROATIAN MONEY SUPPLY TONCI SVILOKOS ECONOMIC TRANSACTION WITH THE WORLD – EXTERNAL AND INTERNAL BALANCE OLIVERA BAIC

ROOM 1. 78

79 80

COMPARISONS OF COMMODITY AND EQUITY MARKET DUSAN BARAN, MARTIN RANUSA

3MS2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . STRATEGIC BRAND ANALYSIS IN DESTINATION IDENTITY CONTEXT - A CASE STUDY OF ALBANIA SAIMIR SUMA, KRESHNIK BELLO MARKET RESEARCH AS THE BASIS FOR BRAND MANAGEMENT MARIN PUCAR PERCEPTION OF PRIVATE LABELS IN THE GROWTH PHASE OF THE PRODUCT LIFE CYCLE SANDRA HORVAT

ROOM 2. 84 85

ROLE OF BRAND IMAGE “DORINA” IN CREATING CUSTOMER LOYALTY KORNELIJA KOVACIC, JADRANKA IVANKOVIC, DIANA PLANTIC TADIC

THE KEY SPECIFICITIES OF BRANDING IN AREA SERVICING RATIMIR JOVICEVIC

3MS3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CRISIS MANAGEMENT IN TOURISM ANĐELA JAKSIC STOJANOVIC

ROOM 3. 90

TOWARDS THE SUSTAINABLE TOURISM DEVELOPMENT PLANNING IN THE TOURISM DESTINATION IN THE INVOLVEMENT STAGE IVANA PAVLIC, ANA PORTOLAN, LJUBICA MISKOVIC

CARRYING CAPACITY AS AN IMPORTANT FACTOR FOR THE DEVELOPMENT OF SUSTAINABLE CRUISE TOURISM IN DUBROVNIK IVO BAN, VESNA VRTIPRAH

SPORTS AND RECREATION ACTIVITIES AND TOURISM ZLATKO VERUNICA, MAJA VIZJAK

HEALTH AND SPA TOURISM: TRENDS IN SOUTH TRANSDANUBIA IN ECONOMIC DEVELOPMENT AND QUALITY OF LIFE TERMS MÁRTA BAKUCZ, ALEXANDRA FLINK, ÁRON KOVÁCS

3MS4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94 ROOM 4.

APPLICATION OF MUNDELL-FLEMMING MODEL IN CONDITIONS OF EUROZONE COUNTRIES FROM FISCAL PERSPECTIVE MARIA VOJTKOVA , RICHARD ĎURECH

LIQUIDITY MANAGEMENT IN TIMES OF CRISIS IN THE EURO AREA LUCIA KOZMOVA

THE POSSIBILITIES OF INTRODUCING SECURITIZATION ON THE FINANCIAL MARKETS ADNAN ROVCANIN, ADNA MATARADZIJA, AMRA MATARADZIJA

VENTURE CAPITAL – FORM OF FINANCING BLAZENKA EROR MATIC, TOMISLAV GELO

AN OUT-OF-SAMPLE ASSESSMENT OF THE EFFICACY OF CURRENCY BOARDS IN EUROPEAN TRANSITION ECONOMIES PETYA MIHAYLOVA, NUMAN ÜLKÜ

3MS5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100 ROOM 5.

AGE IN SHOPPING BEHAVIOUR DAGMAR LESAKOVA

102

ETHICAL CONSUMER BEHAVIOUR IN MARKETING RUZICA KOVAC ZNIDERSIC, DRAZEN MARIC, SUZANA SALAI, ALEKSANDAR GRUBOR

103

THE INFLUENCE OF BACKGROUND MUSIC ON THE MOOD AND PURCHASING INTENTIONS OF CONSUMERS IN SERVICES ORGANIZATIONS IN DUBROVNIK IVANA RAKIDZIJA, MARIJA DRAGICEVIC

104

SPECIFICS OF MARKETING STRATEGY IN THE SEGMENT OF HIGH FASHION RUZICA BUTIGAN, ALICA GRILEC KAURIC, DARKO UJEVIC

105

COMMUNICATIONS MODEL OF A SOCIALLY RESPONSIBLE CORPORATION MAJDA TAFRA-VLAHOVIC

106

THE PERCEPTION, ATTITUDES AND BEHAVIOUR OF ZAGREB`S TEENS TO APPAREL BRANDS AND THEIR LOYALTY - ARE ZAGREB`S TEENS “CRAZY” ABOUT CLOTHING BRANDS? MAJA STRACENSKI KALAUZ, TIHOMIR VRANESEVIC, MIROSLAV TRATNIK

INDEX OF AUTHORS

107

109

xii

THURSDAY 04TH OCTOBER 2012

1MS1 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 1

1st

In tern a tio n a l

M - Sp h e r e

C o n f e r e n c e

POSITION OF SELECTED CEE COUNTRIES IN CONDITIONS OF GLOBAL ECONOMIC IMBALANCE JANA KOTLEBOVÁ

ABSTRACT Since 21st century global economy has been exposed to various negative shocks. Due to higher degree of internationalization and liberalization, economic crises are often consequences of global imbalance created by single economies which spills over economies in form of various shocks. Problems which occur during this process affect not only developing but also developed countries. The main goal of this paper is to assess position of selected CEE countries in the current state of world economy. Our analysis is oriented at evaluation of development of balance of payments current account and terms of trade. We analyse in detail relationship between savings and investment with its effect on public finance sector and stability of financial system as a whole. Assessment of potential risks and threats to future economic development and recovery of global stability that could possibly disrupt return to economic growth are at the core of our analysis. KEY WORDS: Global imbalance, Crisis, CEE countries. NB: This contribution is the result for the project implementation Creating excellence in economic research department for addressing the challenges of civilization in the 21st century (ITMS 26240120032) supported by the Research & Development Operational Programme funded by the ERDF (50 %) and the project VEGA 1/0613/12 The intensity of the relationship between financial sector and real economy as a source of economic growth in Slovakia in the post-crisis period (50%). DETAILS ABOUT AUTHOR: JANA KOTLEBOVÁ ASSOC. PROF. ING., PHD. FACULTY OF NATIONAL ECONOMY, UNIVERSITY OF ECONOMICS IN BRATISLAVA BRATISLAVA, SLOVAKIA jana.kotlebova@euba.sk

B o o k

o f

A b s tr a c ts

IS THERE A NEED FOR APPLYING A BROADER SET OF CRITERIA FOR EMU MEMBERSHIP – THE ROLE OF UNOFFICIAL EUROISATION VLADIMIR SIMIC

ABSTRACT The project of a single European currency has been the subject of much controversy since its very beginnings. This enormous experiment has to date remained a hot issue in both academic and policy circles, especially nowadays when questions of the euro future are considered very seriously. Given this it seems a bit surprising to see a number of the EU member states still dedicated to adopting the euro in near future. The countries wishing to enter the EMU have to fulfil the Maastricht criteria. Notwithstanding the recent worries and assuming that the euro will survive, this paper critically assesses the appropriateness of the Maastricht criteria and proposes that in the case of countries from Central and Eastern Europe an additional weight be given to unofficial euroisation which may have important consequences for the conduct of monetary and exchange rate policy. Therefore there is a need to explore its implications for the official introduction of the euro. This topic has been generally neglected in the literature and this paper fills this gap by investigating the need that the convergence criteria be modified in case of the euroised economies. These considerations are empirically explored using the case of Croatia. KEY WORDS: Unofficial euroisation, Maastricht criteria, monetary integration. DETAILS ABOUT AUTHOR: VLADIMIR ŠIMIĆ RESEARCH ASSISTANT FACULTY OF ECONOMICS SPLIT, UNIVERSITY OF SPLIT SPLIT, CROATIA vsimic@efst.hr

1st

In tern a tio n a l

M - Sp h e r e

C o n f e r e n c e

THE EUROPEAN UNION AND INNOVATION POLICY ĽUDMILA LIPKOVÁ

ABSTRACT Innovation and the European Union, innovation in most developed countries of the world, comparative analysis of the situation in innovations and the position of the European Union, EU Member States and the implementation of innovations, the four groups of countries and the success in innovation, the Lisbon strategy and the competitiveness of the European Union, Strategy 2020, the European Union lagging behind in innovation, instruments of the European Union innovation policies, Competitiveness and Innovation Framework Programme - CIP, the European Institute of Innovation and Technology based in Budapest. KEY WORDS: Innovation, competitiveness, instruments of EU innovation policy. DETAILS ABOUT AUTHOR: ĽUDMILA LIPKOVÁ UNIVERSITY OF ECONOMICS IN BRATISLAVA FACULTY OF INTERNATIONAL RELATIONS DEPARTMENT OF INTERNATIONAL ECONOMIC RELATIONS AND ECONOMIC DIPLOMACY DOLNOZEMSKÁ 1, 852 35 BRATISLAVA SLOVAKIA lipkova@euba.sk

B o o k

o f

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ECONOMIC COMPETITIVENESS IN THE CEE REGION PETRA PLATZ TAMAS TOTH

ABSTRACT By the writing of this study we had an objective to set up a model which is able to explain the location decisions in the Central and Eastern European region. As an initial presumption we have connected the local capital flow to the regional competitiveness and have analized the location factors behind the decision makings. After uncovering the theoretical background we set up a 6 factors model which consists of the industrial traditions, business environment, labor market, taxation, infrastructure and local supplier network. As a final conclusion we have tried to set a ranking with the 10 analized countries. The purpose of our study is to identify the economic indicators which are able to infuence the industrial location decisions. The focus of the analyzes is on the Central and Eastern European region compared to the control group the developed Western European German and Austrian markets. In the first part of the study we build up a general competitiveness report among the regional countries which basis is the stock and flow of yearly foreign direct invested money. After collecting these macroeconomic details we tried to collect the location indicators and set up a model that explains the flow of capital. Excepted the industrial traditions and local supplier network we could provide general economic figures but in this two areas we had to choose a leading industrial sector. We have choosen the automitive industry because beside its leading position it has a tight connection to the German and Austrian market and has a huge contribution to the regional economic performance. KEY WORDS: Capital flow, Location indicators, Regional development level. DETAILS ABOUT AUTHORS: PETRA PLATZ ECONOMIC TEACHER DEPARTMENT OF MARKETING AND MANAGEMENT platz@sze.hu TAMAS TOTH PHD STUDENT DEPARTMENT OF ECONOMIC ANALYSES tamas.toth@sze.hu BOTH AUTHORS: SZĂ&#x2030;CHENYI UNIVERSITY GYĹ?R, HUNGARY

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THE NEW EU COMMON AGRICULTURE POLICY FOR THE YEARS OF 2014 – 2020. ĽUBICA HARAKAĽOVÁ

ABSTRACT Common agriculture policy of European Union has been going through many reforms that were supposed to eliminate its financial demands on EU budget. The new EU CAP shape for years of 2014 – 2020 is supposed to bring some changes of tools regarding its funding in the CAP I. and II. Pillars. Rural development still remains the CAP priority while the multifunctional agriculture status will be underlined. The final CAP shape should be adopted at the end of 2012. For the new member countries that joined the EU after 2004 the new CAP shape should bring less discriminating conditions within the CAP financial support access. The task of a new CAP shape will be to achieve the EU food security while the food health incorruptness will be saved, to prevent climate changes, achieve adequate agriculture community life standard and protect rural areas displacement. The new CAP assumes the new European farmer´s look who will be taking care of small farm, will be young and will meet the environmental measures. KEY WORDS: Common agriculture policy, Rural development, Tools of CAP, Financial framework, Multifunctionality of agriculture. DETAILS ABOUT AUTHOR: ĽUBICA HARAKAĽOVÁ BURSOR OF UNIVERSITY TRENČÍN UNIVERSITY OF ALEXANDER DUBČEK, FACULTY OF SOCIAL - ECONOMIC RELATIONS TRENČÍN, SLOVAKIA lubica.harakalova@tnuni.sk

1MS2 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 2

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ECONOMIC IMPERIALISM AND LACK OF WILLINGNESS FOR BETTER COOPERATION WITH OTHER SCIENTIFIC DISCIPLINES ALEKSANDAR KESELJEVIC

ABSTRACT The unity of introductory economics textbooks, academic programmes, articles in reputable professional academic journals and the increasing influence on the key economic policy decisions illustrate the high level of domination of the neoclassical school within economics. Author argues that neoclassical school has consolidated its monopoly position within economics mainly by dictating strict methodological rules. Institutional divisions in the scientific community and especially the desire for application of neoclassical methodological approaches led also to strong intrusions of economics into other traditionally non-economic fields (economic imperialism). Author believes that neoclassical economics, with its positivistic methodological apparatus and uncompromising forays into other fields, is effectively destroying the foundations for more fruitful cooperation with other scientific disciplines. With such uninvited advances into other scientific fields, economics clearly and unambiguously presents its lack of interest in more interdisciplinary approaches that would allow deeper understanding of today’s problems and the real economy. KEY WORDS: methodological normativism, economic imperialism, postmodern holism. DETAILS ABOUT AUTHOR: ALEKSANDAR KEŠELJEVIĆ ASSISTANT PROFESSOR FACULTY OF ECONOMICS, UNIVERSITY OF LJUBLJANA SLOVENIA saso.keseljevic@ef.uni-lj.si

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TRANSDISCIPLINARY CONDITIONS AND CIRCUMSTANCES FOR FINDING SUSTAINABLE DEVELOPMENT SOLUTIONS JANEZ CERAR BOGOMIR KOVAC

ABSTRACT Main current sustainable development global problems, like uneven income distribution, overpopulation, neo-imperialism, destruction of ecosystems, lack of human development vision, enforced destructive way of living, etc., cannot be adequately tackled from the content of specific individual disciplines. Moreover, integrated systems solutions cannot be achieved through the simple accumulation of different views. Social and natural science disciplines could be conceptually in contradiction. New concepts beyond disciplines are required otherwise also solutions could be in contradiction. Up till now, progress in finding solutions has been very slow. The public is becoming increasingly aware that the mainstream political and economic mechanisms are unable to provide effective solutions. Transdisciplinarity is a new way of thinking and understanding of complex systems problems, since it crosses borders of separated and isolated disciplines. Holistic and unified knowledge can cope with complex global sustainable development problems. The goal of the paper is to integrate the concept of sustainable development with the concept of transdisciplinarity. The paper proposes new models for establishing necessary Conditions and Circumstances for developing and implementing new holistic sustainable development vision and goals. Before focusing on specific sustainable development systems solutions, transdisciplinary Conditions and Circumstances have to be met. Hence, development of an ability to deal with transformations is critically needed. KEY WORDS: Sustainable Development, Transdisciplinarity, Vision, Complexity, Holism. DETAILS ABOUT AUTHORS: MAG. JANEZ CERAR AUTONOMOUS AND INDEPENDENT RESEARCHER TESLOVA ULICA 24A, 1000 LJUBLJANA, SLOVENIA cerar_janez@hotmial.com RED. PROF. DR. BOGOMIR KOVAČ PROFESSOR UNIVERSITY OF LJUBLJANA, FACULTY OF ECONOMICS KARDELJEVA PLOŠČAD 17, 1000 LJUBLJANA, SLOVENIA bogomir.kovac@ef.uni-lj.si

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WEALTH, POVERTY AND HAPPINESS IN THE CONTEXT OF THE DIFFICULT CONDITIONS OF THE EARLY 21ST CENTURY DARIA ROZBORILOVÁ

ABSTRACT Wealth, poverty and happiness, as well as their interdependencies, respectively the mutual interrelations have attracted the interest of philosophers, economists, psychologists, sociologists, but also scientists from other disciplines, politicians and policy makers. The beginning of 21st is associated with the formation of new economies. The formation of new economies presents very complex, dynamic and costly process which, moreover, takes place in conditions of strong globalization trends as well as in conditions of the global financial and economic crisis. The beginning of 21st century is associated with continued deepening polarization within individual countries, regions, but also in global context. This strengthens the position of a minor elite, weakens the position of the middle class and increasing number of people who are at risk of poverty. Complexity of the conditions requires special attention. The aim of the paper is to contribute to the ongoing debate about the need for a new perception wealth, poverty and happiness, the need to respect their mutual relations and compliance, the need to identify the causes of having to change their perceptions and the consequences of these changes. On the basis of generalization of acquired theoretical and empirical knowledge to identify the possible alternatives for further development, that will correspond with the needs of the formation of new economies in the difficult conditions in the early 21st century. The processing of the issues supposes the application of a multidisciplinary approach. A multidisciplinary approach is based mainly on knowledge of economics, sociology, positive psychology, political science. To check the hypothesis that there is a relationship and conditionality between wealth, poverty and happiness we use a wide spectrum indicators on the example of the EU. KEY WORDS: Wealth, Poverty, Happiness, New economy, Polarization, Minor elite. NB: The paper was elaborated within the project VEGA No. 1/0174/11 Determinants of forming the Knowledge Economy in the Context of the New Economic Strategy “Europe 2020” and within the framework of the OPV and V called A creating of excellent economic research for solving the civilizational challenges in the 21st century (ITMS 26240120032). We support the research activities in Slovakia. Project is financed by the EU. DETAILS ABOUT AUTHOR: DARIA ROZBORILOVÁ ASSOCIATE PROFESSOR NÁRODOHOSPODÁRSKA FAKULTA UNIVERSITY OF ECONOMICS, BRATISLAVA BRATISLAVA, SLOVAKIA daria.rozborilova@euba.sk

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INFLUENCE OF GENERAL AND ECONOMIC ANIMOSITY ON CONSUMERS’ PURCHASE INTENTION TOWARDS PRODUCTS FROM FORMER YUGOSLAVIA: AN EMPIRICAL STUDY IN DALMATIA REGION MATEA MATIC

ABSTRACT Globalization and international tensions have led to serious conflicts between countries creating different forms of intolerance. One of these forms is the concept of consumer animosity that refers to negative attitudes towards products from specific country. The purpose of this paper is to examine the influence of general and economic animosity on consumers’ purchase intentions towards products from former Yugoslavia in the Dalmatian region, Croatia. The research instrument was a questionnaire and the data were collected through personal interviews on a sample of 201 respondents in Dalmatian. Factors analysis and Spearman correlation coefficient were used to test the research hypothesis. Results indicate there is a moderately strong correlation between general animosity and consumers’ purchase intentions towards products from former Yugoslavia. Results also indicate that there is moderately stronger correlation between economic animosity and consumers’ purchase intentions towards products from former Yugoslavia. Assuming that consumers from Dalmatian prefer domestic-made products, this paper reveals their negative attitudes towards product from former Yugoslavia. KEY WORDS: consumer animosity, general animosity, economic animosity, purchase intention, Dalmatian region. DETAILS ABOUT AUTHOR: MATEA MATIC, PhD SENIOR ASSISTENT UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS DUBROVNIK, CROATIA matea.matic@unidu.hr

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STRATEGIC DECISION MAKING AND STRATEGY IMPLEMENTATION IN SMALL AND MEDIUM ENTERPRISES IN CROATIA DOMAGOJ HRUSKA TOMISLAV BAKOVIC MARIJA JURCEVIC

ABSTRACT Small and medium enterprises (SME) are major drivers of today’s developed economies. This paper investigates how managers of these companies can make better decisions and implement them in turbulent economic context. We propose that in their strategic management process SME should use different strategic tools than in large companies. Primary goal of the paper is to investigate major differences between usage of balanced scorecard tool of strategic decision making in large companies and in SME. Focal point is on major disparities between individual and organizational differences in sense-making processes. KEY WORDS: organizational differences, strategic decision, strategy implementation, SME’s. DETAILS ABOUT AUTHORS: DOMAGOJ HRUŠKA, PH.D. ASSISTANT dhruska@efzg.hr TOMISLAV BAKOVIĆ, PH.D. ASSISTANT PROFESSOR dbakovic@efzg.hr MARIJA JURČEVIĆ ASSISTANT mjurcevic@efzg.hr ALL AUTHORS: UNIVERSITY OF ZAGREB FACULTY OF ECONOMICS & BUSINESS ZAGREB, CROATIA

1MS3 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 3

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ICT DECISION-MAKING PROCESS IMPROVEMENT: APPLIED SOLUTIONS FOR AUTHORITY DISTRIBUTION RELATED TO STRATEGIC ICT ISSUES MLADEN CUDANOV IVAN TODOROVIC IVANA MIJATOVIC STEFAN KOMAZEC

ABSTRACT This paper aims to illustrate theoretical concepts of ICT related decisions delegation. Different authors agreed that certain decisions connected to ICT in organization should not be delegated. Those decisions will be considered as the benchmarking attributes in order to suggest improvement of the ICT decision-making process. Benchmarking attributes were identified by observing previous theoretical research and analyzing several case studies. The description of strategic decision making in major company from Serbia, which is the example of successful integration of ICT and business, is also included. This provides the insight into the common elements of the process of making strategic decisions connected to ICT in different organizations. Main contribution we aim to give with this paper is the confirmation of novel theories in ICT/management intersection and practical guidelines for managers concerning such issues. KEY WORDS: ICT, organization, strategy, decision making, benchmarking. DETAILS ABOUT AUTHORS: MLADEN ČUDANOV ASSISTANT PROFESSOR mladenc@fon.rs IVAN TODOROVIĆ TEACHING ASSOCIATE ivan.todorovic@fon.bg.ac.rs IVANA MIJATOVIĆ ASSOCIATE PROFESSOR ivana.mijatovic@fon.bg.ac.rs STEFAN KOMAZEC TEACHING ASSOCIATE komazec@fon.bg.ac.rs ALL AUTHORS: FACULTY OF ORGANIZATIONAL SCIENCES, UNIVERSITY OF BELGRADE BELGRADE, SERBIA

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MODELS FOR MEASURING OF KNOWLEDGE MANAGEMENT AND E-BUSINESS SYSTEMS SUCCESS OTILIJA SEDLAK MARIJA CILEG TIBOR KIS IVANA CIRIC

ABSTRACT The resulting model of the measurement of knowledge management system success is used to classify the abundant variables described in a large number of empirical studies and comprises six components. On the basis of some resources and on the basis of this literature review, the DeLone/McLean model for information system (IS) success measurement is selected and discussed. We also give a figure to show that the six categories are interrelated and describe a process view of knowledge management success, a series of constructs which include temporal and casual influences in determining success. The clear structuring of the measures and especially the interrelationships hypothesized in DeLone/McLean model have been subject to repeated criticism. Finally some critics are reviewed and developed of extensions to this model. We have extended the original DeLone/McLean model, respecified parts of the interrelationships, and even presented alternative models that follow an entirely different logic. The new model allows for a much more comprehensive analysis of independent factors influencing knowledge management system success and takes into account most of critique directed at the original DeLone/McLean model. KEY WORDS: Knowledge Managemet, Quality, Competences, e-economy. DETAILS ABOUT AUTHORS: OTILIJA SEDLAK ASSOCIATE PROFESSOR otilijas@ef.uns.ac.rs MARIJA ČILEG FULL PROFESSOR mcileg@ef.uns.ac.rs TIBOR KIŠ FULL PROFESSOR tkis@ef.uns.ac.rs IVANA ĆIRIĆ PhD STUDENT czoran@ef.uns.ac.rs ALL AUTHORS: FACULTY OF ECONOMICS SUBOTICA, UNIVERSITY OF NOVI SAD SUBOTICA, SERBIA

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E-BUSINESS AS A TOOL FOR GAINING STRATEGIC ADVANTAGE IN INSURANCE COMPANIES. THE CASE OF ALBANIA AND MACEDONIA MIMOZA KOTOLLAKU KLIME POPOSKI ILIR ELMAZI

ABSTRACT Nowadays e-Business is reality on every line of business. In Insurance business the use of e-Business solutions has been more conservative and moderate than on many other areas. This is partly a result of strict legislative control and public regulation. After 2000 when the first Albanian and Macedonian insurance company opened its www-sites the development has, however, been continuous. At the beginning the focus of the Internet services provided by insurance companies was on information-based services. Since then insurance companies have moved to create and pro-vide also interactive services in the Internet. The reason behind this development is e.g. cut-ting costs, speeding up transactions and service, better accessibility and other benefits (see Ahonen 2002). At the moment it is possible to buy some simple insurance services, such as travel insurance, via Internet, but so far full line of insurance cover is not available (See Järvinen et al. 2001; Ahonen 2002). However, many insurance companies have prioritised business-to-business Web-facilities that enable corporate customers to update their insurance cover, seek claim compensation and to get information via Internet. The insurance industry has faced considerable problems as the complexity of identifier system has hindered the increase of electronic transactions. This concerns especially large companies (Ahonen 2002). From the consumers´ perspective, electronic insurance services are not yet as developed as business-to-business services. Järvinen et al. (2001) have shown that consumers perceive electronic insurance services difficult to handle and sometimes obscure too. The small and medium sized companies are facing the same problems. Therefore, one of the main challenges in the future is to simplify electronic systems in order to get consumers and smaller companies as e-Customers. KEY WORDS: e-business, insurance companies, strategic advantage, Albania, Macedonia. DETAILS ABOUT AUTHORS: MIMOZA KOTOLLAKU, MA UNIVERSITY OF ELBASAN, FACULTY OF ECONOMY, ALBANIA KLIME POPOSKI, PhD PRESIDENT OF THE COUNCIL OF EXPERT INSURANCE SUPERVISION AGENCY, MACEDONIA ILIR ELMAZI, MBA, FINANCIAL AND ECONOMIC DIRECTOR VIENNA INSURANCE GROUP, ALBANIA - KOSOVO AND MACEDONIA ALBANIA

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QUALITY MANAGEMENT AND INTEGRATED INFORMATION SYSTEM AS SUCCESS FACTORS OF PORT AUTHORITIES DESA RATHMAN ANA MATULIC

ABSTRACT Port Authority as a non-profit institution established to manage the port. Within the national port system its business process is determined by its formal background. The quality management system as a subsystem of the organization management improves its performance by directing the actions of all elements towards the purpose and objectives of the organization. In the case of port authority, the business purpose is management of the public maritime domain for optimal results in the terms of social benefit. Although such business purpose is a detachment from strictly economic market principles as the basis for the formation of the objectives, it involves, as one of the most important, the principle of creating added value. In relation to profit organization, the principle of creating is redefined through relationship with the stakeholders, where the public comes both as user and as owner. Quality management as a philosophy induced by modern, highly dynamic conditions of globalization aims to design business systems capable of continuous improvement and sustainability. The information system has to be designed in order to allow the creation of adequate information base that is understandable, accessible and usable to all levels of decision making. The interaction between the information system and the quality management system is of the crucial importance as it backups the functionality of the information system, and provides the conditions for long term, successful and sustainable management of the organization. KEY WORDS: information system, quality management system, continual improvement, organization, business process. DETAILS ABOUT AUTHORS: DEŠA RATHMAN, M.SC. ADVISER FOR COMMERCIAL AND OPERATIVE AFFAIRS AND DEVELOPMENT PORT AUTHORITY OF DUBROVNIK, DUBROVNIK dpa.desa@portdubrovnik.hr ANA MATULIĆ, B.SC. HEAD OF THE PRINCIPAL OFFICE PORT AUTHORITY OF SPLIT, SPLIT ana.matulic@portsplit.com

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PATIENTS’ BEHAVIOURAL INTENTIONS AND THE INFLUENCE OF SERVICE QUALITY PERCEPTIONS AND CUSTOMER SATISFACTION IN THE ALBANIAN HEALTHCARE INDUSTRY ELSA GEGA ZHANINA DAPI

ABSTRACT The primary objective of this study was to measure patients’ perceptions of service quality and customer satisfaction with a private hospital experience and to estimate the effect that each of these constructs will have on future behavioural intentions. More specifically, the present study was an attempt to assess empirically the most important dimensions of service quality and transaction-specific customer satisfaction dimensions that drive both patient loyalty and ‘overall’ or cumulative satisfaction in the Albania private hospital industry. For the purpose of this study, buying intentions was used as a surrogate measure of loyalty as measured by willingness to reuse the hospital and/or willingness to recommend it to others (word-of-mouth endorsements). Initial exploratory research was conducted with the aim of assessing the views of three private hospital stakeholder groups, namely former patients, doctors and management about what the quality of service and customer satisfaction meant to each individual interviewed. The study was conducted nationally at private hospitals owned by one of Albania’s three major hospital groups. Five private hospitals in capital of Albania, Tirana were selected on a non-probability convenience basis to participate in the study. The hospital group’s senior management and the management at each selected hospital gave their full commitment to ensure that the survey was successfully conducted in their hospital wards. Data were collected by means of a quantitative study using a selfadministered, structured questionnaire. Patients had to meet certain qualifying criteria which included being of adult age, in the hospital for an operation and at least one overnight stay. A total of 300 questionnaires was distributed to patients on a random basis in selected wards at the five hospitals by senior hospital staff designated for this task. From this distribution, 285 questionnaires were returned of which a final sample of 300 could be statistically analysed. KEY WORDS: Service quality, Customer satisfaction, ‘Overall’ cumulative satisfaction, Loyalty, Buying intentions, repurchase, Private hospitals, Albania. DETAILS ABOUT AUTHORS: ELSA GEGA PHD/CANDIDATE ECONOMIC FACULTY, ELBASAN Albania elsagega19@hotmail.com ZHANINA DAPI MASTER TIRANA BANK, TIRANE, ALBANIA 18

1MS4 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 4

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YOUTH UNEMPLOYMENT IN THE CRISIS: THE CASE OF CROATIA PERICA VOJINIC NEBOJSA STOJCIC MARIJA BECIC

ABSTRACT The global crisis increased unemployment, one of the most pressing economic and social problems, in almost all European countries. Especially hit by the crisis was the young population with youth unemployment rates growing faster than adult ones: from 2008 to 2011 in some EU countries youth unemployment increased even by twenty percentage points. Croatia experienced similar labour market situation with almost one-third of young people unemployed in 2010 and 2011. Young people find it difficult to find a job due to the lack of specific human capital components stemming from the lack of experience. Consequently, likelihood of subsequent unemployment and transition to long term unemployment rises. High share of unemployed young people indicates underutilisation of the national workforce which can trigger a vicious circle of poverty and social exclusion. On the basis of the Labour Force Survey data, the aim of this paper is to explore the incidence and determinants of Croatian youth unemployment in the crisis using binary logit model. Several variables representing characteristics of unemployed will be included in the analysis such as gender, marital status, level and area of education, level of urbanisation and number of persons in household. The results of regression suggest that there is a higher probability of being unemployed for women and unmarried individuals with lower level of education. KEY WORDS: youth unemployment, education, binary logistic model. DETAILS ABOUT AUTHORS: PERICA VOJINIĆ, PhD SENIOR ASSISTANT perica.vojinic@unidu.hr NEBOJŠA STOJČIĆ,PhD SENIOR ASSISTANT nebojsa.stojcic@unidu.hr MARIJA BEČIĆ, MA ASSISTANT marija.becic@unidu.hr NB: Corresponding author ALL AUTHORS: UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS DUBROVNIK, CROATIA

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THE FINANCIAL KNOWLEDGE OF ECONOMICS STUDENTS IRIS LONCAR ZRINKA GOLEMAC

ABSTRACT In modern times the financial knowledge is a key determinant not only for personal improvement, but also for involvement into global economic environment. This force radically alter todayâ&#x20AC;&#x2122;s business approaches in an uncertain environment, because it represents a key prerequisite for determining market trends and making successful business decisions. Since educational programmes on faculties of economics ought to provide for acquisition of this specific knowledge, the question is to which extent the financial education within these institutions has been adapted to real needs. Relevant research carried out at the national level has indicated a relatively low level of financial literacy of economics students. In this paper the research is focused on students of economics and business economics from the University of Dubrovnik. A questionnaire, containing 8 questions, was made in an effort to determine the level of financial knowledge of the students, which was later correlated with their level of education. The research results serve to confirm the hypothesis: the higher level of economic education implies the higher financial knowledge of students. KEY WORDS: financial knowledge, level of education, economics students. DETAILS ABOUT AUTHORS: IRIS LONCAR ASSISTANT iris.loncar@unidu.hr ZRINKA GOLEMAC ASSISTANT zrinka.golemac@unidu.hr BOTH AUTHORS: UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS, LAPADSKA OBALA 7, DUBROVNIK, REPUBLIC OF CROATIA

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BEHAVIOR OF SECONDARY LEVEL EDUCATION STUDENTS IN VARAZDIN CITY ON FACEBOOK – CASE STUDY ALEN DELIC MATIJA KAPIC IVA GREGUREC

ABSTRACT As we are facing a huge impact of social networks on our daily lives, it is of a great importance to research about how and on which aspects of us those networks influence on. Our paper, which is a result of a continuous research of the subject, shows a case study in which we have research about behaviour of secondary level education students (high school) on Facebook. Results in the paper show what functions/tools students use on Facebook and how often they do it, as well as for which purposes students use Facebook for with regard to their school activities. Comparison between users from different cities is also planned in future research based on this paper. Paper, and shown results, can be beneficial not only for marketing experts in order for them to learn more about behaviour of students as Facebook costumers and educational institutions, but also for educational institutions which can use it for adaptation of current curriculums and ways of communication between schools and students. KEY WORDS: Facebook, education, high school students. DETAILS ABOUT AUTHORS: ALEN DELIĆ STUDENT ASSISTANT FACULTY OF ORGANIZATION AND INFORMATICS, UNIVERSITY OF ZAGREB VARAŽDIN, CROATIA alen.delic@foi MATIJA KAPIĆ VARAŽDIN, CROATIA matija.kapic@live.com IVA GREGUREC TEACHING ASSISTANT FACULTY OF ORGANIZATION AND INFORMATICS, UNIVERSITY OF ZAGREB VARAŽDIN, CROATIA iva.gregurec@foi.hr

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INTERDISCIPLINARY HIGHER EDUCATION THE CASE OF CROATIAN HIGHER BUSINESS SCHOOLS LJILJANA BABOGREDAC MARTA RACIC

ABSTRACT In higher education, interdisciplinarity involves the design of subjects that offer the opportunity to experience “different ways of knowing”. Such an education is increasingly important in a global knowledge economy. Many universities throughout the world have begun to introduce interdisciplinary studies or subjects to meet this perceived need. Until now, interdisciplinary education was not available from accredited universities and business schools or universities of applied sciences, in Croatia. This paper examines interdisciplinary education in the business/economics universities and higher business schools in Croatia. Our purpose was to twofold; first we have attempted to locate the master’s level, business/economics, education programs offered by accredited universities and colleges in Croatia. Second, we hoped to gather enough information about those programs to be able to comment on their underlying philosophical foundation and compare that mindset to similar programs in business education to determine if there was interdisciplinarity in business/economics studies. We located 15 institutions with business/economics programs. Using catalogues and program descriptions, the analysis was undertaken to find interdisciplinarity in programs. We were able to establish four categories of core courses based on groupings of similar and/or related courses. Most programs are based firmly in management studies and quantitative techniques. The findings generally support the notion that higher educational business/economics programs should be created with humanities - interdisciplinary. The fact is that by studying the arts, cultural history, literature, philosophy, and religion, students develop their powers of critical thinking and moral reasoning. KEY WORDS: interdisciplinary education, business studies, business schools. DETAILS ABOUT AUTHORS: LJILJANA BABOGREDAC LECTURER liliana.bratnar@hi.htnet.hr MARTA RAČIĆ LECTURER marta.racic@vern.hr BOTH AUTHORS: UNIVERSITY OF APPLIED SCIENCES VERN TRG BANA J. JELAČIĆA 3/3, ZAGREB, CROATIA

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JAYSTUDENT EXPERIMENTS IN HIGHER EDUCATION KATALIN JÄCKEL ZOLTÁN VERES

ABSTRACT There is a strong relationship between buyers’ perceived risk and their satisfaction in outof-standard situations of services. The customer-specific feature of these situations has been modelled as jaycustomers, i.e. customers of nonstandard behaviour. In education - due to students’ expectations - the control of different situations is of high importance. The purpose of our research is to study administrative staff’s behaviour when they find themselves face-to-face with so called ’jaystudents’. To solve the problem of research, an interdisciplinary approach of psychology and marketing is needed. As far as methodology is concerned a basically qualitative experimental design has been selected with some quantifiable elements. The research process starts with a series of mystery callings followed by post-experimental focus group discussions. In service research mystery calling is usually applied for testing standards. As a new methodological approach of our research, the application of experimental techniques in exceptional service frontline situations can be mentioned. From managerial aspects the results can provide the management with realistic information on the weaknesses of frontline personnel and of frontline standards. They can serve to improve human resource management in higher education. Based on the results we are going to extend the investigations to face-to-face contexts. KEY WORDS: higher education, jaystudent, experimental research. DETAILS ABOUT AUTHORS: KATALIN JÄCKEL ASSISTANT PROFESSOR jaeckel.katalin@kkfk.bgf.hu ZOLTÁN VERES PROFESSOR veres.zoltan@kkfk.bgf.hu BOTH AUTHORS: BUDAPEST BUSINESS SCHOOL, FACULTY OF INTERNATIONAL MANAGEMENT AND BUSINESS 22-24 DIÓSY LAJOS STREET, BUDAPEST, HUNGARY

1MS5 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 5

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DEVELOPMENT OF GROUP BUYING IN POLAND EDYTA RUDAWSKA KRISTINA PETLJAK IVANA STULEC

ABSTRACT Group buying can be defined as buying with the aim of receiving quantity discount. The grouping phenomenon was launched in 2008 by the American website Groupon.com, which marked the beginning of group buying development. Group buying is offered by a group buying website which acts as an intermediary between seller and buyers. Group buying websites and the producers agree on the offer of products and/or services, the amount of the discount, and on the minimum number of buyers needed for the offer to become valid. The group buying website publishes the offer on its website, and if enough people are interested in buying the product and/or service, they all receive high discounts on the advertised items (usually 50% up to 90%). The offer is valid for a limited time. The buyers get a coupon via email or on their user account, which enables them to claim their discount at the retailer. In order to accelerate dissemination of information, group buying websites offer daily deals and send them via email to the registered buyers, advertise on social networks (Facebook, Twitter) and through SMS messages. In Poland, group buying websites emerged in 2010. Over the years, the group buying market has become extremely attractive, which prove around 66 currently active group buying websites and 29 websites aggregators. The paper gives an overview of the development of the group buying market in Poland. The group buying websites and the specific qualities of doing business in the observed market will be presented. KEY WORDS: group buying, group buying websites, social networks, Poland. DETAILS ABOUT AUTHORS: EDYTA RUDAWSKA DR HAB. PROF. US UNIVERSITY OF SCZECIN, FACULTY OF ECONOMICS AND MANAGEMENT SZCZECIN, POLAND edyta@rudawska.pl KRISTINA PETLJAK TEACHING AND RESEARCH ASSISTANT UNIVERSITY OF ZAGREB, FACULTY OF ECONOMICS AND BUSINESS ZAGREB, CROATIA kpetljak@efzg.hr IVANA STULEC TEACHING AND RESEARCH ASSISTANT UNIVERSITY OF ZAGREB, FACULTY OF ECONOMICS AND BUSINESS ZAGREB, CROATIA istulec@efzg.hr

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MARKET RESEARCH IN FUNCTION OF MARKETING COMMUNICATION ON THE REGIONAL MARKET OF AGROCULTURE: THE CASE OF AGROPORTAL INES KLARIC, DIANA PLANTIC TADIC, MIRJANA BAUTOVIC

ABSTRACT Nowadays, when pressures of globalisation and possibilities of free market are increasing, companies’ investment into the development of new communication channels and positioning on a local, as well as regional market become an essential strategic guideline for further development. Such market requirements affect the agriculture sector, both on regional and local Croatian market. However, it is the agriculture sector where slow development of marketing communication among business entities has been noticed. Therefore, a market research conducted for the purpose of this paper, focuses on possibilities of opening and/or improving new channels of marketing communication in order to increase the competitiveness of the participants of that communication. Thus a new approach to business would be encouraged in agriculture sector, as well as stronger business interaction and providing the most recent and comprehensive insights in order to enhance and develop Croatian, as well as regional rural economy. A thorough analysis of the obtained research results should support the project of designing the agroportal whose aim is to provide opportunities of free classified advertisements for raw materials and final products and agricultural machinery of agriculture companies in the Republic of Croatia and surrounding countries. Agroportal will also have informativeeducational purpose as it will provide an insight into new trends and technologies on the market to its users, as well as encourage growth and development of that sector. The idea is to achieve the same aim with business entities from other segments of agriculture. The research will include the businessmen operating on the markets of the Republic of Croatia, Serbia, as well as Bosnia and Herzegovina. The possibilities of efficient, competitive business, as well as the growth and the development of all agricultural entities, and the agroportal itself, should be supported and intensified in the future through cooperation with public and banking sector, as well as other potential partners in the programs which will encourage more available and more economical purchase of computer equipment and new machines. Those two issues are the main obstacle to development and market communication of Croatian agriculture companies. In this way the paper would show the possibilities of developing marketing communication, as well as business in general in agriculture sector by using an interactive online channel which will be widely applied in the sector. Consequently, the business entities in this sector could accept challenges imposed by market environment of today. KEY WORDS: marketing communication, market research, agriculture, agroportal. DETAILS ABOUT AUTHORS INES KLARIĆ, MC; ines.klaric@vern.hr DIANA PLANTIĆ TADIĆ, PHD; diana.plantic-tadic@vern.hr MIRJANA BAUTOVIĆ, PROF; mirjana.bautovic@vern.hr ALL AUTHORS: UNIVERSITY OF APPLIED SCIENCES VERN’, TRG BANA J. JELAČIĆA 3, ZAGREB, CROATIA 27

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POSSIBILITIES FOR DEVELOPMENT OF THE RURAL TOURISM IN HERZEGOVINA DORIS PERUCIC BLANKA BRADVICA

ABSTRACT In today’s world of overall globalization more importance is being given to the selective forms of tourism to diversify the tourist offer of the country or a region and make it more competitive on world’s market. If we take a look to the selective forms of tourism in Herzegovina we can say that the rural tourism has the biggest growth. This paper analyzes the current state of development of rural tourism in Herzegovina, exploring the potentials and possibilities of further development of rural tourism in the area and residents’ attitudes and their familiarity with the very concept of rural tourism. It also gives suggestions on how to evaluate the “rural” tourism resources, without losing the need of their tight link to the other resources (sea, culture, sports) which have a decisive motive force when selecting a tourist destination. The research started from the general assumption that the region of Herzegovina has a great potential in rural tourism and that this selective form of tourism can contribute much to the development of the region in general. Based on the obtained results it was possible to suggest possible directions of development of rural tourism. Some of the suggested routes are as follows: evaluate and network the touristic resources and accommodation of rural territory, develop a micro infrastructure to serve the rural tourism, financial support for tourism development, education and training of human resources, create a unified strategy for destination marketing and management, develop a range of rural tourism coordinated and thematically associated with the region. KEY WORDS: rural tourism, Herzegovina, tourism resources. DETAILS ABOUT AUTHORS: DOC.DR.SC. DORIS PERUČIĆ UNIVERSITY OF DUBROVNIK DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS dperucic@unidu.hr BLANKA BRADVICA, M.A. DUBROVNIK SATI DUBROVNIK, CROATIA blanka.bradvica@gmail.com

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URBAN TOURISM TOWARDS SUSTAINABLE DEVELOPMENT IVANA PAVLIC ANA PORTOLAN MARIJA BUTORAC

ABSTRACT Tourism is a modern global phenomenon and reflects the general development of society. The impact of tourism development implies not only the economic but also environmental, social and cultural aspects of life. Due to the numerous economic benefits arising from its development, tourism has gained a very important status and in many countries has received a significant role and priority in economic development. Tourism, from the area uses certain economic benefits that would otherwise remain unused. However uncontrolled development often destroyed the area where itâ&#x20AC;&#x2122;s realized, and in this way operates contrary to the tourism development primary aims. Uncontrolled development in which tourism is an essential part, bring into the question its further development. Therefore, the object of the paper is to determine the negative effects of uncontrolled and intensive tourism development in urban areas that are not based on the principles of sustainable development. The aim and purpose is to present the importance of applying the principles of sustainable tourism development in urban areas and define the key subjects that will have the impact for the application of the concept of sustainable development in such areas. In order to collect the basic data about the importance of applying the sustainable development conception in urban areas survey method was applied. Kruskal-Wallis test is used for the realization research aims. The research results will serve as the operational guidelines for the destination tourism managers in applying the concept of sustainable development in urban areas. KEY WORDS: sustainable tourism development, positive and negative impact, urban areas, Dubrovnik. DETAILS ABOUT AUTHORS: IVANA PAVLIC, PH.D ipavlic@unidu.hr ANA PORTOLAN, UNIV.SPEC.OEC ana.portolan@unidu.hr BOTH AUTHORS: UNIVERSITY OF DUBROVNIK THE DEPARTMENT OF ECONOMY AND BUSINESS ECONOMY DUBROVNIK, CROATIA MARIJA BUTORAC, MR.SC. marijabutorac@yahoo.com

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THE ROLE OF THE PORT AUTHORITY WITHIN CRUISE DESTINATION MANAGEMENT DESA RATHMAN KATARINA VAREZ

ABSTRACT Cruise destination is defined through physical, administrative and logistic elements. All these elements produce an integral destination product offered on the cruise market, which is made up of tourist offer and service elements. Tourist offer is the basic element of the integral tourist product of the destination, but the service elements and the functioning of the destination, although not primarily considered by a visitor, make up a very important part. A port is the main infrastructure resource of the destination and an unavoidable condition for developing cruise industry. Port authority is the institution that manages port area. In order to define the role of the port authority within the destination management, the question is put which are the objectives and the limits of port authority influence. The functioning of the destination involves activities of diverse subjects belonging to either private or public sector. They all have a different interest that needs to be joined by the common level of decision making. The modern role of port authority is shaped in the direction of strategy and policy makers instead of just conserving and ruling port area. Conceptual aspect of its functioning tends to emphasize the price policy, concession policy and investment planning as a part of wider local and regional picture. All these arguments point out the important role of the port authority within cruise destination management that needs to be properly recognized and positioned in order to assure the management performance. KEY WORDS: cruise destination management, port authority, tourist offer, infrastructure background, policy maker, management performance. DETAILS ABOUT AUTHORS: DEĹ A RATHMAN, M.SC. ADVISER FOR COMMERCIAL AND OPERATIVE AFFAIRS AND DEVELOPMENT dpa.desa@portdubrovnik.hr KATARINA VAREZ, M.SC. ADVISER FOR MARKET RESEARCH AND SALE dpa.katarina@portdubrovnik.hr BOTH AUTHORS: PORTH AUTHOROTY OF DUBROVNIK, DUBROVNIK

1MS6 THURSDAY 04TH OCTOBER 2012 12.30 am – 14.00 pm ROOM 6

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REVISION OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM) ACCEPTANCE IN CROATIA MIROSLAV MANDIC

ABSTRACT Customer Relationship Management represents a business philosophy whose basic aim is to achieve a long-term relationship with the customer, which should deliver more value to both sides involved. In order to build long-term relationships with customers and to successfully satisfy their needs, it is indispensible to have knowledge about them. A precondition for creating knowledge about the customers is establishing a quality communication system. With regard to Customer Relationship Management, the most commonly used instruments for collecting information about the customers are web sites, loyalty programs, social media. In accordance, the aim of the paper was to check whether 400 leading Croatian businesses do have a website, a toll free telephone number, a loyalty program and a Facebook profile. KEY WORDS: Customer Relationship Management, web sites, loyalty programs, social media. DETAILS ABOUT AUTHORS: MIROSLAV MANDIÄ&#x2020;, PH.D. ASSISTANT UNIVERSITY OF ZAGREB, FACULTY OF ECONOMICS & BUSINESS ZAGREB, CROATIA mmandic@efzg.hr

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SYSTEMS APPROACH TO MANAGEMENT PROBLEMS STJEPAN DVORSKI VLADIMIR KOVSCA

ABSTRACT Development of concepts of holistic solutions has long tradition in management of complex problems. In the period after World War II in various parts of the world appeared concepts that indicated growing complexity of business and social interdependence and aspired to integrated approach to solving problems. This approach was soon adapted by the systemoriented management that used principle of open systems in the study of business entities. Since business entities can also be regarded as systems, they are observed as separate set with specific goal and interconnected elements. Generally accepted definition is that business entity is a well known system of converting resources. Taking into account the temporal and situational elements, company process the resources, i.e. inputs (labor, ideas, capital, raw materials) into outputs (products, services, etc.) whose value is larger than total resource value, i.e. inputs necessary for their production, in the eyes of a group environment with which business entities cooperate. The fact that implies complexity is that in business entities observed as systems there are elements that are interconnected, where complexity can be defined with two components: structural and functional. Business entities and their environment are regulated units that operate and interact, while their relationships and positions subordinate their activity to numerous requests. Complexity of business entities and environment requires a systematic managerial approach because managing issues also becomes complex in structural and functional sense and their perception and understanding requires connections in temporal and contextual dimension. In so doing, the managing issue is manifested as issue of asking right questions because it is pointless to seek answers to badly formed questions. The mistake that most commonly occurs in management problems is the attitude how to manage existing business system with known managerial methods. During design of future business activity it is difficult to accept attitude that it will have same or similar decision-making structure, relations of functions etc. The aim of this paper is to show how straight thinking in management philosophy as well as its extensions of the present appear as wrong assumption. Therefore systems approach is proposed as alternative management approach. KEY WORDS: company, management, complexity, systems approach. DETAILS ABOUT AUTHORS: STJEPAN DVORSKI PROFESSOR stjepan.dvorski@foi.hr VLADIMIR KOVĹ CA ASSISTANT vladimir.kovsca@foi.hr BOTH AUTHORS: FACULTY OF ORGANIZATION AND INFORMATICS, UNIVERSITY OF ZAGREB VARAĹ˝DIN, CROATIA 33

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THE IMPACT OF QUALITY ON CROATIAN MANUFACTURING SMES PERFORMANCE TOMISLAV BAKOVIC TONCI LAZIBAT INES SUTIC

ABSTRACT Quality management has been a key component of manufacturing industry competitiveness for several decades. This fact is equally important for big and small & medium enterprises but SMEs do posses certain uniqueness that needs to be considered. Investigating ways to increase SME competitiveness is especially important for post transition economies. In this paper the influence of basic quality principles on SME business results in manufacturing industry is considered. Paper starts with presenting the basic quality principles and then analyzes the role of SMEs in modern economies. Theoretical part of the paper also presents the results of previous research on the topic of quality vs. business results. The method used for research is a series of multiple linear regressions with business results measured by: productivity, quality, profitability and market share as dependent variables. Results show that some of the quality principles have much more effect on business results than others and these findings could be of great importance for SME quality managers. KEY WORDS: quality principles, SMEs, business results, manufacturing industry. DETAILS ABOUT AUTHORS: TOMISLAV BAKOVIĆ ASSISTANT PROFESSOR tbakovic@efzg.hr TONĆI LAZIBAT PROFESSOR tlazibat@efzg.hr INES SUTIĆ ASSISTANT isutic@efzg.hr ALL AUTHORS: FACULTY OF ECONOMICS AND BUSINESS, UNIVERSITY OF ZAGREB ZAGREB, CROATIA

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PRODUCT PLANNING AS A PHASE OF PRODUCT DEVELOPMENT MANAGEMENT MILAN GASOVIC DARKO VASELIC MARIJA BRDARIC

ABSTRACT Planning activity, as a key management function, is an assumption for efficient and effective completion of planning tasks. Product planning is a process which stems from company’s business strategy, but also supports that strategy. Process of product planning precedes the process of project development decision making, resources provision and team development. It also includes activity of considering projects portfolio which has to be realized in the determined time period. Basis of the planning product process consists of marketing research information, technological research information and information on the current products success. Praxis shows the existence of several categories of product development projects. Product planning process, in the most cases, consists of: opportunities identification, projects evaluation and ranking, resources allocation and scheduling, pre-planning activity, analysis of the product development process and its results. KEY WORDS: Product Planning, Product Development, Product Development Project. DETAILS ABOUT AUTHORS: MILAN GAŠOVIĆ ASSOCIATE PROFESSOR UNIVERSITY OF NOVI SAD, FACULTY OF ECONOMICS SUBOTICA BELGRADE, REPUBLIC OF SERBIA gasovicm@ef.uns.ac.rs DARKO VASELIĆ REGIONAL MANAGER JOHNSON&JOHNSON COMPANY BOSNA&HERZEGOVINA dvaselic@gmail.com MARIJA BRDARIĆ PHD STUDENT UNIVERSITY OF BELGRADE, FACULTY OF ECONOMICS NOVI SAD, REPUBLIC OF SERBIA brdaricmarija@gmail.com

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CUSTOMER PERCEIVED VALUE AS A MEDIATOR BETWEEN CORPORATE REPUTATION AND WORD OF MOUTH IN BUSINESS MARKETS MAJA ARSLANAGIC VESNA BABIC-HODOVIC ELDIN MEHIC

ABSTRACT This paper examines customer perceived value as one of the most important marketing concepts in business markets and its mediating role between corporate reputation and word of mouth. Corporate reputation represents an intangible asset for the company and its positive influence on customer value has been widely researched. Additionally, reputation is usually related with the concept of word of mouth (WOM). WOM is becoming one of the most powerful promotional tools, and this is especially true for business markets as well as for services. Our research is done in the organizational services setting with focus on the relationships of banks with their organizational customers. Data in the study were analyzed using partial least squares (PLS) structural equation modeling. Results of the study confirm hypothesized model and show that customer perceived value is mediating the relationship between corporate reputation and word of mouth. KEY WORDS: word of mouth, customer perceived value, corporate reputation, services, business markets. DETAILS ABOUT AUTHORS: MAJA ARSLANAGIĆ SENIOR TEACHING ASSISTANT maja.arslanagic@efsa.unsa.ba VESNA BABIĆ-HODOVIĆ FULL PROFESSOR vesna.babic-hodovic@efsa.unsa.ba ELDIN MEHIĆ ASSISTANT PROFESSOR eldin.mehic@efsa.unsa.ba FOR ALL AUTHORS: SCHOOL OF ECONOMICS AND BUSINESS, UNIVERSITY OF SARAJEVO SARAJEVO, BOSNIA AND HERZEGOVINA

FRIDAY 05TH OCTOBER 2012

2MS1 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 1

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ANALYSIS OF MACROECONOMIC FUNDAMENTALS OF V4 COUNTRIES AND THEIR IMPACT ON BOND RISK SPREADS BOZENA CHOVANCOVA PETER ARENDAS

ABSTRACT Current European debt crisis has big influence on current and future economical development. It particularly affects the V4 countries that represent small open economies. The macroeconomic analysis shows big deterioration of their economic parameters in recent years. Especially deficits of government budgets, government debts and rates of GDP growth have been affected heavily. It has resulted in the degradation of credit ratings. Credit rating is a significant factor for determination of bond risk margins. The objective of this article is to analyze the impact of macroeconomic indicators and credit ratings on bond yields of V4 countries. KEY WORDS: government debt, credit risk, bond spreads. NB: This contribution is the result for the project implementation Creating excellence in economic research department for addressing the challenges of civilization in the 21th century (ITMS 26240120032) supported by the Research & Development Operational Programme funded by the ERDF (20 %) and VEGA (1/0613/12) The intensity of the relationship between financial sector and real economy as a source of economic growth of Slovakia in post-crisis period (40%) and VEGA (1/0329/11) Capital market and its role in supporting the real economy of eurozone (40%). DETAILS ABOUT AUTHORS: BOZENA CHOVANCOVA PROFESSOR bozena.chovancova@euba.sk PETER ARENDAS INTERNAL DOCTORAND p.arendas@centrum.sk BOTH AUTHORS: FACULTY OF NATIONAL ECONOMY, DEPARTMENT OF BANKING AND INTERNATIONAL FINANCE, UNIVERSITY OF ECONOMICS IN BRATISLAVA DOLNOZEMSKA CESTA 1, 852 35 BRATISLAVA, SLOVAK REPUBLIC

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INTERTEMPORAL APPROACH TO THE BALANCE OF PAYMENT: CASE OF SLOVAK REPUBLIC AND SLOVENIA MARIA VOJTKOVA

ABSTRACT In this paper we use intertemporal model of balance of payments proposed by Bergin and Sheffrin (2000) with time-dependent interest rate. Using this model we test its appropriateness for forming predictions regarding development of balance of payment for selected countries of the Eurozone. Strong attention is paid to the situation of the newer members of the Eurozone such as Slovenia or Slovak Republic. Our results suggest that the model in its standard form is able to provide correct predictions, however only in such a case when very specific conditions are met. KEY WORDS: current account, intertemporal model, balance of payment. NB: This work was supported by the project VEGA 1/0613/12 “The intensity of the relationship between financial sector and real economy as a source of economic growth in Slovakia in the post-crisis period” (50 %) and the project of PMVP 2315026 “Theoretical and practical aspects of modeling foreign debt and economic imbalance in DSGE models.” DETAILS ABOUT AUTHOR: MARIA VOJTKOVA PHD STUDENT UNIVERSITY OF ECONOMICS IN BRATISLAVA; FACULTY OF NATIONAL ECONOMY DOLNOZEMSKA CESTA 1, 852 35 BRATISLAVA, SLOVAK REPUBLIC maria.vojtkova.nhf@euba.sk

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DETERMINANTS OF LOAN PRICING FOR CROATIAN BANKS IVAN SVERKO IVICA PRGA ZORAN MARTINOVSKI

ABSTRACT In recent years, there are many discussions about high interest rates for loans in Croatia. Most of these comments say that these rates are one of the burdens for potential GDP growth in the Republic of Croatia. In times of economic crisis usually different sectors and business segments expect from banks to provide more reliable (or cheaper) financing of their activities and projects with the aim of restarting the economic cycle (again). The same is true in Croatia. One of the very common questions of the public is - why Croatian banks currently do not offer lower interest rates for loan portfolio and in that sense help the recuperation of the national economy? There are few determinates of loan pricings in every country: (1) liabilities` pricing, (2) regulatory costs, (3) credit risk costs, (4) other risk costs, and (5) net interest margin.The aim of this work is to try to analyze determinants of loan pricing for the Croatian banks and to audit the reliability of these prices. This analysis will help us making conclusions on the persistence of the public expectations for lower interest rates. KEY WORDS: Croatian banks, loan pricing, obligatory reserve, net interest margin, credit risk. DETAILS ABOUT AUTHORS: IVAN Ĺ VERKO, PH.D. HYPO-ALPE-ADRIA BANK D.D. ZAGREB ivan.sverko@hypo-alpe-adria.hr IVICA PRGA, PH.D. FACULTY OF ECONOMICS & BUSINESS, UNIVERSITY OF ZAGREB ivica.prga@hibo.hr ZORAN MARTINOVSKI, MBA INTERNATIONAL FINANCE CORPORATION, SKOPJE zmartinovski@ifc.org

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TRACKING A FINANCIAL BENCHMARK IN INEFFICIENT MARKETS: THE CASE OF BULGARIA BOYAN LOMEV IVAN IVANOV

ABSTRACT The financial benchmark tracking problem is of great theoretical and practical importance and is not extensively studied for the case of emerging financial markets with long-range dependence and other indications of inefficiency. In our work we use Stochastic LinearQuadratic (SLQ) Control as a major instrument to follow two types of benchmarks at the Bulgarian Stock Market: a predefined rate of growth. The SLQ problem that is brought to the Stochastic Riccati Equation is solved through the computationally efficient Lyapunov method. The obtained performance is compared to the classical approach for the benchmark tracking based on the tracking error square minimization. KEY WORDS: Stochastic linear-quadratic control, Generalized algebraic Riccati equation, Positive definite solution, Portfolio optimization. Inefficient Markets. DETAILS ABOUT AUTHORS: BOYAN LOMEV ASOCIATE PROFESSOR lomev@feb.uni-sofia.bg IVAN IVANOV PROFESSOR i_ivanov@feb.uni-sofia.bg BOTH AUTHORS: DEPARTMENT OF ECONOMETRICS AND STATISTICS FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATION, SOFIA UNIVERSITY “ST. KL. OHRIDSKI” SOFIA, BULGARIA

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OPERATIONAL RISK MANAGEMENT IN BANKS IN SLOVAKIA KATARÍNA ORAVÍKOVÁ PODOLIAKOVÁ

ABSTRACT Management and measurement of operational risk in banks is currently one of the most debated topics, both at the scientific level, as well as in economic practice within the banking sector. It is estimated that operational risk represents approximately 30% of total risk in the banking sector. The remaining percentages are divided as follows: 60% of credit risk, 5% of market risk and the remaining 5% represent mixed risks. This paper deals with the operational risk management in banks in Slovakia. It is divided into two thematic units. The first part focuses on theoretical approaches to the operational risk management and defines partial steps in the process of managing operational risk, with particular emphasis on capital adequacy requirements under current legislation. In the second part, the operational risk management deals with practical problems, the way it compiles management strategy and how the operational risk management has been of organized in the banking sector of Slovakia. Finally, the end of the paper covers recommendations for more effective operational risk management that could help the banks in Slovakia to improve their operational risk management. The paper also shows the importance of operational risk for the Slovak banking sector on the basis of the analysis of sector´s quantitative data. KEY WORDS: Operational Risk, Bank, Management, Basel II, Slovak Republic. DETAILS ABOUT AUTHOR: ING. KATARÍNA ORAVÍKOVÁ PODOLIAKOVÁ, PhD. ASSISTANT PROFESSOR UNIVERSITY OF ECONOMICS IN BRATISLAVA, FACULTY OF NATIONAL ECONOMY DOLNOZEMSKÁ CESTA 1, 852 35 BRATISLAVA, SLOVAK REPUBLIC podoliakova@zoznam.sk

2MS2 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 2

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FOSTERING SUSTAINABILITY THROUGH ENTREPRENEURSHIP IN SOUTH AFRICA: SELECTED CASE STUDIES FELICITE A. FAIRER-WESSELS

ABSTRACT Sustainable tourism development has political, economic, socio-cultural and environmental dimensions, and is concerned with the protection of the environment, respect for the local community, and long term economic benefits for all stakeholders involved. Within this context the emerging and/or survivalist entrepreneur exists and must be empowered to create partnerships and alliances within South Africa. In both urban and rural areas small entrepreneurs urgently need market access, capital and opportunities to upgrade, invest and expand. To encourage sustainable entrepreneurs the increase of local linkages and partnerships are investigated. Also the sourcing of new networks and suppliers to enhance business; the development of a reliable range of products with a ‘made local’ brand or part of a themed event to increase tourist appeal; the creating of positive destination image; the generating of employment opportunities and synergies in terms of business support; transport, ecofriendly energy sources, and the development of skills are investigated. Focus groups and in-depth interviews from a number of fair trade tourism business enterprises are discussed in terms of enabling entrepreneurs to operate successfully. To foster sustainability within the South African context from an entrepreneurial perspective, it remains imperative to look towards the opening of new markets, both locally and regionally. KEY WORDS: Tourism entrepreneurs, sustainability, South Africa. DETAILS ABOUT THE AUTHOR: FELICITE ANN FAIRER-WESSELS (PhD) SENIOR LECTURER DEPARTMENT OF TOURISM MANAGEMENT FACULTY OF ECONOMIC AND BUSINESS MANAGEMENT UNIVERSITY OF PRETORIA PRETORIA, SOUTH AFRICA ffairer-wessels@up.ac.za

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ALBANIAN BRANDS – A TOOL TO INCREASE COMPETIVENESS OF LOCAL PRODUCTS CASE STUDY OF SASA PROJECT IRIS KAZAZI, BLEDI HOXHA, ILIR ELMAZI

ABSTRACT “I am happy to see people interested in Albanian products. I am” - This is what we heard once from a lady who was trying to select carefully in the green market Albanian products. Working in the consultancy sector for many development organizations and projects inspired us to conduct a rapid market assessment in the domestic market aligned with agribusiness and food industry. Main findings were very interesting and capitalized the positive Albanian consumers’ behavior toward local products. Following this logic, we implemented PMCA methodology (Participatory Market Chain Approach) to further identify and analyze this trend and suggest potential market oriented solutions regarding Albanian products. This paper aims to explain how local brands can help Albanian products positioning and competitiveness in the local market compared with imported products. The methodology used is Participatory Market Chain Approach (PMCA), which is a participatory R&D method for promoting pro-poor market chain innovation together with market chain actors and supporting R&D organizations. This methodology was first developed and applied in Peru and Bolivia by Papa Andina Initiative together with its local partners as a means to contribute to sustainable poverty reduction in rural potato producing areas. At the end of this research work we found that development of Albanian brands may help producers to differentiate their local products, create competitive advantage in the market, arising from consumers demand toward these brands. As a final result of this research work a new local brand named “Albanian guarantee” was developed. This brand promotes Albanian products from different regions of the country through respective labels. Albanian Guarantee is a labeling system with clear rules for production and marketing, ensuring consumers to access high quality products from different regions of Albania. Albanian Guarantee helps consumers to access products that generate important income in rural areas of the country, thus contributing importantly to rural development and the safeguarding of typical values. Although, this research has been applied in Food and Agribusiness industry, we believe that these finding can be very useful for other industries that are base operations in local production. KEY WORDS: PMCA, SASA, local brands, competitiveness, research. DETAILS ABOUT AUTHORS: IRIS KAZAZI, PHD CANDIDATE TEAM LEADER, SASA PROJECT; TIRANA, ALBANIA; iriskazazi@msn.com BLEDI HOXHA, PHD CANDIDATE UNIVERSITY OF TIRANA, FACULTY OF ECONOMY, DEPARTMENT OF MARKETING TIRANA, ALBANIA; hoxhabledi@gmail.com ILIR ELMAZI, PHD CANDIDATE SIGMA, TIRANA, ALBANIA

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EMPLOYMENT OF THE INFRARED SPECTROSCOPY TECHNIQUE FOR DIFFERENT TYPES OF CHEESE CRISTIAN OVIDIU COROIAN, MONICA TRIF, AURELIA COROIAN, VIOARA MIREŞAN, CAMELIA RĂDUCU, STELIAN DĂRĂBAN

ABSTRACT FTIR is a rapid based on infrared technique which has been used to analyze the following samples of cheese: traditional buffalo milk cheese, mouldy cheese traditionally produced (in Mesendorf), buffalo milk cheese (Napolact) and buffalo mozzarella (Italy). Here were highlighted main wavelengths at which the main components were observed in cheese, namely: fat, protein, lactose and water. These compounds have been outlined in terms of quality. The presence of water was observed in the region of 3600-3010 cm-1, showing a high content in water for mozzarella, followed by buffalo milk cheese, traditional cheese and the lowest content being observed to mouldy cheese. KEY WORDS: FTIR, buffalo cheese, protein, fat, lactose. DETAILS ABOUT AUTHORS: CRISTIAN OVIDIU COROIAN RESEARCHER; Corresponding Author coroian.cristian@gmail.com AURELIA COROIAN RESEARCHER coroian.aurelia@gmail.com VIOARA MIREŞAN PROFESSOR vmiresan@yahoo.com CAMELIA RĂDUCU LECTURER craducu@yahoo.com DĂRĂBAN STELIAN ASSOCIATE PROFESSOR ovineusamv@yahoo.com ALL AUTHORS: FACULTY OF ANIMAL HUSBANDRY AND BIOTECHNOLOGY, UNIVERSITY OF AGRICULTURAL SCIENCES AND VETERINARY MEDICINE CLUJ-NAPOCA CLUJ-NAPOCA, ROMANIA MONICA TRIF RESEARCHER CENTRE FOR INNOVATIVE PROCESS ENGINEERING (CENTIV) BREMEN, GERMANY monica_trif@hotmail.com

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THE STORY OF THE HUNGARIAN FITNESS SECTOR – FAIRY TALE OR NIGTHMARE? ÁGNES SZABÓ

ABSTRACT In the business sphere, fitness centres respond to the consumer demand with adequate quantity and quality of supply in Hungary. Still, their operations are not problem-free. The 31 qualitative interviews and the questionnaire research reveal not only the bright side but also the problems of fitness centres (for example the lack of professionalism, sponsors, market research, club-system, ect). The interviewees estimate that only a third of fitness centres are profitable. This problem was in the questionnaire responses as well. Why? What are the reasons for that? I try to give the answer. Still as a conclusion, several hundreds of thousands of people exercise at fitness centres and it is possible to learn from them, for example the service quality. KEY WORDS: fitness sector, fitness centre, Hungary. DETAILS ABOUT AUTHOR: ÁGNES SZABÓ PHD STUDENT BUDAPEST CORVINUS UNIVERSITY BUDAPEST, HUNGARY agnes.szabo2@uni-corvinus.hu

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ENTREPRENEURSHIP AND ITS LONG ROAD TO DEVELOPMENT IN BOSNIA AND HERZEGOVINA: AN INSTITUTIONAL APPROACH ZIJAD DZAFIC ILIJA CORIC

ABSTRACT In the last few years, many scientific-research works that deal with determinants of entrepreneurship, barriers to its development and its direct effect on the total development of economy, have been realized. In this paper, authors deal with studying the institutional framework, as an important macroeconomic condition that affects development of entrepreneurship, and through it, the total development of economy and creation of new work positions. In the analysis, the study of the case of historical development of institutions in BiH is used with the aim of determining their key deficiencies for a more significant macroeconomic development. Starting with North, we observe the institutional framework from the aspect of formal and informal institutions. Although the current analysis of formal institutions in BiH is in many ways humiliating, we think that with a more active involvement of the International Community and the support from local authorities, they could change for the benefit of development of entrepreneurship in a short period of time. The real block in the development of institutional framework arises out of the domain of informal institutions, which are the result of historical development and pre-transitional period. Therefore, it is to be expected that new generations, who grew up in the market environment, will be more open for entrepreneurship, lifelong learning, mobility, flexibility and the like, and that through their behaviour they will affect the gradual change of informal institutions, thus creating an ambience for their positive impact on the development of entrepreneurship and the total macroeconomic development in BiH. KEY WORDS: entrepreneurship, formal and informal institutions, historical development, Bosnia and Herzegovina. DETAILS ABOUT AUTHORS: ZIJAD DŽAFIĆ, PhD ASSOCIATE PROFESSOR UNIVERSITY OF TUZLA, FACULTY OF ECONOMICS BOSNIA AND HERZEGOVINA zijad.dzafic@untz.ba ILIJA ĆORIĆ PHD STUDENT FACULTY OF ECONOMICS, UNIVERSITY OF SPLIT SPLIT, CROATIA ilija.coric@mci.ba

2MS3 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 3

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THE MARKETING OF HIGH-TECH INNOVATION: RESEARCH AND TEACHING AS A MULTIDISCIPLINARY COMMUNICATION TASK RAINER HASENAUER PETER FILO HERBERT STÖRI

ABSTRACT Economically successful high-tech innovation is one of the driving forces for global welfare. Like innovation half-life, break-even time to market or technology acceptance, effective multidisciplinary communication between engineering and marketing is a critical success factor. This paper aims to show the requirements of multidisciplinary communication in B2B marketing of high-tech innovation and methodical approaches in research and academic education: 1. Requirements in high-tech innovation marketing as an ongoing dialogue between technology, finance and marketing. 2. Experimental method of marketing test beds for innovative high-tech start-ups based on a multidisciplinary approach 3. Results of a multidisciplinary education scheme conducted by three universities that cooperate in high-tech innovation marketing by setting up workshops in pharmacy and health, agricultural and bio products, and information and communication technology (ICT). 4. Requirements of a multidisciplinary network spanning the triangle of science – education – business. This paper was funded by the European Territorial Cooperation Frame Program for CrossBorder Cooperation, SR-AUT 2007-2013, project code N00092, Cross-Border Hi-Tech Center. KEY WORDS: High-tech innovation marketing, multidisciplinary communication and education, marketing test bed, student teams, multidisciplinary education, pictures as communication device, CEE universities, topic group. DETAILS ABOUT AUTHORS: PROF. DR. RAINER HASENAUER, MARKETING MANAGEMENT INSTITUTE WWW.WU.AC.AT/MM VIENNA UNIVERSITY OF ECONOMICS AND BUSINESS, VIENNA, AUSTRIA rh@hitec.at DR. PETER FILO, BUSINESS FACULTY, UNIVERSITY OF ECONOMICS IN BRATISLAVA WWW.OBCHODNAFAKULTA.SK DOLNOZEMSKÁ CESTA 1, 85235 BRATISLAVA, SLOVAKIA, filo@euba.sk PROF. DR. HERBERT STÖRI, INSTITUTE OF APPLIED PHYSICS WWW.IAP.TUWIEN.AC.AT VIENNA UNIVERSITY OF TECHNOLOGY, VIENNA, AUSTRIA stoeri@iap.tuwien.ac.at 50

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ATTITUDES OF BUSINESS STUDENTS TOWARDS LEADERSHIP STYLES: CASE OF UNIVERSITY OF DUBROVNIK-CROATIA IVONA VRDOLJAK RAGUZ MATEA MATIC BOZENA MILJANIC

ABSTRACT An analysis of leadership styles of business students is very important because it suggests their future leadership styles in organization. Recognition of the specific components of students’ attitudes toward leadership styles offers sizable diagnostic power for the future business behaviour. Therefore, it is necessary to identify students’ attitudes towards leadership styles in order to assume their future leadership style in organization. The purpose of this paper is to identify attitudes towards leadership styles of business students from the University of Dubrovnik, Croatia. The empirical research is conducted in March and April 2012, on students at the University of Dubrovnik, Department of Economics and Business Economics. The research instrument was T-P Leadership Questionnaire. The analysis of survey research is based on univariate statistical analysis which shows that students prefer shared leadership styles. KEY WORDS: university students, leadership styles, attitudes towards leadership styles, T-P leadership questionnaire. DETAILS ABOUT AUTHORS: IVONA VRDOLJAK RAGUZ, PH. D. ASSISTANT PROFESSOR ivona.vrdoljak@unidu.hr MATEA MATIC, PH. D. SENIOR ASSISTANT matea.matic@unidu.hr BOZENA MILJANIC STUDENT bozena.miljanic@gmail.com ALL AUTHORS: UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS DUBROVNIK, CROATIA

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EDUCATION FOR ENTREPRENEURSHIP IN PUBLIC ADMINISTRATION MLADEN ILIC

ABSTRACT European Union strategy “Europe 2020” states that Member States should implement reforms aimed at “growth driven by knowledge and innovation.” The reforms should aim at improving the quality of education / training and ensuring access for all, and to strengthen the transfer of knowledge in general. In addition, it was stressed that the funds provided in the ESF (European Social Fund) and other funds should be directed where it is possible to realize the goals envisaged by the Strategy. Implementing Civil service human resource development strategy 2010. to 2013. year, and the Action Plan, set strategic goals including conducting ongoing training for civil servants and is defined and specific objective of main importance which refers to the adjustment of existing programs and developing of new training programs in accordance with present and future needs of the civil service. The European Union 2006th adopted the recommendation on key competences for lifelong learning. These are the eight key competences and one of them is the initiative and entrepreneurship, which refers to an individual’s ability to turn ideas into action, and includes creativity, innovation and risk taking, and the ability to plan and manage projects in order to achieve objectives. For the preparation and running of projects for all components of the IPA, the Structural Funds and the Cohesion Fund, state officials must begin to think strategically and project work and that they can learn by attending seminars for businesses and make it in the last few years. KEY WORDS: strategy, training, civil servants, entrepreneurs, European Union, National School of Public Administration, Center for Professional Training and development of staff. DETAILS ABOUT AUTHOR MR.SC. MLADEN ILIĆ SENIOR ADVISOR MINISTRY OF PUBLIC ADMINISTRATION milic@uprava.hr

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IMPACT OF INOVATION ON CUSTOMER SATISFACTION AND BRAND LOYALTY OF MOBILE PHONES USERS IN MACEDONIA ELFRIDA MANOKU, JOVAN STOJANOSKI, LILJANA ELMAZI

ABSTRACT The communication approaches have been evolved during centuries. Mobile phone is the recent communication technology and is known as the fastest adopted one. Particularly, the evolution of the mobile and wireless technology causes that customers expect more value added services. Thus, it is difficult for the mobile telecommunication companies to retain their customers, and in turn, there is an intensive competition between mobile telecommunication companies (Shin et al., 2004). Over time, with the increased market saturation, companies have come to realize their performance can improve by focusing more on retaining customers than attaining new customers. As the market provides an increasing range of opportunities for customers, how can mobile telecommunications service providers create and maintain customer loyalty. The innovation means the creation, development and implementation of a new product, process or service with the goal of improving efficiency, effectiveness or competitive advantage. Innovation had better be capable of being started small, requires first little money, few people and only a small limited mark. The customer satisfactions mean the degree to which customer expectations of a product or service are met or exceeded. The quality of after-sales service can also be a crucial factor in influencing any purchasing decision. There exists an interaction between the desired results and customer satisfaction, Brand loyalty without the customer it is impossible for any business to sustain itself. Achieving the desired results is frequently a result of customer actions. Any business without a focus on customer satisfaction is at the mercy of the market. The purpose of research is to find out how innovation affects customer satisfaction and brand loyalty in mobile phones used by its users in Macedonia and Albania. Data was collected from the users of cellular products in Ohrid (Macedonia) and Vlora (Albania). The data was collected from 150 users through questionnaires. Results indicate that innovation has impact on customer satisfaction and brand loyalty. KEY WORDS: Innovation, Customer Satisfaction, Brand Loyalty. DETAILS ABOUT AUTHORS: ELFRIDA MANOKU, PHD STUDENT ECONOMICS FACULTY, UNIVERSITY OF TIRANA, ALBANIA JOVAN STOJANOSKI, PHD FACULTY OF TOURISM AND HOSPITALITY OF OHRIDE, MACEDONIA jodielmak@yahoo.com LILJANA ELMAZI, PROF. DR. EXECUTIVE DIRECTOR OF MASTER PROGRAMS ECONOMICS FACULTY, UNIVERSITY OF TIRANA, ALBANIA lilielmazi@yahoo.com

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THE LOW LEVEL OF COMPETETIVENESS AS A RESULT OF INADEQUATE IMPLEMENTATION OF BUSINESS LOGISTICS BOZIDAR ROCA NIKOLA MILICEVIC

ABSTRACT The growth of market efficiency contributes to increasing the competitiveness of both individual countries and regions, and individual market participants. The main goal is to create such an economic environment that will enable continuous and stable economic growth, social development and growth of living standards. However, the growth of economic efficiency, as one of the most expected transition effects is absent in most countries of “CEFTA” group. In these circumstances, financial economic crisis has brought new problems, further aggravating already unbearable market positions of various business entities. One of the reasons is an inefficient and inadequate implementation of business logistics. As an instrument of economic development, business logistics offers specific solutions, which in a relatively short period of time can provide greater economic efficiency. In all “CEFTA” countries much more attention should be dedicated to establishing modern logistics systems that can increase efficiency and certainty of product and information flows in many supply chains. KEY WORDS: business logistics, competitiveness level, logistics systems, product flow. DETAILS ABOUT AUTHORS: BOZIDAR ROCA PROFESSOR broca@ef.uns.ac.rs NIKOLA MILICEVIC ASSISTANT milicevic.nikola@ef.uns.ac.rs BOTH AUTHORS: FACULTY OF ECONOMICS, UNIVERSITY OF NOVI SAD SUBOTICA, SRBIJA

2MS4 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 4

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DISEASE MANAGEMENT PROGRAM: MULTIDISCIPLINARY APPROACH CASE-STUDY: „DIABETES MANAGEMENT PROGRAM“ ZARKO PAVIC

ABSTRACT Nowadays politics and economy directly and/or indirectly communicate with health systems through science and business-oriented sustained development. Prevention and health promotion are the basic functions of global, regional and local disease management programs. An original multidisciplinary scientific and business approach to one health problem has been taken for a Diabetes Management Program model at the level of organization, funding, heath care, education as well as the application of most contemporary preventive activities, diagnostics, therapy, rehabilitation and care. The program encompassed the population of 1,400,000 people in RS (B&H entity) through the cooperation of the relevant ministry, fund, institute of public health, clinical centers, hospitals and health centers. A scientific and professional leadership has been established through a vertical reform of diabetes protection headed by the national coordinator for diabetes and the director of the national development program as well as with six regional and thirty local coordinators. At the level of organization, the National referral center for diabetes has been founded together with six regional and 30 local centers. Financially, the program has been covered with a three-year donation of the NovoNordisk company (Denmark) which for this purpose set up the first “Health and Diabetes” foundation in Southeastern Europe, its director being the director of the overall program. The donation was received at a public request of tender of the Health Insurance Fund which had made a unique business move by publishing the first public tender for the realization of the Diabetes Management Program at five levels: diagnostic (for permanent monitoring of glycosylated HbA1C, the DCA 2000 Bayer System, London, UK); therapeutic (pen-insulin therapy, NovoNordisk, Copenhagen, Denmark and insulin pumps Medtronic, USA); control (glucometers for permanent monitoring of a glucose level, Roche Diagnostics, Switzerland); information (Microsoft, USA) and educational one (World Health Organisation and International Diabetes Federation). The project resulted in a complete switch to the most contemporary pen-insulin therapy, a permanent control of possible complications due to diabetes, digitalization of diabetes protection (computer-based register of patients) and the education of 188 physicians of primary and 20 physicians of secondary health protection (The National Guide for Diabetes Mellitus published). Three years of the program implementation thus gave 14 new subspecialists in endocrinology (compared to just two in the beginning), 188 physicians of family medicine were trained for treating patients with diabetes (compared to 10-15 of them in dispensaries for diabetes in six bigger towns in the beginning) and a complete diabetes control monitoring was established with prompt IT support. The main results of the Program are the financial savings of over 30% for treating patients with diabetes in the region of RS (B&H), the reduction of diabetes-induced complications for 10-15% as well as the increase of the level of diabetes protection in the first region with a 100% pen-insulin therapy (2002) in South East Europe and with the first National project for one particular disease (2002-2012), besides Spain. Apart from medical experts, the Program involved experts from finance, accounting, medical engineering, pharmacy, statistics, information technology and health politics. Together with the Project director, they were all in the Management team responsible for the realization of previously agreed scientific and business objectives. The conclusion is that only a multidisciplinary approach to science and business leads towards sustainable development of scientific and professional programs and projects as well as systems they are implemented in.

KEY WORDS: diabetes management Program, case-study, multidisciplinary approach. DETAILS ABOUT AUTHOR: ŽARKO PAVIĆ, MD, PHD, PROFESSOR UNIVERSITY SINGIDUNUM BELGRADE, SERBIA; zarkopavic@yahoo.com 56

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MILESTONES OF THE DEVELOPMENT OF HUMAN RESOURCE MANAGEMENT IN CENTRAL AND EASTERN EUROPE SONIA FERENCIKOVA

ABSTRACT The author in the article identifies main milestones of the human resource management development in Central and Eastern Europe during the last two decades. She analyzes the first stage of the developement in the 90’ when the countries of the region started transition and got into deep transformation crisis, and the next stages, such as economic growth at the turn of the centuries and later crisis and recession at the end of the first decade of this century. She deals with the human resource management function and its development in the region (administration, change agent or alignment partner, strategic partner and eventually coordination agent) and impact of the crisis on human resource management. She also focuses on hot topics in human resource management in Central and Eastern Europe, such as talent management and its specifics in the region and the future areas of research in related field and region. Studying these areas requires a completely new and multidisciplinary approach: the autor outlines its directions and intralinkages. KEY WORDS: human resource management, Central and Eastern Europe, talent management, future research in human resource management. NB: The project is a part of research project VEGA 01/0461/12 Manažérske kompetencie v zahraničných a domácich firmách v SR. DETAILS ABOUT AUTHOR: SONIA FERENCIKOVA PROFESSOR SCHOOL OF MANAGEMENT BRATISLAVA, SLOVAKIA sferencikova@vsm.sk

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THE IMPACT OF COLLABORATION ON MODERN BUSINESS AIDA HABUL NERMIN KULDIJA IRFAN IBROVIC

ABSTRACT Collaboration has a significant role in firm’s performance and has attracted serious researcher’s attention over the last few years. In this paper an attempt is made to review the status of literature on Collaboration. At first, we will try to identify what is collaboration and why it has become one of the most and significant parts of business. Further on, we will try to explain the differences between certain quite similar words, thought to be synonyms like virtual team, collaboration and cooperation. At the end, we will provide the reader with certain useful information about collaborativenes of firms in North America, Europe and Asia-Pacific. Collaboration means working together to achieve a certain goal. It is a recursive process where two or more people or organizations work together to realize shared goals, (this is more than the intersection of common goals seen in co-operative ventures, but a deep, collective, determination to reach an identical objective) The goal of this paper is to provide the reader with a complete picture of Collaboration through a systematic review. It presents main activities of collaboration and the step-by-step approach for understanding a complete picture of Collaboration, as well as practical study about the collaboration and collaboration issues in the XXIst. century KEY WORDS: Collaboration, Virtual team, Cooperation, Collaboration and modern business. DETAILS ABOUT AUTHORS: AIDA HABUL PROFESSOR DEPARTMENT OF MANAGEMENT AND INFORMATION TECHNOLOGY aida.habul@efsa.unsa.ba NERMIN KULDIJA STUDENT/ TEACHING DEMONSTRATOR DEPARTMENT OF MANAGEMENT AND INFORMATION TECHNOLOGY nermin.kuldija@hotmail.com IRFAN IBROVIĆ STUDENT MAJOR - MANAGEMENT ACADEMIC PROGRAM irfan.ibrovic@gmail.com FOR ALL AUTHORS: UNIVERSITY OF SARAJEVO, SCHOOL OF ECONOMICS AND BUSINESS IN SARAJEVO, SARAJEVO, BOSNIA AND HERZEGOVINA

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DIAGNOSIS OF PSYCHOSOCIAL CLIMATE – SUPPORT FOR ORGANIZATIONAL CHANGES BORIS HUDINA

ABSTRACT Psychosocial climate is defined as the perception of specific events, procedures and rules that characterize a system or subsystem. Work climate assessment helps to describe current work settings as it really is. It conducted primarily due to a diagnosis of work and organizational problems, stress and conflict, in order to change it. It serves also to understand individual’s perceptions of their workplace (as part of counseling and career planning with clients having performance problems at work). After implementation of changes such assessment is used to evaluate effects on the work environment, policies and organizational structure of the company. The survey was conducted in 22 companies (over 1000 respondents), at their request, due to problems in their collectives. To diagnostic was used a battery of questionnaires and tests, information’s from focus groups, individual interviews with managers, and objective indicators (turnover, the rate of sick leave, emergency situations etc.). Questionnaires and tests were: work environment scale; professional stress scale; pressure at work environment scale, attitudes towards work scale, positive and negative emotions test, life orientation test, efficiency of leadership and teamwork scale; and in some situations was conducted sociometry and staff assessment workshops. The result showed that situations in most of the organizations in terms of psycho-social climate, stress, work pressure, attitude towards work and associated moods was not good. In the segment of interpersonal relationships climates were really bad. There were lack of good communication, trust, unity, cohesion and mutual support in the background of those situations. The systems of organizational culture were not set up (identity, shared attitudes, values, expectations, and the “spirit” of the organization, symbols, and ceremonies, etc.). The companies were largely based on the model of power (the organization is a means for achieving the leader’s goals). Anger (aggression), fear and pessimism were the dominant moods in the collectives. Vision and mission, clearly defined long-term objectives, and planning tasks were missing. Lacking clear and agreed work rules, and even more are missing the consequences for breaking them. Evaluation of human resources potential, planning of work processes and results, and a tracking system that allows such assessment, were also missing. Consequences of the assaying in some companies were demission of managers. A part of organizations conducted strategic planning with external support. Others were taken training in communication and the team work knowledge and skills building. Some of them apply supervision and coaching. It is notably that all organizations conducted changes as a product of work climate assessment.

KEY WORDS: psychosocial climate, stress, assessment, work pressure, changes. DETAILS ABOUT AUTHOR: BORIS HUDINA PROFESSOR, MSC PSYCHOLOGIST HD PRO LTD. - CONSULTING FOR PERSONAL DEVELOPMENT AND BUSINESS CHANGES, ZAGREB, OWNER VERN, UNIVERSITY FOR APPLIED SCIENCES - ENTREPRENEURSHIP ECONOMICS STUDY, ZAGREB, LECTURER boris.hudina@hd-pro.hr 59

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METHODOLOGICAL OBSTACLES FOR IMPROVEING LEVEL OF COOPERATION AMONG ECONOMIC SCINECE, AND DISCIPLINES OF SOCIAL SCINECES RADISLAV JOVOVIC SANDA SENIC

ABSTRACT In this paper, we decided to take a closer look at the relationship among economy, and the various social science disciplines. The initial motive for this paper is the new economy phenomena, and slaw answer of economists to changes in the real economic life. Our research of this problem has shown the lack of knowledge in the economy to explain the new economic phenomena doesn’t mean lack of knowledge generally. The problem is separation of social science discipline. We will try to answer important issues related to cooperation among economy and disciplines of social science. Where do we stand now with respect to separation and cooperation in the social sciences? What can be done to bring these disciplines closer together so that they will provide a coherent multipronged approach to the problems they now each confront separately? We attempt to give modest response here, especially focusing on interdisciplinary approach in economy. A deeper understanding of these problems requires more thorough and extended research. What are the desirable directions of change? Authors does not suggest destroying the borders that separate disciplines. Authors suggest holistic approach in social sciences, and establishing interdisciplinary approach. KEY WORDS: , Economics, Social sciences, Cooperation, System Paradigm, Separation, Interdisciplinary approach. DETAILS ABOUT AUTHORS: RADISLAV JOVOVIC PROFESSOR radejovovic@t-com.me SANDA SENIC POSTGRADUATE STUDENT BOTH AUTHORS: MONTENEGRO BUSINESS SCHOOL, “MEDITERIAN” UNIVERSITY OF PODGORICA

2MS5 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 5

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ANALYSIS OF USE OF TOURIST BOARD WEB SITES IN THE REPUBLIC OF CROATIA IVAN RUZIC ANTUN BILOS IVAN KELIC

ABSTRACT Achieving recognisability, getting attention and creating trust of the community in an online environment is a challenge for all business entities, including tourist boards. The development of computer technology and Internet marketing has made it possible for economic operators to improve business processes and has created prerequisites for communication with consumers. Through development of Internet marketing users can receive information in real-time view on the screens of their devices (computers, laptops, mobile phones or tablets), and consequently they can create their own content and disperse it to others. Answering the question to what extent business entities involved in the development of Croatian tourism use Internet marketing – represents the fundamental problem on which the paper is based. Therefore, the fundamental purpose of this paper is to collect and analyse the data and to give an overview of the potential of using Internet marketing in Croatian tourism. KEY WORDS: Web site, Internet marketing, Web 2.0, Croatian National Tourist Board. DETAILS ABOUT AUTHORS: IVAN RUŽIĆ PHD AGROKOR WINES ZAGREB, CROATIA ivan.ruzic@agrokorvina.hr ANTUN BILOŠ UNIV.SPEC.OEC. UNIVERSITY OF J. J. STROSSMAYER; FACULTY OF ECONOMICS IN OSIJEK OSIJEK, CROATIA abilos@efos.hr IVAN KELIĆ UNIV.SPEC.OEC. UNIVERSITY OF J. J. STROSSMAYER; FACULTY OF ECONOMICS IN OSIJEK OSIJEK, CROATIA ikelic@efos.hr

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THE ROLE OF INFORMATION SOURCES IN POSITIONING TOURIST DESTINATION OF MONTENEGRO DARKO LACMANOVIC

ABSTRACT The main goal of this article is to identify the role of information sources in positioning tourist destination of Montenegro. Tourist consumers position tourist destination in their minds. Do marketers want to leave this process to random sequence of decisions under total influence of consumer? Marketers have to plan position which could provide the best competitive advantage to their destination on the selected tourist markets. It is noticed that particular instruments have to be isolated in communication mix that has significant influence on visitor’s perception. Exploring the information sources in relation to the different aspects of destination positioning it could be defined frame for optimum promotional mix. By choosing the most effective promotional instruments it is possible to create successful destination positioning. Information sources will be estimated regarding to destination positioning by researching different group of tourists. The research results will be analysed and some implication will be offered. KEY WORDS: Tourism marketing, Tourist destination, Promotional mix, Positioning. DETAILS ABOUT AUTHOR: DARKO LACMANOVIĆ, PH.D. ASSOCIATE PROFESSOR UNIVERSITY »MEDITERRANEAN« FACULTY OF TOURISM MTS »MONTENEGRO TOURISM SCHOOL« BAR, MONTENEGRO darko.lacmanovic@unimediteran.net

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TOURIST OFFER IN THE FUNCTION OF SATISFACTION AND LOYALTY – THE CASE OF THE ISLAND MLJET IVANA PAVLIC ANA PORTOLAN LUCIJA HAJDIC

ABSTRACT Growing competitiveness between tourism destinations on the tourism market increases the role of marketing activities towards measuring the tourists’ satisfaction of the tourism destinations. According those findings qualitative tourist offer will be created and at the other hand satisfied tourists will return to the destination. Satisfied tourist is the best way for the positive word-of-mouth communication. On the tourism market, under this conditions of growing competitiveness between tourism destinations, which are trying to find the best development strategy is one of the main problem for those who participate in creating tourist destination policy. Therefore, a main factor in the creation of tourism policies is the satisfied tourist who makes a positive image of a tourist destination. That is connected to the efforts of having a tourist supply that can satisfy the expectation of tourists. Hence this paper explores and analyzes the relationship between aspects of age, accommodation, length of stay, price and quality of provided services and the tourist satisfaction, loyalty and recommendation in the case of the island Mljet. The aim of the paper is to explore which tourist segments are satisfied with actually tourist offer and to identify the main attributes of tourist segment that are satisfied which results with return to the destination. The research problem is the decline of tourist demand for travel to the Mljet. The purpose and the objectives of this research are to determine the level of satisfaction of tourist demand in the Mljet. In order to confirm the hypotheses, Kruskal-Wallis and chi-square test are applied. This paper will propose further actions, based on the research results that can serve as a good base and instrument for the selection of adequate touristic policies for destination management in island Mljet, which is a necessity for the destination development. KEY WORDS: Tourists, Satisfaction, Sustainable Development, Island Mljet. DETAILS ABOUT AUTHORS: IVANA PAVLIC, PH.D ipavlic@unidu.hr ANA PORTOLAN, UNIV.SPEC.OEC. ana.portolan@unidu.hr BOTH AUTHORS: UNIVERSITY OF DUBROVNIK THE DEPARTMENT OF ECONOMY AND BUSINESS ECONOMY DUBROVNIK, CROATIA LUCIJA HAJDIĆ lucija.hajdic@gmail.com

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BENCHMARKING EFFECTS IN TOURISM BUSINESS VIZJAK ANA MAJA VIZJAK JASNA LASINGER

ABSTRACT The term benchmarking appeared relatively recently in international economies, especially in the economies of the most developed countries, and it has proven very successful in business activities of tourist entities. It is a contemporary economic term which denotes stimulating effectiveness in business activities of a company, in this case a tourist company, with the purpose to increase its competitiveness. This is achieved by co-operation of managers with colleagues from similar companies, or other business entities, through mutual visits, short-term activities in another company, or other forms of co-operation, with the goal to learn about the production process or other forms of activities of another, usually competitive company. This is, in fact, a sort of an education for top managers, with the objective to train them to improve effectiveness in their business entities, and to improve competitiveness of their business entities, companies, etc. This kind of education became very popular in Japan during the 1980’s, and led to significant improvements in business activities of companies which had used these models of analytical activities. Through the application of this model, managers learned about business activities of competitive companies, and tried to apply knowledge acquired in other companies to their own, which led to improved efficiency of their companies’ business activities. The objective of applying benchmarking is discovering internal weaknesses of one’s own company and learning about competitive advantages of stronger competition. The efficiency level of the competition is obtained through data analysis. KEY WORDS: benchmarking in a tourist entity, origin, application, efficiency. DETAILS ABOUT AUTHORS: ANA VIZJAK PROFESSOR anav@fthm.hr MAJA VIZJAK PHD. STUDENT majav@fthm.hr JASNA LASINGER ASSISTANT jasnal@fthm.hr ALL AUTHORS: FACULTY FOR TOURISM AND HOSPITALITY MANAGEMENT OPATIJA, CROATIA

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LOCAL RESIDENTS ATTITUDES OF DUBROVNIK AS A CULTURAL DESTINATION BARBARA PUH

ABSTRACT At the beginning of 21st century, cultural tourism, as a special form of tourism, is becoming a base of tourism policy for many tourism destinations, whether they are already a part of tourist market or are yet to become one. Growing competition among cultural tourism destinations affects demand dispersion and requires additional effort of destination management to attract a greater number of visitors and tourists and to achieve a better competitive position. In such surroundings, Dubrovnik, as a town of rich cultural and historic heritage, is undoubtedly able to compete. The aim of this paper is to examine the attitudes of local population of Dubrovnik as a cultural destination, their familiarity with cultural heritage and cultural manifestations of the town as well as possibilities of cultural heritage valorisation for tourism purposes. Furthermore, the aim of this paper is realized through analysis of collected data, using Kruskal Wallis tests. The results will serve to all stakeholders of cultural heritage offer in destination, especially destination management for better valorisation of cultural heritage in tourism purposes. As purposive sample has been used in the analysis, the results of the research can be considered indicative and cannot be generalized. KEY WORDS: Local residents attitudes, tourism destination, cultural tourism. DETAILS ABOUT AUTHOR: BARBARA PUH, B. SC. UNIVERSITY OF DUBROVNIK DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS DUBROVNIK, CROATIA barbara.puh@unidu.hr

2MS6 FRIDAY 05TH OCTOBER 2012 10.00 am – 11.30 am ROOM 6 POSTER PRESENTATIONS

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THE INFLUENCE OF WIVES IN THE TOURISM DECISION PROCESS KRISZTINA ARPASI

ABSTRACT Nowadays 80% of all consumer decisions are made either directly or indirectly by women. Therefore, future enterprises should keep the needs of female consumers in mind. As men and women are substantially different, it is not surprising that this difference can be observed also in the buying habits and the processes of decision making. The planning of the yearly holiday is of high importance in the lives of almost all families. I would like to emphasize the importance of tourism-related motivation assessment. It is well-known that family holidays are often marked by negotiations, discussions and compromises before, during and after the vacation. The main negotiations are taking place between the spouses and after a while the third party potentially involved are the siblings (mostly at a teenager age). Although it is also important to focus on children as an influencing factor in holiday decision making, in this study I am focusing on women and their roles in tourism-related decision making. A survey methodology was applied in order to explore the family decision making process, a total of 200 females/males were recruited specifically for the study. KEY WORDS: tourism, women, female customers, decision making. DETAILS ABOUT AUTHOR: KRISZTINA ARPASI PHD STUDENT SZT, ISTVÁN UNIVERSITY, FACULTY OF ECONOMICS AND SOCIAL SCIENCES GÖDÖLLŐ, HUNGARY arpasikrisztina@gmail.com

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IMPORTANCE OF BRAND ARCHITECTURE STRATEGY IN REPOSITIONINIG PROCESS ANA MULOVIC TIHOMIR VRANESEVIC

ABSTRACT Brand repositioning has become an integral part of the company’s strategy in order to retain or/and maintain a stable market brand position and brand strength. Brand management in terms of hipercompetition is considered to be a imperative for a company’s survival on the market. Brand repositioning is has become more valuable in strategic brand management as companies strive follow with frequent changes and innovations. It is necessary to take a specific position in the minds of consumers, completely different from other competitors. Following the market trends, the success of the brand will be a long-term only if it continues to strengthen over the time. Brand repositioning can be seen as a process of adapting brand to changes in order to differentiate brand from competitors. In process of brand repositioning, brand architecture strategy need to be completely reviewed and created strong relationships and interrelationships between brands. Clearly defined brand architecture is not a technical or tactical problem; it is a strategic issue for company. A key element for brand success is the creation of harmonic and consistent brand architecture through markets and product lines, which define the number of levels and brands at each level. This article gives an overview of different approaches in defining the brand architecture in the process of brand repositioning. KEY WORDS: brand, brand management, repositioning, brand architecture. DETAILS ABOUT AUTHORS: ANA MULOVIĆ, M.SCI. ana.mulovic@gmail.com TIHOMIR VRANEŠEVIĆ PROFESSOR UNIVERSITY OF ZAGREB, FACULTY OF ECONOMICS AND BUSINESS ZAGREB tvranesevic@efzg.hr

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SELF-PROMOTION ACTIVITIES OF ADVERTISING AGENCIES IN CROATIA AND COMPARISON BETWEEN AGENCIES IN TRANSITIONAL AND DEVELOPED COUNTRIES IRENA PANDZA BAJS KRISTINA OZIMEC

ABSTRACT Advertising agencies develop, prepare, and place advertising in advertising media. The modern advertising agency provides a variety of important services to clients, including media planning and buying, research, market information, sales promotion assistance, campaign development and creation of advertisements, as well as other services developed to help their clients to achieve marketing objectives. It is therefore expected that advertising agencies use their best and the most efficient activities for their own promotion and winning new business. Liberalization of advertising business in Croatia and other transitional countries in east and south-east Europe influenced market dynamics and transition of these national economies initiated modernization of advertising industry and incorporation of contemporary advertising concepts and professional standards in advertising business. Croatian agencies consider that “Positive recommendation of satisfied clients”, “Personal contacts with top management”, “Responding to requests for new business presentations” and “Publicity on recent successful campaigns” are the most successful techniques for attracting new clients. These activities are found to be the most successful in winning new clients in other, both transitional and developed, countries. KEY WORDS: Advertising agency, Self-promotion activities, Croatia. DETAILS ABOUT AUTHORS: IRENA PANDŽA BAJS, Ph.D TEACHING AND RESEARCH ASSISTANT ipandza@efzg.hr KRISTINA OZIMEC, B.A. kozimec@efzg.hr BOTH AUTHORS: FACULTY OF ECONOMICS AND BUSINESS ZAGREB, UNIVERSITY OF ZAGREB ZAGREB, CROATIA

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CONCEPT OF BRAND IN MONTENEGRIN SERVICE INDUSTRY LUKA B. USKOKOVIC

ABSTRACT Service industry, being an inevitable segment of every economic flow at local, regional, national or international level, shows ever-increasing formative power in GDP of Montenegro as well. Montenegrin economy, being still under the influence of global, but also domestic economic crisis, as small and open, directly depends on the external sources of financing. In addition it is affected by radical market liberalism and drop of industrial production. Therefore, in the near future, it has to direct its sources, both human and material, to the service industry with clear focus on service marketing and creation of so-called service brand at all organizational levels. Brand, like service, almost identically explains the concept of tangibility (while in principle both are intangible), ensures added value to tangible product, makes tangible product available and, in the contemporary economic conditions, pay great attention to the satisfaction of clients. Accordingly, brand concept in the service industry of Montenegro i.e. planning, application, everlasting improvement, evaluation and control of the values of brand concept are the key factors for development of service rendering entities in Montenegro and consequently dominant Montenegrin service-rendering branches such as tourism, hospitality, trade and traffic, banking, finance and insurance. KEY WORDS: Brand Management, Service Brand Name, Service Industry, Montenegrin Service Branches. DETAILS ABOUT AUTHOR: LUKA B. USKOKOVIC TEACHING ASSISTANT FACULTY FOR MANAGEMENT HERCEG NOVI HEAD OF MARKETING AND SALES REPORTING CRNOGORSKA KOMERCIJALNA BANKA AD PODGORICA PODGORICA, MONTENEGRO luka@uskokovic.me

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VOLUNTEERS AND NONPROFIT SECTOR IN ALBANIA XHILIOLA AGARAJ (SHEHU) ELENICA PJERO

ABSTRACT Volunteers are critical to the success of most nonprofit organizations. Their ranks include a good proportion of adult population and a growing number of individuals belonging to developed and developing countries. Volunteering helps to reduce cost while providing a channel for social conscious people to contribute time to a matter in which they believe. The aim of the paper is to indicate the situation of volunteerism in Albania. What are the characteristics of volunteers in terms of age group, profession, gender, mode of information, activities they perform, and compensation tools used by nonprofit sector. Does the tools of marketing mix used by nonprofit organizations in Albania to attract volunteers? In the context of the paper is choosing a representative sample of nonprofit organizations operating in Albania. For data collection are used questionnaires which are addressed to non-profit organizations and volunteers. Depth interviews are used during data collection, and focus groups were a function of information provided by data processing. For data processing computer program SPSS is used. The findings are interpreted and in relation with the level of usage of marketing mix are made conclusions and recommendations. KEY WORDS: Volunteers, Non-profit sector, Non-profit marketing, Marketing mix. DETAILS ABOUT AUTHORS: XHILIOLA AGARAJ (SHEHU) Ph.D xhiliagaraj@yahoo.com DR. ELENICA PJERO elapjero@yahoo.com BOTH AUTHORS: UNIVERSITY “ISMAIL QEMALI” OF VLORA, FACULTY OF ECONOMY DEPARTMENT OF BUSINESS ADMINISTRATION VLORE, ALBANIA

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PUBLIC GOVERNING IN THE CONTEXT OF QUALITY AND TRANSITION ZVONKO NOVOSEL DOLNJAK

ABSTRACT The author sees the concept of public governing through percieving the theory of governing quality, associated with transitional problems, european norms, criteria and defects on the croatian example. The quality of public governing, as seen through the economic and social theory, as well as the experience drawn from the transitional changes and Croatia’s admittance into the European Union, is significant proof of the importance of public institutions, which are responsible for the quality of said governing. The European Union, in accordance with its rules, expects from Croatia comlete success in achieving the goals of public governing, manifested in the system’s stabilisation, economic and social development, organisation of its legal system and internal affairs, reform of public administration and preservation of the environment and natural resources. KEY WORDS: public governing, qualitiy, transition, European Union, Croatia. DETAILS ABOUT AUTHOR: MR.SC. ZVONKO NOVOSEL DOLNJAK, DIPL. ING. GRADING-INVEST D.O.O. DUGO SELO zvonko@grading-invest.hr

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ADVERTISING IN THE EUROPEAN UNION MARKET – DO’S AND DON’TS IN MISLEADING AND COMPARATIVE ADVERTISING OLIVERA JURKOVIC MAJIC HELENA MAJIC

ABSTRACT The European Union adopted on 11th May 2005 the Unfair Commercial Practices Directive. This Directive regulated the advertising practice with respect to unfair misleading and comparative advertising, bearing in mind the consumer protection and ethical standards the industry. Therefore, when approaching the European Union market, the advertisting practitioners should take into account which practices exceed the limits of what is allowed, and which practices are tolerable. However, this regulation is solely an external instrument of influencing the advertising practice. Even more important are the norms of ethics and fairness adopted by many associations of advertising practitioners. These associations have even developed the informal systems of sanctioning the disobedient members. This article discusses both legislative and ethical norms of unfair practices in advertising. Due to the ambiguousity of terms „misleading“ and „comparative“, the authors will define clearly what is considered to be each one of these variants of unfair advertising, with respect to relevant and concrete examples from the practice. Therefore, the article will conclude what is on one side allowed, and on another side prohibited in approaching the European Union market of advertising goods and services. Furthermore, it analyzes both formal and informal sanctions for prohibited advertising practices, and how these systems of sanctioning affect future behaviour of advertising practitioners. KEY WORDS: misleading advertising, comparative advertising, the European Union, the norms of ethics. DETAILS ABOUT AUTHORS: DR.SC. OLIVERA JURKOVIĆ MAJIĆ HELENA MAJIĆ, MAG.IUR. helenamajic@yahoo.com

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ANALYSES OF IMAGE RESEARCH IN CROATIA DIANA PLANTIC TADIC MAJA DAWIDOWSKY MAMIC

ABSTRACT The subject of this paper is to analyse results of research of corporate image of Croatian companies. Image research is important tool in marketing and business decision making but the conduction of the mentioned activities is still insufficient. This paper sets the following objectives: importance and usage of market research in image analysis, frequency, type and methods of image research, the underlying reasons, and areas for improvement. The primary data collection method were interviews conducted by established persons in research profession (20 respondents) from market research agencies that have more than 80% market share in Croatia, while the data analysis was performed through methods of analysis and synthesis, supported by content analysis. The main findings state that the brand is more researched than the overall corporate image and it is mostly not done systematically. The paper defines ways of improving processes behind the image/perception. KEY WORDS: market research, image, image research. DETAILS ABOUT AUTHORS: DIANA PLANTIĆ TADIĆ, PHD UNIVERSITY OF APPLIED SCIENCES VERN, CROATIA diana.plantic-tadic@vern.hr MAJA DAWIDOWSKY MAMIĆ, MBA PRIVREDNA BANKA ZAGREB, CROATIA maja.dawidowsky@gmail.com

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NATIONAL SYSTEM OF INNOVATION AND COMPANIES’ COMPETITIVENESS: INTERNATIONAL EXPERIENCE AND RUSSIAN TRENDS TATIANA G. FILOSOFOVA TATIANA A. LANSHINA

ABSTRACT The paper analyses the influence of the national system of innovation (NSI) on the companies’ competitiveness. NSIs are divided into 4 groups: American, traditional, emerging and socialist. There are rudimental systems as well. The American system is most suitable for applied research and innovation commercialization while the traditional one is well suited for fundamental research but often needs higher government assistance at the stage of commercialization. Other NSIs have much to learn from American and traditional systems. The authors conclude that the more integral and diversified the NSI is and the stronger relations between its elements are, the more competitive are the companies. The importance of organic development of an NSI is noticeable since it defines the underlying norms and mentality. Though, government interventions are nonetheless necessary. KEY WORDS: competitiveness, national system of innovation. DETAILS ABOUT AUTHOR: TATIANA G. FILOSOFOVA DOCTOR OF SCIENCE, PROFESSOR NATIONAL RESEARCH UNIVERSITY – HIGHER SCHOOL OF ECONOMICS tfil@rambler.ru TATIANA A. LANSHINA PH.D. STUDENT NATIONAL RESEARCH UNIVERSITY – HIGHER SCHOOL OF ECONOMICS Lanshina.ta@gmail.com

3MS1 FRIDAY 05TH OCTOBER 2012 12.00 am – 13.30 pm ROOM 1

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THE EU FINANCIAL AND ECONOMIC CRISES – A NEED FOR A MULTIDISCIPLINARY APPROACH ANDREJ KUMAR VINKO KANDZIJA

ABSTRACT History, specifics of internal EU functioning, globalization impacts, and other elements of the complex nature of the present EU crises are much bigger and more difficult as the “simple” economic or financial crises could be. Dominance of looking for the solutions of the EU crises mostly on the bases of economic attitude is, because of the EU and global complexity, much to narrow and probably could not be effective. In the EU such too narrow approach in searching the solution for the crises is in fact based on neo-liberal concept of the economy. We believe that such attitude further reduces the potential for positive cruise’s outcome. One part of the reasons for such view is based on the multidimensional historic roots and ideas which were used to create today’s EU from its early beginnings. The other part of the reasons is related to the fact that globalization created the need for new attitudes in economic and social development. Such new demands EU appreciated in its Lisbon Strategy for growth (2000-2010) and in its strategic development document Europe 2020 (2010-2020). Unfortunately present generally –neo-liber approach to cope with the EU crises is in the opposition with the major conceptual ideas of the role of states and of the EU institutions in creating economic progress and growth. It is in fact in the opposition to both mentioned EU strategic documents, of which one is still valid and formally in use. Successful dealing with the EU crises needs more respect for the past integration development principles where solidarity and political dialog were really highly respected. Beside economic aspect related to create environment for the innovative societies such approach needs serious reconsidering the way how national debt data are use and interpreted. It is important especially to create honest and trustworthy environment of relations among member states and their citizens when creating, proposing and implementing proposals for solving of the present EU crises. KEY WORDS: EU crises, sovereign debt crises, neo-liberalism, complex EU and global relations, multidisciplinary approach. DETAILS ABOUT AUTHORS: PROF.DR. ANDREJ KUMAR UNIVERSITY OF LJUBLJANA, SLOVENIA andrej.kumar@ef.uni-lj.si PROF. DR. VINKO KANDŽIJA UNIVERSITY OF RIJEKA, CROATIA kandzija@efri.hr

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DISTORTING EFFECTS OF TAXATION ON ASSETS AND SOURCES OF FINANCE: EFFECTIVE TAX RATES IN THE CZECH REPUBLIC IN THE YEARS 2000 – 2010 JAROSLAVA HOLECKOVÁ

ABSTRACT The objective of this paper is to examine the use of effective tax rates on different types of capital assets and sources of financing and to assess on the base of calculation of the tax wedges the degree to which taxation affects the incentive to undertake investment in the Czech Republic. The precise methodology used to calculate effective tax rates on marginal investments is based on an approach developed by the King and Fullerton methodology (1984), which has become the most widely accepted method adopted to calculating effective tax rates (tax wedges). The tax wedge will vary according to the type of asset: machinery, buildings, inventory (because of different capital allowance rates relative to the assumed true economic depreciation rates) and the type of finance sources: new equity, debt, retained earnings (because the tax treatment of debt, dividends and retained earnings differs). Effective tax rates take into account not only the statutory corporate tax rate, but also other aspects of the tax system which determine the amount of tax paid and profitability of investment, a consideration of personal taxes. Inflation will also alter effective tax rates in various ways, depending on how the tax system calculates taxable profits in the presence of inflation. The appeal is to tax neutrality; that is, to a tax that leaves corporate decisions as to investments or sources of financing unchanged. The tax system that seeks to raise revenue in ways that avoid distortion effects is considered neutral tax system. KEY WORDS: effective tax rates, the tax wedges, tax neutrality, type of asset, type of finance sources, taxable profit, neutral tax system. NB: This paper has been elaborated as one of the outcomes of the research project of the Faculty of Finance and Accounting in the framework of Institutional support of the University of Economics, Prague under reg. No. IP 100040. DETAILS ABOUT AUTHOR: JAROSLAVA HOLEČKOVÁ LECTURER FACULTY OF FINANCE AND ACCOUNTING UNIVERSITY OF ECONOMICS PRAGUE CZECH REPUBLIC jahol@vse.cz

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DETERMINANTS OF CROATIAN MONEY SUPPLY TONCI SVILOKOS

ABSTRACT In this paper author applies money multiplier method to assess the determinants of Croatian money supply. The research shows that with the introduction of recession in Croatia, two components of Friedman â&#x20AC;&#x201C; Schwartz equations which are influenced by the behaviour of commercial banks and non-bank public has changed significantly. Because of that, money multiplier falls below 1. Furthermore, the study shows that because of selected exchange rate regime, the high euroisation of the Croatian economy and because of reduced inflow of foreign exchange, monetary authority has difficulties in controlling the monetary base. In order to achieve its main objectives - price stability and stable exchange rate, the Croatian National Bank (CNB) combines intervention in the foreign exchange market with the sterilization measures such as the minimum required foreign currency claims and open market operations and changes in the reserve requirement rate. Recently, because of economic crises in Croatia, monetary policy has substantially changed from the relatively restrictive to an expansionary. However, due to problems in the transmission channels, this change did not boost the production and employment. KEY WORDS: money multiplier, monetary aggregates, money supply, exchange rate regime, economic crises. DETAILS ABOUT AUTHOR: TONÄ&#x2020;I SVILOKOS ASISTANT UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS DUBROVNIK tonci.svilokos@unidu.hr

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ECONOMIC TRANSACTION WITH THE WORLD – EXTERNAL AND INTERNAL BALANCE OLIVERA BAIC

ABSTRACT This paper deals with the relations that exist between the balance of payments, the real, fiscal and monetary sector. Connections between external sector (balance of payments) and internal sectors of the economy (real, monetary and fiscal sector) are realized in two directions. The first reflects the impact of internal economic conditions in the external sector, and the other the reverse influence of the external sector to domestic. Given these connections, consideration will be made between national saving, investment, money supply and a disbalance in the current balance. KEY WORDS: external, internal balance, interest rate, exchange rate, competitiveness, import, export, balance of payment. DETAILS ABOUT AUTHOR: OLIVERA BAIĆ TEACHING ASSISTANT UNION UNIVERSITY, FACULTY OF MANAGEMENT SREMSKI KARLOVCI, SERBIA oliverabaic@gmail.com

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COMPARISONS OF COMMODITY AND EQUITY MARKET DUSAN BARAN MARTIN RANUSA

ABSTRACT The results of the development of science and technology in the field of information technology, significantly affected the trading on the financial markets. Trading on world stock exchanges are essentially continuously. Time intervals of these trading are carried out by the microseconds. Information necessary to trade in financial and commodity exchanges, are freely available to the general public. On the basis of the investment process, in addition to institutional investors in may, involved also small investors and population. In the article, deal with comparing the commodity and stock market. The comparison is processed from the point of view of performance of the stocks and commodity futures and correlation between them KEY WORDS: Commodity market, commodity exchange, investors, derivates, futures, commodity index, volatility, comparison, liquidity, precious metals, agriculture, exchanges, inflation. NB: The contribution was written within the framework of a research project VEGA 1/1109/12 on “Indicators for evaluation of the proprietary, financial and income situation of business subjects in globalization conditions”. DETAILS ABOUT AUTHORS: DUŠAN BARAN PROFESOR, DIPLOM. ING., PH.D. SLOVAK UNIVERSITY OF TECHNOLOGY IN BRATISLAVA, FACULTY OF MATERIALS SCIENCE AND TECHNOLOGY IN TRNAVA, SLOVAKIA dusan.baran@stuba.sk MARTIN RANUŠA UNIVERSITY OF CENTRAL EUROPE IN SKALICA, SLOVAKIA martin.ranusa@gmail.com

3MS2 FRIDAY 05TH OCTOBER 2012 12.00 am – 13.30 pm ROOM 2

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STRATEGIC BRAND ANALYSIS IN DESTINATION IDENTITY CONTEXT â&#x20AC;&#x201C; A CASE STUDY OF ALBANIA SAIMIR SUMA KRESHNIK BELLO

ABSTRACT Tourism industry is one of the most prominent industries at the moment. Globalization has been playing a big role by mainly diminishing traveling barriers between countries. This trend had brought also an increase in competition between countries to identify themselves and to define how they want to be perceived by the tourists. In this case, developing a clear destination brand identity is crucial for success. Brand identity and brand image are two concepts that are related to each other but their meanings are different. There are several studies from the demand side concerning with destination brand image. Conversely, there is a lack of studies conducted in destination brand identity by considering the supplier side. Thus, the main purpose of this study is to investigate the brand identity creation from the supplier side. KEY WORDS: Destination branding, destination identity, Albania, strategic brand analysis, supplier side. DETAILS ABOUT AUTHOR: SAIMIR SUMA, MSC. saimirsuma@msn.com KRESHNIK BELLO, DR. nikbello@yahoo.com BOTH AUTHORS: FACULTY OF ECONOMY EUROPEAN UNIVERSITY OF TIRANA

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MARKET RESEARCH AS THE BASIS FOR BRAND MANAGEMENT MARIN PUCAR

ABSTRACT In just over one yearâ&#x20AC;&#x2122;s time, Croatia will become a member of the European Union and Croatian companies will thus enter the European market. Not only will Croatian companies be granted access to the big European market, but numerous European companies will also more aggressively attempt to enter our market. Market competitiveness of a company will be the main factor of its survival. The brands are the key competitive advantage in relation to the European and world competition. Manufacturer brands have been present on the market for decades, generations of consumers grew up with them and the positive image acquired by the brands is priceless capital and their key advantage. Although today there is great struggle for every consumer on the market, further image development of brands is the only right strategic way of thinking. It can be concluded, especially in case of food industry, that local tastes, tradition and brands generations of consumers grew up with represent the key capital and key competitive advantage of Croatian food industries in the increasingly open market competition. The creation of added value and the creation of profit and a profitable company is much harder if you do not develop your own brands with a powerful image with the consumers. Investment in development and innovation, and investment in marketing and development of brand image does not offer an alternative in relation to the goal of successful and profitable business. KEY WORDS: market research, brand management, food industries, added value. DETAILS ABOUT AUTHOR: MR. SC. MARIN PUCAR ZVEÄ&#x152;EVO D.D. EXECUTIVE DIRECTOR OF MARKETING & DEVELOPMENT marin.pucar@zvecevo

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PERCEPTION OF PRIVATE LABELS IN THE GROWTH PHASE OF THE PRODUCT LIFE CYCLE SANDRA HORVAT

ABSTRACT Private labels have reached high market share in developed markets, especially in Western Europe. The market share of private labels in emerging markets, like Croatia, remains substantially lower. However, these markets are also characterized by high growth rates, which are partially influenced by recent economic downturn, but also symbolize growing acceptance of private labels among consumers. Nevertheless, further success and development of private labels is highly dependant on how consumers perceive them, especially during the growth phase of their life cycle. The goal of the paper is to explore how consumers in Croatia perceive private labels in general, as well as in different product categories. The results of exploratory research conducted on the Croatian market show that consumers mostly associate private labels with low price, good value and with a specific retailer. Furthermore, lower price is also the main reason why consumers buy private labels on Croatian market. Positive attitudes towards private labels are dominantly based on good value they entail while negative attitudes arise from high perceived risk because producer of private labels is often not specified on the product. KEY WORDS: Private labels, Consumer perception, Growth phase, Croatia. DETAILS ABOUT AUTHOR: SANDRA HORVAT, PHD SENIOR ASSISTANT FACULTY OF ECONOMICS AND BUSINESS, UNIVERSITY OF ZAGREB ZAGREB, CROATIA shorvat@efzg.hr

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ROLE OF BRAND IMAGE “DORINA” IN CREATING CUSTOMER LOYALTY KORNELIJA KOVACIC JADRANKA IVANKOVIC DIANA PLANTIC TADIC

ABSTRACT Research work is focused on the importance of quality management elements of the brand and its identity, which creates a certain brand image that ensures customer loyalty. Brand image is a key concept that ensures customer satisfaction and their loyalty. Brand image is a result of reflection of certain elements of brand identity in consumer’s eyes. Globalization and increasing competition creates the need for specific brands which base their positive image on differentiated elements of identity. Brand image management based on differentiation can ensure customer satisfaction, and then loyalty. Studying the candy industry and especially the chocolate market, it is considered that brand Dorina has the potential to secure loyalty of its consumers. The aim of this research is to assess the current level of consumer satisfaction on the basis of individual elements of Dorina’s brand identity and establish its market position in relation to competing brands on the chocolate market in the Republic of Croatia For gathering information, primary and secondary researches were conducted. The availability of literature, scientific papers and previously conducted studies on similar topics were of great importance for collecting and analyzing secondary data relevant for this research. Primary data were obtained using surveys and discussion in focus groups. Obtained results can serve as a starting point for improving a current image of Dorina brand and as a model for similar future studies. KEY WORDS: brand image, brand satisfaction, loyalty. DETAILS ABOUT AUTHORS: KORNELIJA KOVAČIĆ, MM MANAGER FLORENS ZAGREB D.O.O. ZAGREB, CROATIA kornelija.kovacic@gmail.com JADRANKA IVANKOVIĆ, PHD MEMBER OF THE MANAGEMENT BOARD PODRAVKA D.D. KOPRIVNICA, CROATIA jadranka.ivankovic@gmail.com DIANA PLANTIĆ TADIĆ, PHD PROFESSOR UNIVERSITY OF APPLIED SCIENCES VERN’ ZAGREB, CROATIA diana.plantic-tadic@vern.hr

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THE KEY SPECIFICITIES OF BRANDING IN AREA SERVICING RATIMIR JOVICEVIC

ABSTRACT By this subject matter we would like to highlight the problem of branding in area of servicing. Modern approach to this problem is based on the fact that the essence of the brand is intangible. That is brand’s main characteristic – intangibility. When it comes to the brand, value for the customer is grounded on a number of subjective and intangible benefits, both for services and products. In the context of services brand has been increasingly used as a promise given to consumers by company. In this sense brand is defined as “a promise of set of attributes bought by customer – attributes that make the brand real or illusionary, rational or emotional, visible or invisible”. Gap in promises for service brands is minimized by eliminating gaps in GAP quality model. In this sense we want to emphasize the key specificities of service branding: • Major role of internal dimensions of service branding; • Need for overcoming the intangibility of service and for its visualization, materialization and personalization; • Focus on creating long term relationships with consumers is far greater than in the classical approach to branding; • Greater role and importance that a corporate brand has. Thus, effective branding strategy for services must have in mind not the consumers at first place, but primarily front-line service workers. Delivering the value to the consumer takes place right in the interaction between the service company representative and consumers that occurs co-producers. In this paper, these problems will be presented in detail, especially in terms of practical valuation. KEY WORDS: brand, defining brand, brand of service, internal dimension of service branding. DETAILS ABOUT AUTHOR: RATIMIR JOVIĆEVIĆ PROFESSOR MONTENEGRO BUSINESS SCHOOL, UNIVERSITY MEDITERAN PODGORICA, MONTENEGRO ratkojovicevic@t-com.me

3MS3 FRIDAY 05TH OCTOBER 2012 12.00 am – 13.30 pm ROOM 3

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CRISIS MANAGEMENT IN TOURISM ANĐELA JAKSIC STOJANOVIC

ABSTRACT The concept of the life cycle of the tourism destinations clearly shows that the crises are inevitable in business practice. Destinations are constantly faced with the external changes and therefore must be able to live with challenges of success (growth and development) as well as with challenges of crisis and survival. The conclusion that all consequences of crisis should be marked as destructive is completely wrong. If the crisis is perceived as an opportunity for a positive shift, we can speak of its structural consequences. Therefore, all tourist destinations should incorporate crisis management planning into their overall sustainable development and marketing- management strategies in order to protect or rebuild their image as well as to reassure potential visitors of the safety of the area, to reestablish the area’s functionality and attractiveness, and to aid local travel and tourism industry members in their economic recovery. KEY WORDS: crisis, crisis management, strategies, tools, media. DETAILS ABOUT AUTHOR: ANĐELA JAKŠIĆ STOJANOVIĆ COUNSELOR FOR MARKETING AND PUBLIC RELATIONS UNIVERSITY MEDITERRANEAN PODGORICA PODGORICA, MONTENEGRO office@unimediteran.net

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TOWARDS THE SUSTAINABLE TOURISM DEVELOPMENT PLANNING IN THE TOURISM DESTINATION IN THE INVOLVEMENT STAGE IVANA PAVLIC ANA PORTOLAN LJUBICA MISKOVIC

ABSTRACT In the last few decades, tourism generated a high growth rate. Economic impacts of tourism in tourist destinations are multiple. On the tourism market an increasing number of tourism destinations are trying to achieve a significant market share by attracting as many tourists to realize maximum benefit from them. However the tourism development in some destinations that have reached consolidation stage has strongly intensified and caused many problems in destination. Such development has brought into the question own tourism destination potential and also the quality of the development site. Therefore, the research objective is to emphasize the role and importance of planning for sustainable tourism development of tourist destinations especially in the tourism destination that are in the involvement stage of the tourism development. The paper pointed out the importance of sustainable tourism development planning in order to estimate the benefits and negative impacts of tourism development in the long term. The aim of this paper is to analyze specific case; it’s positive and negative impacts, as well as community awareness about the need for sustainable tourism development planning in destination in the involvement stage of the development. Kruskal-Wallis test is applied to accomplish this aim. The research results should be the base for the destination managers in tourism destinations where tourism development is in the involvement stage in order to take preventive action, slowing the arrival to the saturation stage and to avoid unintended consequences of further tourism development. Considering that research in this paper is geographically limited, research results are more indicative rather than representative for the destinations in the stage of involvement. KEY WORDS: tourism planning, sustainable development, tourism destination, involvement stage. DETAILS ABOUT AUTHORS: IVANA PAVLIC, PH.D UNIVERSITY OF DUBROVNIK ipavlic@unidu.hr ANA PORTOLAN, UNIV.SPEC.OEC ana.portolan@unidu.hr BOTH AUTHORS: UNIVERSITY OF DUBROVNIK THE DEPARTMENT OF ECONOMY AND BUSINESS ECONOMY DUBROVNIK, CROATIA LJUBICA MIŠKOVIĆ, MR.SC. ljubicalovric@gmail.com

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CARRYING CAPACITY AS AN IMPORTANT FACTOR FOR THE DEVELOPMENT OF SUSTAINABLE CRUISE TOURISM IN DUBROVNIK IVO BAN VESNA VRTIPRAH

ABSTRACT Dubrovnik is one of the leading port of call in the Mediterranean and the most attractive cruising destination in Croatian part of Adriatic. Development of cruise tourism in Dubrovnik so far is marked with constant and very dynamic growth. The basic characteristic of this form of tourism is seasonality with prominent concentration of traffic in just a few days of the week and just part of the day i.e. late morning and early afternoon hours as well as very short stay of tourists at the destination. Such characteristics and large volume of passenger/ tourist traffic in the conditions of spatial, infrastructural and technical limitations influence significantly already difficult movement/congestion of traffic and passengers/tourists. Further development of sustainable cruise tourism in Dubrovnik will be limited by capacity i.e. reception potential of the total area, especially infrastructure; but technical durability of the destination as well. It applies especially to historic centre of Dubrovnik/Old Town that is the final point for everyone who in any way or for whatever reason visits Dubrovnik. The aim of this paper is to analyze the current situation and to present critical relation between the tourism sector and the urban system of Dubrovnik. The paper also presents the metodological approach of analysing the carrying capacity of Dubrovnik as a cruise destination. KEY WORDS: cruise tourism, Dubrovnik, carrying capacity, sustainable development. DETAILS ABOUT AUTHORS: PROF.DR.SC. IVO BAN iban@unidu.hr PROF.DR.SC. VESNA VRTIPRAH vesna.vrtiprah@unidu.hr BOTH AUTHORS: UNIVERSITY OF DUBROVNIK, DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS LAPADSKA OBALA 7, 20 000 DUBROVNIK, CROATIA

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SPORTS AND RECREATION ACTIVITIES AND TOURISM ZLATKO VERUNICA MAJA VIZJAK

ABSTRACT Sports and recreation activities in tourism form an integral part of what a destination has to offer. Given that such activities differ greatly, they should be organized and executed by fully qualified and educated staff, ensuring the quality and, more importantly, safety of the programs. One should bear in mind that sports and recreation activities often attract users that have had little or no previous experience in sports and that their bodies will be unaccustomed to increased physical effort. For this reason, sports and recreation activities should be conceived, organized and implemented by educated animators. They should produce a suitable recreational program for each user. The program should be fun to use and be mindful of the usersâ&#x20AC;&#x2122; physical abilities. Animators that implement the recreational activities should have an educational background in sports. This type of education is offered at higher education institutions, but additionally through specialized courses or seminars run by companies that target this line of work and prepare specific profiles of personnel for its needs. The role of these personnel is not only to be familiar with the current sports and recreation trends, but also be trained in activities related to communication and guest management. KEY WORDS: tourism, sports, recreation, needs, benefits. DETAILS ABOUT AUTHORS: ZLATKO VERUNICA, PROF. PROFESSOR zlatkov@fthm.hr MAJA VIZJAK, MSc. PHD STUDENT majav@fthm.hr BOTH AUTHORS: FACULTY OF TOURISM AND HOSPITALITY MANAGEMENT OPATIJA, CROATIA

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HEALTH AND SPA TOURISM: TRENDS IN SOUTH TRANSDANUBIA IN ECONOMIC DEVELOPMENT AND QUALITY OF LIFE TERMS MÁRTA BAKUCZ, ALEXANDRA FLINK, ÁRON KOVÁCS

ABSTRACT Hungary has accessible thermal waters below 80% of its land area, and optimal development potential lies in remote, peripheral areas, a remedy for chronic regional disparities. South Transdanubia is an excellent example, with the sector prioritised due to its significant resources. Investment, however, has been weak, with a few resourceful spas challenging old-fashioned socialist-era relics. In the EU’s 2007–2013 planning period, accommodationrelated projects do feature, but there continues to be a serious lack of quality accommodation. This is especially important in this field and without improvement it will be difficult to remain competitive. However, economic results are no longer the sole target; no longer can eco-unfriendly plants (e.g., chemicals) be built in beauty spots. Economic activity is needed, but not at any price. Terms such as Quality of Life (QoL) now appear in government policy in relation to both traditional industrial areas and also to favoured regions whose residents are concerned about their environment. The authors devised a focused survey among residents of Harkány, an established spa 25 km south of Pécs, famous for treatment of rheumatic disorders. On-line and paper-based multiple-choice surveys questioned the effects of the 2003 renovation of the bath. Responses showed that the QoL was not thought to have benefited. Results (economic, political) are analysed. KEY WORDS: spa-tourism development, regional disparities, quality of life. N.B. This study and the integral survey were undertaken with financial assistance from the European Union’s Social Renewal Operational Programmes TÁMOP-4.2.1.B-10/2/KONV-2010-0002 and TÁMOP 4.2.2/B-10/1-2010-0029. DETAILS OF AUTHORS: MÁRTA BAKUCZ PHD ASSOCIATE PROFESSOR bakucz@ktk.pte.hu ALEXANDRA FLINK PHD STUDENT flinxandra@gmail.com ÁRON KOVÁCS PHD STUDENT aronkovac@gmail.com ALL AUTHORS: INSTITUTE OF ECONOMICS AND REGIONAL STUDIES FACULTY OF BUSINESS AND ECONOMICS, PÉCS UNIVERSITY PÉCS, HUNGARY 94

3MS4 FRIDAY 05TH OCTOBER 2012 12.00 am – 13.30 pm ROOM 4

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APPLICATION OF MUNDELL-FLEMMING MODEL IN CONDITIONS OF EUROZONE COUNTRIES FROM FISCAL PERSPECTIVE MARIA VOJTKOVA RICHARD ĎURECH

ABSTRACT The main goal of this paper is to test applicability of the Mundell-Flemming model on one of the newest members of common currency union in Europe, the Slovak republic. Basic structure of IS-LM-BP model is adjusted for specific conditions of the Eurozone, especially presence of fixed exchange rate due to common currency euro. Additionally, we model fiscal sector in more detailed way due to the fact that in case of common currency union the fiscal policy is able to positively or negatively affect final output of the economy. Contrary to the standard model, we use short-term interest rate as a tool of monetary policy while we distinguish between exogenous part of money stock - domestic credit, and an endogenous part represented by a foreign credit. KEY WORDS: Mundell-Flemming model, fiscal policy, monetary policy, Eurozone. NB: This work was supported by the project VEGA 1/0613/12 “The intensity of the relationship between financial sector and real economy as a source of economic growth in Slovakia in the post-crisis period” (50 %) and the project of PMVP 2315026 “Theoretical and practical aspects of modeling foreign debt and economic imbalance in DSGE models.” DETAILS ABOUT AUTHORS: MARIA VOJTKOVA PHD STUDENT maria.vojtkova.nhf@euba.sk RICHARD DURECH PHD STUDENT richard.durech@gmail.com BOTH AUTHORS: UNIVERSITY OF ECONOMICS IN BRATISLAVA; FACULTY OF NATIONAL ECONOMY, DOLNOZEMSKA CESTA 1, BRATISLAVA, SLOVAK REPUBLIC

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LIQUIDITY MANAGEMENT IN TIMES OF CRISIS IN THE EURO AREA LUCIA KOZMOVA

ABSTRACT To understand the implementation of monetary policy during standard conditions is very interesting, but watch the steps of the central banks in times of crisis is even more interesting. We see a situation where monetary policy is no longer effective in stimulating the economy, whether by trying to decrease the interest rate, or increase the money supply. The solution is therefore the introduction of non-standard or unconventional steps, whose main objective is to escape the ongoing recession and once again restore balance and stability to financial markets. The aim of my work is to focus on liquidity management in the euro area, while trying to analyze what are the effects of releasing of liquidity, whether in the form LTROs, MRO, or in the form of swap operations in the financial market. For further development, it is necessary for monetary policy to maintain price stability in the euro area as a whole. This will ensure a firm anchoring of inflation expectations in line with the Governing Council’s aim to keep inflation in the medium term at a level below but close to 2%. Such anchoring is a prerequisite for monetary policy to support economic growth and job creation in the euro area. KEY WORDS: ECB, monetary policy, liquidity management. NB: “This work was supported by the project VEGA 1/0613/12 “The intensity of the relationship between financial sector and real economy as a source of economic growth in Slovakia in the post-crisis period” (50 %) and the project of PMVP 2315026 “Theoretical and practical aspects of modeling foreign debt and economic imbalance in DSGE models.” DETAILS ABOUT AUTHOR: LUCIA KOZMOVA DOCTORAL STUDENT DEPARTMENT OF BANKING AND INTERNATIONAL FINANCE UNIVERSITY OF ECONOMICS IN BRATISLAVA BRATISLAVA, SLOVAKIA lucia.kozmova@euba.sk

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THE POSSIBILITIES OF INTRODUCING SECURITIZATION ON THE FINANCIAL MARKETS ADNAN ROVCANIN ADNA MATARADZIJA AMRA MATARADZIJA

ABSTRACT On some financial markets commercial bank loan capacity is largely dependent upon foreign funding, which is quite expensive, and it diminishes liquidity of the overall economy and hinders the development of the countryâ&#x20AC;&#x2122;s flagging economy. Based on the assumption that securitization is one of possible methods for solving this problem, this paper discusses the possibilities of its implementation into the financial markets and advantages of that process. Bearing in mind the appropriate features of loan portfolio and Basel a regulations, it points to the conclusion that the possibilities of implementing this process into the some financial market is welcomed and that it may have positive effect on increasing the level of liquidity and the overall economic development. KEY WORDS: Securitization of receivables, Loan portfolio, Credit risk, Basel II standards. DETAILS ABOUT AUTHORS: ADNAN ROVCANIN PEOFESSOR adnan.rovcanin@efsa.unsa.ba ADNA MATARADZIJA TEACHING DEMONSTRATOR adna.mataradzija@gmail.com AMRA MATARADZIJA TEACHING DEMONSTRATOR amra.mataradzija@gmail.com ALL AUTHORS: UNIVERSITY OF SARAJEVO, SCHOOL OF ECONOMICS AND BUSINESS SARAJEVO, BOSNIA AND HERZEGOVINA

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VENTURE CAPITAL – FORM OF FINANCING BLAZENKA EROR MATIC TOMISLAV GELO

ABSTRACT Small and medium enterprises (SMEs) are faced with the problem of raising initial capital for start-up the business. SMEs represent a high-risk investment for banks and other institutional investors, which therefore prefer to invest in large companies. Loan as traditional and most common form of corporate financing relies on companies that have long business history, which is a major constraint for newly established companies. Because of that, many of the small companies opt for alternative ways of collecting the necessary funds. The most popular types of alternative investments are: venture capital, hedge funds, real estate and commodities. In 2009, approximately 14% of total assets of institutional investors were invested in alternative types. Venture capital appears as an alternative form of investment, especially in technology-oriented small and medium enterprises. Venture capitalists besides financing offer, also, professional support that is very important to young entrepreneurs. In 2009 its share in all alternative investments was about 22%. Advantages of investing in alternative investments are that such investments can bring higher returns than traditional investments. The paper analyzes venture capital and its advantages and disadvantages compared to traditional investments. Paper also highlights the potential of venture capital with respect to its development in the U.S., Finland and Israel, and the possibilities for its increased in the EU. KEY WORDS: venture capital, investment, alternative investment, SMEs. DETAILS ABOUT AUTHORS: BLAŽENIKA EROR MATIĆ CROATIAN PENSION INVESTMENT COMPANY ZAGREB, CROATIA blazenka.eror@hmid.hr TOMISLAV GELO UNIVERSITY OF ZAGREB, FACULTY OF ECONOMICS & BUSINESS ZAGREB, CROATIA tgelo@efzg.hr

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AN OUT-OF-SAMPLE ASSESSMENT OF THE EFFICACY OF CURRENCY BOARDS IN EUROPEAN TRANSITION ECONOMIES PETYA MIHAYLOVA NUMAN ÜLKÜ

ABSTRACT We assess the contribution of the new-generation currency boards (CB) in European transition economies to macroeconomic performance (growth and inflation). Focusing on more recent data to exclude the volatile effects around the launch of the currency board arrangements, we identify the long run contribution of currency boards to growth. This fills a major gap in the literature as previous studies cannot exclude post-launch effects and results driven by colonial currency boards. We find a (borderline) significant positive (negative) effect of CBs on growth (inflation). KEY WORDS: currency boards, macroeconomic performance, European transition economies. DETAILS ABOUT AUTHORS: PETYA MIHAYLOVA NUMAN ÜLKÜ PROFESSOR nulku@aubg.bg BOTH AUTHORS: AMERICAN UNIVERSITY IN BULGARIA BLAGOEVGRAD, BULGARIA

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AGE IN SHOPPING BEHAVIOUR DAGMAR LESAKOVA

ABSTRACT Seniors constitute a large and constantly growing group of consumers. They form a potentially significant market segment for the near future. Given the scope of seniorÂ´s group, little attention was paid to this segment from a retail industry and more research to identify their shopping behaviour and suggest relevant actions is required. Older consumers are (because of age) more experienced, request more information about the products than do younger customers and have enough time to verify the obtained information. Their time spent on purchase decisions is longer in comparison with a young buyer. Senior customers have different concerns, needs and desires to compare with younger people when they choose shopping places and stores. Such attributes as store location, smaller package sizes, low prices, staff courtesy or easy access to the stores, etc. cause satisfaction or dissatisfaction of older shoppers. To communicate more effectively with this segment the retail industry needs to understand older consumers. Considering the need for understanding this market segment the goal of our paper is to explore the seniors behaviour when selecting store for purchase and to analyse the implications for retail management. The research was conducted in the framework of the project VEGA 1/0612/12. KEY WORDS: seniors, schopping behaviour, buying decision, store choice. DETAILS ABOUT AUTHOR: DAGMAR LESAKOVA PROFESSOR UNIVERSITY OF ECONOMICS BRATISLAVA, DEPARTMENT OF MARKETING BRATISLAVA, SLOVAK REPUBLIK lesakova@euba.sk

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ETHICAL CONSUMER BEHAVIOUR IN MARKETING RUZICA KOVAC ZNIDERSIC DRAZEN MARIC SUZANA SALAI ALEKSANDAR GRUBOR

ABSTRACT Over the past few decades, marketing theory and practice have paid increasing attention to the phenomenon of ethical consumer behaviour. There is no doubt that the modern consumers are sophisticated and prepared for different types of actions to protect rights which are considered to belong to them. On the other hand, numerous reports on sales trends of so-called ethical products and services do not record significant growth and participation in the total consumption. As this issue still contains many controversies as to whether declarative nature of ethical demands of consumers in the market are supported with their actual behaviour and purchase decisions, this article attempts to point out some directions of thinking and future research, based on experience from the Republic of Serbia. KEY WORDS: ethics, ethical consumer, consumer behaviour, consumer activism. DETAILS ABOUT AUTHORS: PROF. RUŽICA KOVAČ ŽNIDERŠIĆ, PHD, FULL PROFESSOR znikor@ef.uns.ac.rs PROF. SUZANA SALAI, PHD, FULL PROFESSOR salais@ef.uns.ac.rs PROF. ALEKSANDAR GRUBOR, PHD, ASSOCIATE PROFESSOR agrubor@ef.uns.ac.rs DRAŽEN MARIĆ, MSC, ASSISTANT LECTURER drdrazen75@yahoo.com ALL AUTHORS: FACULTY OF ECONOMICS SUBOTICA, UNIVERSITY OF NOVI SAD SUBOTICA, SERBIA

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THE INFLUENCE OF BACKGROUND MUSIC ON THE MOOD AND PURCHASING INTENTIONS OF CONSUMERS IN SERVICES ORGANIZATIONS IN DUBROVNIK IVANA RAKIDZIJA MARIJA DRAGICEVIC

ABSTRACT Many service organizations focus exclusively on some combination of traditional “marketing mix”, that contains of product, place (distribution), promotional activities and price, although traditional “Four P’s” do not cover personnel, customer service, and physical facilities. The impact of service providers’ physical facilities (environments) on customer behavior and satisfaction has gained attention. Of the multitude environmental stimuli to which a customers may be exposed in a service setting, music has been identified as one of the most influential elements. Research conducted over the years provides some empirical evidence to support the existence of the effect of the music, especially in service environments. The aim of the paper is to explore the influence of the background music on the mood and purchasing intentions of the customers in service organizations in Dubrovnik. For that purpose we have carried out the primarly research including the sample of 250 customers. The results of the research show that there is a significant influence of music on the consumers behaviour in Dubrovnik. KEY WORDS: music, influence, mood, purchasing intention, Dubrovnik. DETAILS ABOUT AUTHORS: IVANA RAKIDZIJA DUBROVNIK, CROATIA ivanarakija@net.hr MARIJA DRAGICEVIC ASSISTANT PROFESSOR UNIVERSITY OF DUBROVNIK, DEPARTMENT FOR ECONOMICS AND BUSINESS ECONOMICS DUBROVNIK, CROATIA marija.dragicevic@unidu.hr

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SPECIFICS OF MARKETING STRATEGY IN THE SEGMENT OF HIGH FASHION RUZICA BUTIGAN ALICA GRILEC KAURIC DARKO UJEVIC

ABSTRACT The success of high fashion designers is not only in a specificity of the products but also in specific and very well executed marketing strategy. Emphasis is placed on the design of very specific marketing program and marketing strategies that must concider all the characteristics of the high fashion market. Therefore, a scientific research problem is defined as follows: although the market of high fashion at first glance does not imply a completely different marketing approach than other fashion market, its needs are quite specific and require specific marketing program and strategies. The subject of research was to explore all the specifics of high fashion marketing program, and to define marketing strategies due to experts opinions. The paper used secondary and primary data sources (conversations / interviews with experts in the field of clothing industry). The scientific methods that were used are: the method of analysis and synthesis, inductive and deductive methods, methods of proof and disproof, description method and the method of compilation. This paper presents SWOT analysis of the high fashion industry and fulfills the research objectives - defines specific marketing programs on the market of high fashion and proposes marketing strategies that are prerequisite to the successful functioning of the high fashion market. KEY WORDS: high fashion, marketing strategies, marketing mix. DETAILS ABOUT AUTHORS: PH.D. RUŽICA BUTIGAN, ASSISTANT FACULTY OF ECONOMICS AND BUSINESS rbutigan@efzg.hr M.SC. ALICA GRILEC KAURIĆ, ASSISTANT FACULTY OF TEXTILE TECHNOLOGY alica.grilec@ttf.hr PH.D. FULL PROFESSOR DARKO UJEVIĆ FACULTY OF TEXTILE TECHNOLOGY darko.ujevic@ttf.hr ALL AUTHORS: UNIVERSITY OF ZAGREB CROATIA

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COMMUNICATIONS MODEL OF A SOCIALLY RESPONSIBLE CORPORATION MAJDA TAFRA-VLAHOVIC

ABSTRACT The body of knowledge of corporate social responsibility (CSR), recently more often called sustainability and increasingly included in education and research programmes as a valuable multidisciplinary academic area that presents itself as a challenge to representatives of various academic fields, is multidisciplinary by definition. Its multidisciplinary quality is materialised in the real life as a request for the embedment of its principles into overall strategic and operational levels across all functions of an organisation, and on the academic level as a research interest and education content in various areas of various disciplines: economy, marketing, communication, ethics, management, sociology, and that by no means completes the list. The multidisciplinary area of public relations or corporate communication seems increasingly complex as well. Again, not only in real life where corporate communications have managed to penetrate all areas of corporate life, again across functions and raise to the level of substantially contributing to the highest decision making process since they guard the most valuable intangible assets, but also in research and education, corporate communications or public relations are an area accessed and studied in the fields of various disciplines: communication science, sociology, ethics, marketing, management, crisis management, psychology, and that does not complete the list either. The research question of this desk research aiming to draft a conceptual framework for a model of communication used by socially responsible company, would, therefore be: Which theoretical concepts from various disciplines would this framework consist of, under the hypothesis that such a model could be constructed and later be empirically researched? As a result the framework consists of Grunig`s theory of excellence, situational theory of publics (also Grunig), the concept of boundary spanning, the stakeholder theory, the theory of competitive philanthropy and the concept of corporate social opportunity. These six concepts could be considered to partly map the conceptual framework for a communication model of a sustainable corporation engaged in a process of implementing CSR principles across various functions and at all levels of strategy and operations. In empirical part, the research aims to study the public relations of a company which implements a policy of social responsibility in order to discover how different, if at all, is a model of public relations of a socially responsible company from a model of a company which does not implement such a policy. KEY WORDS: corporate social responsibility, sustainability, corporate communications, public relations. DETAILS ABOUT AUTHOR: MAJDA TAFRA-VLAHOVIÄ&#x2020; PROFESSOR UNIVERSITY OF DUBROVNIK, DEPARTMENT OF COMMUNICATION SCIENCE, DUBROVNIK, CROATIA, mtvlahov@unidu.hr 106

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THE PERCEPTION, ATTITUDES AND BEHAVIOUR OF ZAGREB`S TEENS TO APPAREL BRANDS AND THEIR LOYALTY – ARE ZAGREB`S TEENS “CRAZY” ABOUT CLOTHING BRANDS? MAJA STRACENSKI KALAUZ TIHOMIR VRANESEVIC MIROSLAV TRATNIK

ABSTRACT This paper focuses on the perception, attitudes and behaviour as building parts of phenomenon of loyalty. Specifically, this paper encompasses behaviour and attitudes of costumers to clothing brand(s) of T-shirts, jackets and trousers and clothing brand loyalty among younger teenagers age 13 and 14 year olds as a specific costumers segment with their characteristics. On the methodical platform of the model of measuring loyalty of younger teenagers to the clothing brands (Stracenski Kalauz, 2010.) this paper aim is to find out which clothing brands younger teenagers know, buy, love and which brands their pears buy and to which they are and wish to be loyal. The survey data was conducted among Zagreb`s (Croatian) younger teenagers (N=179), both genders, aged 13 or 14 years old. Respondentsyounger teenagers (N=179) new 132 clothing brands (names) and the main results showed that younger teenagers love and are loyal to Nike, Adidas and Benetton. KEY WORDS: younger teenagers, clothing, brand, attitudes and buying behaviour, loyalty. DETAILS ABOUT AUTHORS: MAJA STRACENSKI KALAUZ ASSISTANT FACULTY OF AGRICULTURE mskalauz@agr.hr TIHOMIR VRANESEVIC PROFESSOR FACULTY OF ECONOMICS AND BUSINESS tvranesevic@efzg.hr MIROSLAV TRATNIK PROFESSOR FACULTY OF AGRICULTURE mtratnik@agr.hr ALL AUTHORS: UNIVERSITY OF ZAGREB ZAGREB, CROATIA

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INDEX OF AUTHORS A AGARAJ (SHEHU), XHILIOLA 72 ANA, VIZJAK 65 ARENDAS, PETER 38 ARPASI, KRISZTINA 68 ARSLANAGIC, MAJA 36

B BABIC-HODOVIC, VESNA 36 BABOGREDAC, LJILJANA 23 BAIC, OLIVERA 81 BAKOVIC, TOMISLAV 12, 34 BAKUCZ, MÁRTA 94 BAN, IVO 92 BARAN, DUSAN 82 BAUTOVIC, MIRJANA 27 BECIC, MARIJA 20 BELLO, KRESHNIK 84 BILOS, ANTUN 62 BRADVICA, BLANKA 28 BRDARIC, MARIJA 35 BUTIGAN, RUZICA 105 BUTORAC, MARIJA 29

C CERAR, JANEZ 9 CHOVANCOVA, BOZENA 38 CILEG, MARIJA 15 CIRIC, IVANA 15 CORIC, ILIJA 48 COROIAN, AURELIA 46 CUDANOV, MLADEN 14

D DAPI, ZHANINA 18 DĂRĂBAN, STELIAN 46 DAWIDOWSKY MAMIC, MAJA 75 DELIC, ALEN 22

DRAGICEVIC, MARIJA 104 ĎURECH, RICHARD 96 DVORSKI, STJEPAN 33 DZAFIC, ZIJAD 48

E ELMAZI, ILIR 16, 45 ELMAZI, LILJANA 53 EROR MATIC, BLAZENKA 99

F FAIRER-WESSELS, FELICITE A. 44 FERENCIKOVA, SONIA 57 FILO, PETER 50 FILOSOFOVA, TATIANA G. 76 FLINK, ALEXANDRA 94

G GASOVIC, MILAN 35 GEGA, ELSA 18 GELO, TOMISLAV 99 GOLEMAC, ZRINKA 21 GREGUREC, IVA 22 GRILEC KAURIC, ALICA 105 GRUBOR, ALEKSANDAR 103

H HABUL, AIDA 58 HAJDIC, LUCIJA 64 HARAKAĽOVÁ, ĽUBICA 6 HASENAUER, RAINER 50 HOLECKOVÁ, JAROSLAVA 79 HORVAT, SANDRA 86 HOXHA, BLEDI 45 HRUSKA, DOMAGOJ 12 HUDINA, BORIS 59 109

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IBROVIC, IRFAN 58 ILIC, MLADEN 52 IVANKOVIC, JADRANKA 87 IVANOV, IVAN 41

MAJIC, HELENA 74 MANDIC, MIROSLAV 32 MANOKU, ELFRIDA 53 MARIC, DRAZEN 103 MARTINOVSKI, ZORAN 40 MATARADZIJA, ADNA 98 MATARADZIJA, AMRA 98 MATIC, MATEA 11, 51 MATULIC, ANA 17 MEHIC, ELDIN 36 MIHAYLOVA, PETYA 100 MIJATOVIC, IVANA 14 MILICEVIC, NIKOLA 54 MILJANIC, BOZENA 51 MIREŞAN, VIOARA 46 MISKOVIC, LJUBICA 91 MULOVIC, ANA 69

J JÄCKEL, KATALIN 24 JAKSIC STOJANOVIC, ANĐELA 90 JOVICEVIC, RATIMIR 88 JOVOVIC, RADISLAV 60 JURCEVIC, MARIJA 12 JURKOVIC MAJIC, OLIVERA 74

K KANDZIJA, VINKO 78 KAPIC, MATIJA 22 KAZAZI, IRIS 45 KELIC, IVAN 62 KESELJEVIC, ALEKSANDAR 8 KIS, TIBOR 15 KLARIC, INES 27 KOMAZEC, STEFAN 14 KOTLEBOVÁ, JANA 2 KOTOLLAKU, MIMOZA 16 KOVAC, BOGOMIR 9 KOVACIC, KORNELIJA 87 KOVÁCS, ÁRON 94 KOVAC ZNIDERSIC, RUZICA 103 KOVSCA, VLADIMIR 33 KOZMOVA, LUCIA 97 KULDIJA, NERMIN 58 KUMAR, ANDREJ 78

L LACMANOVIC, DARKO 63 LANSHINA, TATIANA A. 76 LASINGER, JASNA 65 LAZIBAT, TONCI 34 LESAKOVA, DAGMAR 102 LIPKOVÁ, ĽUDMILA 4 LOMEV, BOYAN 41 LONCAR, IRIS 21

N NOVOSEL DOLNJAK, ZVONKO 73

O ORAVÍKOVÁ PODOLIAKOVÁ, KATARÍNA 42 OVIDIU COROIAN, CRISTIAN 46 OZIMEC, KRISTINA 70

P PANDZA BAJS, IRENA 70 PAVIC, ZARKO 56 PAVLIC, IVANA 29, 64, 91 PERUCIC, DORIS 28 PETLJAK, KRISTINA 26 PJERO, ELENICA 72 PLANTIC TADIC, DIANA 27, 75, 87 PLATZ, PETRA 5 POPOSKI, KLIME 16 PORTOLAN, ANA 29, 64, 91 PRGA, IVICA 40 PUCAR, MARIN 85 PUH, BARBARA 66 110

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SVILOKOS, TONCI 80 SZABÓ, ÁGNES 47

R RACIC, MARTA 23 RĂDUCU, CAMELIA 46 RAKIDZIJA, IVANA 104 RANUSA, MARTIN 82 RATHMAN, DESA 17, 30 ROCA, BOZIDAR 54 ROVCANIN, ADNAN 98 ROZBORILOVÁ, DARIA 10 RUDAWSKA, EDYTA 26 RUZIC, IVAN 62

T TAFRA-VLAHOVIC, MAJDA 106 TODOROVIC, IVAN 14 TOTH, TAMAS 5 TRATNIK, MIROSLAV 107 TRIF, MONICA 46

U UJEVIC, DARKO 105 ÜLKÜ, NUMAN 100 USKOKOVIC, LUKA B. 71

S SALAI, SUZANA 103 SEDLAK, OTILIJA 15 SENIC, SANDA 60 SIMIC, VLADIMIR 3 STOJANOSKI, JOVAN 53 STOJCIC, NEBOJSA 20 STÖRI, HERBERT 50 STRACENSKI KALAUZ, MAJA 107 STULEC, IVANA 26 SUMA, SAIMIR 84 SUTIC, INES 34 SVERKO, IVAN 40

V VAREZ, KATARINA 30 VASELIC, DARKO 35 VERES, ZOLTÁN 24 VERUNICA, ZLATKO 93 VIZJAK, MAJA 65, 93 VOJINIC, PERICA 20 VOJTKOVA, MARIA 39, 96 VRANESEVIC, TIHOMIR 69, 107 VRDOLJAK RAGUZ, IVONA 51 VRTIPRAH, VESNA 92

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1st International M-Sphere Conference For Multidisciplinarity in Science and Business 1st International M-Sphere Conference

Book of Abstracts Dubrovnik, Croatia 4th - 6th October 2012