Mednarodno inovativno poslovanje = Journal of Innovative Business and Management
Mednarodno inovativno poslovanje = Journal of Innovative Business and Management (MIP=JIBM) was launched in 2009 by DOBA University of Applied Sciences, Maribor. The MIP=JIBM is open-access journal and platform for the exchange of knowledge and ideas of teachers, academics, researchers, students and other professionals who are in one way or another connected with the DOBA University of Applied Sciences. The MIP/JIBM is intended for social scientists, economists, professional public in the field of business and social sciences, researchers, students and academics and teaching staff - in fact all those who need modern information and innovative ideas in the field of international business management, management, organization, marketing, communication and other soft skills and modern forms of business education. All articles are double blind reviewed.
DOBA Fakulteta za uporabne poslovne in družbene študije Maribor
The authors retain rights under the Creative Commons Attribution-ShareAlike 4.0 International CC BY-SA 4.0. Authors assign copyright or license the publication rights in their articles, including abstracts, to MIP=JIBM. This enables us to ensure full copyright protection and to disseminate the article, and of course MIP=JIBM, to the widest possible readership in electronic format. Authors are themselves responsible for obtaining permission to reproduce copyright material from other sources.
A domain-independent review of explainable AI’s role in facilitating innovation and creativity in organizations
Explainable Artificial Intelligence (XAI) offers transparency and interpretability in AI systems, addressing the opacity of traditional models. This review examines how XAI fosters innovation and creativity in organizations by enhancing decision-making, trust, and collaboration across diverse domains such as healthcare, manufacturing, and agriculture. Thematic analysis of relevant literature reveals that XAI builds stakeholder confidence, promotes ethical practices, and bridges gaps between technical and non-technical teams, encouraging inclusive problem-solving. While this study highlights significant short-term benefits, future longitudinal research is necessary to explore XAI’s long-term impact. This paper provides insights for academics, practitioners, and policymakers, emphasizing XAI's potential to foster innovation.
Copyright (c) 2025 Miha Lavrič, Aurora Lea Lavrič https://creativecommons.org/licenses/by-nc/4.0
Comparative analysis of the impact of marketing strategies on sports documentary series
Over time, sport has ceased to be merely entertainment and has become a significant factor influencing the economy. Several important themes related to sports marketing include various tools and strategies, sponsorship and partnerships, and media and digital transformation. Consumer behaviors and the economics of sports and trends also differ. The research area of this paper was to investigate the impact of documentary series about athletes on viewers from a marketing perspective as a new trend in marketing strategies. The study examined how documentary series affect the popularity of athletes and how viewers perceive the emergence of documentary series about athletes as their promotion, whether the audience's perception changes after watching the series, and whether they prefer watching documentary series about individual athletes or sports teams. The effects of different marketing strategies of two documentary series about an individual athlete and a sports team were comparatively analyzed. The research was conducted using a quantitative method, a survey technique with an online questionnaire. The sample was selected by simple random sampling within online sports communities, and the target group consisted of active and former athletes in Croatia. The research covers various aspects of sports marketing and connects the film industry with marketing strategies.
sports marketing, athlete branding, documentary series
Copyright (c) 2025 Lucija Sekulić-Škopić, Tina Vukasović https://creativecommons.org/licenses/by-nc/4.0
Integrating ESG and AI in higher education: a conceptual framework for curriculum innovation
This paper examines the challenges and opportunities of integrating Environmental, Social and Governance (ESG) principles with artificial intelligence (AI) tools in higher education (HE), particularly in finance and business-related study programmes. Drawing on a structured review of recent academic literature and informed by insights from the Erasmus+ GenESG project, it identifies four key systemic gaps that hinder effective implementation: lack of standardised ESG frameworks, weak interdisciplinary integration, ethical uncertainties surrounding AI use, and low student engagement with sustainability topics. The paper argues that addressing these challenges requires a holistic rethinking of curricula, combining ethical, digital, and sustainability literacies. Through an analysis of pedagogical approaches and institutional barriers, it offers recommendations for more coherent and future-oriented ESG teaching in higher education (HE), grounded in interdisciplinary, practice-based, and ethically aware strategies.
ESG education, higher education, sustainable finance, artificial intelligence in education, interdisciplinary learning
Copyright (c) 2025 Tina Vukasović, Liliya Terzieva, Elenita Velikova , Justyna Tomala, Michael Murg, Anita Maček https://creativecommons.org/licenses/by-nc/4.0
Strategy implementation in private equity funded companies
Research exploring strategy implementation in the context of private equity funded companies is sparse. Addressing this gap, this study has inquired into the cooperation between the key stakeholders of a recently acquired portfolio company and the acquiring private equity firm during the portfolio company’s four-year holding period. The research is grounded in the Strategy as Practice (SAP) paradigm and utilizes an insider action research method. By using this approach, it was possible to uncover unique insights on micro-level processes and action as well as rich narratives. From this data, an empirically grounded and explanatory strategy implementation framework was developed. This contains three dimensions including a Strategy Process Dimension, a Leadership Dimension, and a Value Creation & Growth Dimension with distinct phases and structural elements. Additionally, 8 novel research propositions could be identified. This study is a rare attempt to immerse into a private equity context. Based on for the context novel participatory approaches, important contributions to strategy implementation research are made (including in terms of approach) and additionally contributions to the SAP and buy-out literatures are made.
business performance; strategy implementation; private equity; strategy as practice; insider action research
Investment analysis of companies for understanding the competitiveness of a municipality of Ribnica
The authors explain how policy and development represent a framework for regional development. In the empirical part, the authors analyzed the economic development and competitiveness of the municipality based on an online survey previously distributed to active economic operators in the municipality. The research examined the vitality of companies, their orientation and compliance with new EU guidelines, their investment activities, their sources of funding, their ability to obtain state subsidies, and their cooperation with local and regional authorities. The paper shows that the municipality of Ribnica ranks in the top half of the municipalities based on its development and competitiveness.
economic development, funding, investment activities, competitiveness, municipality of Ribnica.
Copyright (c) 2023 Vito Bobek; Miha But; Tatjana Horvat
Social networks in non-profit organizations
The purpose of this paper is to define the communication, communication process, the concept of social networks and non-profit organizations, with special emphasis on how non-profit organizations use social networks for their work. Social networks are a form of everyday private or business communication. There are different types of social networks, and some of the most popular are: Facebook, WhatsApp, Messenger, Instagram, YouTube, TikTok. The goal of public relations is to provide the organization with an environment in which it will function best and where it will have the opportunity to build its reputation. In the second part of the paper, research methodology is to give through a comparative analysis of the use of social networks as a communication tool in the interpersonal communication of non-profit organizations with users. A descriptive analysis was conducted between ten non-profit organizations in the Republic of Croatia. Conducted analysis has shown that non-profit organizations use social networks in their daily work, for communication, but also for transparency of their work. In further research it would be advisable to detect who are stakeholders in such communication process and what is their opinion or suggestions for non-profit organization.
Internet, public relations, non-profit organizations, social networks
Copyright (c) 2023 Ivana Vidak, Dejan Tubić, Martina Kovačević
Data Lakehouse: Benefits in small and medium enterprises
This article argues that the collection and processing of structured and unstructured data is necessary in small and medium-sized enterprises to advance in the business. The architecture, as it is known today, of a Data Warehouse is superseded by the larger Data Lakehouse. It is based on open data formats with direct access and has excellent support for machine learning and data science. To the enterprises that currently process only structured data, so they are technologically behind the competition, Data Lakehouse can help to solve big challenges based on Data Warehouses and Data Lakes, including data obsolescence, unmanageable data, and misplaced data. In the article it is presented how small and medium-sized enterprises are choosing to make a technological shift in the direction of Data Lakehouse, which helps them with strategic decisions and further steps in the enterprise for faster growth and development.
Data Lakehouse, Data Warehouse, Data Lake, Data Analysis, Enterprise
Evaluation of financial situation of Slovak businesses after 2020
The aim of the article is to evaluate the financial situation of businesses in the Slovak Republic after 2020 through selected economic indicators. We focus on small and medium – sized enterprises. We used available secondary data to characterize the development of basic economic indicators describing the economic situation of businesses. Moreover, we surveyed whether the businesses managed to cope with the increased inflation. According to our findings, the unfavourable economic situation caused by the pandemic had a negative impact on the creation of added value in the business sector in 2020. In 2021, there was a revival of economic activity, which was reflected in the increased creation of added value, as well as in the positive development of other economic indicators. As for the impact of inflation, businesses were on average able to transfer rising costs into sales.
inflation, business, financial stability
In this paper, we discuss the education of women entrepreneurs in different life stages. Education is one of the most widely used indicators of human capital. We assume that there are significant differences among women entrepreneurs at different stages of their lives, in the Early Career and Idealistic Achievement phase, Mid-Career or phase of Pragmatic Endurance, and thirdly, Advanced Career or Reinvention and Recontribution phase. Entrepreneurial women are well aware of and value the knowledge of their businesses. A sizable portion of female entrepreneurs is pursuing higher levels of education and training throughout their careers. A rather low index of business training before starting entrepreneurship and also a low index of ongoing training in business areas, especially in the area of ​​business strategies and management, may mean that this is one of the weak points of female entrepreneurship in our country. Based on the findings of this research we also suggest that educating and promoting entrepreneurship among highly educated female professionals is a challenge to policymakers.
Copyright (c) 2022 Mateja Vadnjal, Jaka Vadnjal
Comparative analysis of tourism indicators for Croatia and selected competitive countries
An increasing number of countries are investing in the development of tourism, thus becoming a key driver of socioeconomic development. The effects of tourism are realized through foreign exchange revenues, job creation, and the development of local and national infrastructure. As an international trade service, inbound tourism has become one of the world's major trade categories. Tourism in Croatia is considered an important investment driver and a generator of growth in the national economy. Addressing and development on a competitive basis are determined by the unfavorable macroeconomic environment and business climate in the country. Today's business world is characterized by accelerated development and competitiveness of companies that must stimulate profitable development, measure value creation and continuously learn from success, because only such companies can succeed. The aim of the paper is to show the economic effects of tourism and show the position of Croatian tourism in relation to competitive countries, in order to confirm the hypothesis that Croatia is a strong competitive country.
tourism, competitiveness, economic effects, economy
Performance drivers in the hospitality industry: evidence from Slovenia and Croatia
Purpose of the article – The aim of this paper is to identify key elements that drive performance in the field of hospitality and to test their impact on performance on the sample of hospitality companies in Slovenia and Croatia. Research methodology – Extensive literature review and content analysis contributed to the list of 30 drivers of hospitality performance that have been evaluated through Delphi method. In quantitative study, final list of drivers is linked to performance data on the sample of hospitality companies from Slovenia and Croatia. Findings – Hotel managers evaluated service quality, segmentation, and customer satisfaction as the major performance drivers. Further analysis showed that there is no single driver of performance that is relevant for any hospitality company. Cluster analysis offered five groups of companies that focused on their specific mix of performance drivers. Practical implications – The research offers a holistic view on the field of performance drivers while offering guidelines for industry practitioners when deciding where to focus to achieve targeted performance. Originality/Value – Studies so far focused on testing a single or a few drivers on hotel performance. From this point of view, this research is a stepping-stone in the area.
hotel performance, performance drivers, resource-based theory
Copyright (c) 2025 Valentina Božič https://creativecommons.org/licenses/by-nc/4.0
Integrating cognitive rehabilitation into comprehensive care for patients with multiple sclerosis: theoretical foundations, clinical practices, and future directions
Cognitive impairment is a common and significant feature of multiple sclerosis (MS), often present even in the early stages of the disease. Despite its prevalence, it frequently remains overlooked and inadequately addressed in clinical practice. This article explores contemporary approaches to cognitive rehabilitation in MS, emphasizing the integration of neuropsychological expertise, individualized treatment, and the role of interdisciplinary teams. Based on a literature review, it presents the main characteristics of cognitive changes, assessment approaches, and intervention strategies, including computer-assisted programs, metacognitive techniques, and ecologically oriented methods. The article advocates for the systematic incorporation of cognitive rehabilitation into routine practice and highlights the need for greater accessibility, standardized procedures, and research-driven development in the future.
cognitive rehabilitation, multiple sclerosis, neuropsychology, cognitive reserve, interdisciplinary care
Copyright (c) 2025 Estera Žalik, Anja Rakuša Brus https://creativecommons.org/licenses/by-nc/4.0
The impact of digitalisation on the business operations of tourism companies
Purpose of the article – this article examines how digitalisation influences business operations in tourism companies across multiple dimensions, including marketing, reservation management, customer communication, and internal information systems. The study addresses gaps in understanding the comprehensive implementation of digital technologies in tourism. Research methodology – The research employed a qualitative approach through semi-structured interviews with eight tourism industry experts holding positions as hotel managers, sales and reservations managers, and marketing managers. Data was collected in January 2025 and analysed using thematic coding based on the theoretical framework. Findings – reveal that digitalisation significantly enhances operational efficiency, enables precise audience targeting, facilitates personalised customer communication, and improves strategic decision-making through data analytics. While social media and online booking platforms are widely adopted, advanced technologies like AI and VR face implementation barriers due to cost constraints and knowledge gaps. Practical implications – Tourism companies should invest in regular employee training, develop internal digital competencies, implement integrated information systems, and strategically manage dependencies on external platforms while addressing data security concerns. Originality/value – This study provides a holistic analysis of digitalisation's impact across multiple business functions in tourism companies, highlighting the interplay between technological adoption and organisational culture, unlike previous research that focused on isolated digital tools or specific business aspects.
digitalisation, tourism management, digital marketing, reservation systems, tourism innovation
Copyright (c) 2025 Gregor Jagodič, David Jagodič, Mitja Gorenak https://creativecommons.org/licenses/by-nc/4.0
Trust in the age of artificial intelligence: a framework for privacy protection in personalised marketing
Understanding the role of first-party data and AI is crucial in today’s personalized, data-driven economy. First-party data—collected directly from users with consent—enables effective personalization but also raises ethical and legal concerns. This conceptual paper reviews academic literature on personalization, privacy, and AI ethics in marketing, supported by 2025 iPROM research on Slovenian companies' use of consumer data in digital advertising. A conceptual framework is developed around trust, linking consumer perceptions of trust, fairness, and autonomy. It shows how privacy technologies, quality data management, and regulatory compliance contribute to ethical personalization. The research asks: How does data management maturity impact the perceived ethics of AI-driven marketing personalization? The paper proposes research directions and encourages responsible, consumer-centric strategies that align personalization with privacy and regulation.
first-party data, personalization, consumer trust, privacy-enhancing technologies, artificial intelligence
Copyright (c) 2025 Maja Gorjanc https://creativecommons.org/licenses/by-nc/4.0
How to push oil and gas companies to realise climate change mitigation
Purpose of the article – The article aims to provide guidance to governments, companies and civil society for real-world sustainable market transformations. Research methodology – Sustainable market transformations (SMTs) are key to creating long-term sustainable development. Literature on sustainable market transformations focuses on how markets can move from unsustainable to more sustainable. We apply the Sustainable Market Transformation Framework (SMTF) to the Oil & Gas sector in Europe (2017-2022). To analyse whether and in which way a sustainable market transition is unfolding, we use Lessig’s Modalities theory (1998). Lessig identifies four regulators— Market, Law, Architecture and Norm —that influence behaviour of individuals and organisations. Findings –While the regulator Law has actioned the sector towards Phase 1, it is the interplay between the Norm and Market that dictates the pace. Since 2019, a shift occurred, underscoring the primacy of the regulator Norm as the principal driver of industry behavior. The role of Architecture proves to be more of a passive factor. It is the nuanced interplay between the regulator Norm and Market that ultimately shapes the speed and direction of the companies within the sector during 2017-2022. Practical implications – We recommend that strong influence be exerted by governments, other companies, civil society organizations to influence the cultural Norms in the sector. The regulator Law can assist therein as Law can directly and indirectly drive the other three regulators. Originality/Value – The findings provide guidance for real-world sustainable market transformations. It also deepens the conceptual understanding of the SMTF by developing a research protocol that can be used by other researchers to examine other (high-risk) sectors over time.
sustainable market transformation framework (SMTF), Lessig’s modalities theory, oil and gas sector
Copyright (c) 2024 Rebecca Scholten, Anaїs Stekelenburg , Tineke Lambooy, André Nijhof
The generational tourist: how age cohorts influence travel product choices
Purpose of the article – The purpose of this article is to explore the correlation between generational values and tourism product selection. It addresses the scientific problem of how socio-historical experiences influence consumer behaviour in the tourism sector. The goal is to identify distinct patterns among Baby Boomers, Generation X, and Generation Y that affect travel preferences including price sensitivity, trip duration, travel style, and desired levels of autonomy. Research methodology – A two-step research methodology was applied. In the first step, a codebook was created based on the catalogue of trips from a cooperating travel agency. Trips were categorized by seven characteristics such as type, length, and autonomy. In the second step, a dataset of 9605 travellers was analysed using SPSS 24. Generational cohorts were determined based on age, and correlation and cross-tabulation analyses were conducted to uncover significant patterns. Findings – The findings reveal significant generational differences in tourism preferences. Younger tourists (Generation Y) exhibit higher price sensitivity, prefer shorter and more autonomous trips, and show a stronger preference for city breaks. In contrast, Baby Boomers tend to favour more expensive, longer, and organized travel experiences. Generation X occupies a transitional position, showing moderate preferences across all categories. Practical implications – The results offer actionable insights for tourism providers and marketers. Understanding generational values enables travel agencies to tailor their offerings more effectively, segment their markets, and design targeted experiences that align with customer expectations, thus improving satisfaction and loyalty. Originality/Value – This study offers a novel contribution by empirically linking generational theory to concrete travel behaviour using a large dataset. Unlike previous studies that focused on general consumer behaviour, this research provides specific insights into generational travel preferences in the European market context.
Copyright (c) 2025 Mitja Gorenak, Janko Virant, Tomi Špindler https://creativecommons.org/licenses/by-nc/4.0
Gross capital flows as a superior metric in explaning capital flows and allocation in the EU: evidence from 1995-2018
Research on Lucas’s paradox and the allocation puzzle has not reached a consensus on which type of capital should be used to study the magnitude and direction of capital flows. With limited exceptions, the analysis of Lucas’s paradox and the allocation puzzle has predominantly relied on net capital flow variables, as opposed to gross capital inflows and outflows. The frequent inconsistencies in the conclusions of numerous studies may be attributed to variations in variable selection and the lack of precise definition of the chosen variables within the models. The primary objective of this study is to ascertain the appropriate capital flow measure for empirical research of these phenomena. The study was conducted on EU member states and it examined the stability and procyclicality of gross inflows and outflows, as well as net capital flows. The findings strongly suggest that gross capital flow categories should be employed in such analyses, and the conventional reliance on net capital flow variables should be abandoned.
net capital flow, gross capital flow, Lucas paradox, allocation puzzle
Copyright (c) 2025 Tajana Toš https://creativecommons.org/licenses/by-nc/4.0
A case study of the collaborative design of business curriculum on the Slovenian-Italian border for intercultural management adult students
This case study examines the impact of cross-border business curriculum design in the Slovenian-Italian border region, focusing on a MA-level program in Intercultural Management delivered in the twin cities of Nova Gorica (Slovenia) and Gorizia (Italy). The program was co-designed to foster cross-border exposure and develop students’ competencies for navigating complex regional business environments. The instructional design was built on four key pillars (4-pillar ID model): collaborative curriculum design, contextualized learning, immersive cross-border exposure, and personalized learning, and was piloted with adult learners. The study was conducted in three phases (2022–2024). Phase one analyzed reflective narratives from 86 Slovenian MA business students; phase two used a short quantitative self-assessment of cross-border competencies; and phase three involved a pilot survey with 25 participants, using a pre- and post-test design. Findings indicate that this 4-pillar ID model of cross-border curriculum significantly enhanced students’ development across three competency domains: (A) Cross-Border Attitudes – increased openness and curiosity in intercultural contexts; (B) Cross-Border Knowledge – improved understanding of geopolitical dynamics, historical legacies, and legal-economic frameworks; (C) Cross-Border Skills – strengthened capabilities in conflict management, comparative thinking, and frame-shifting for intercultural business contexts. The pilot survey showed a measurable increase in students' knowledge and attitudes following cross-border engagement. These findings suggest that cross-border curricula, when carefully designed, can foster essential competencies for business professionals operating in multicultural and transnational settings. The model has broad relevance and can be adapted by institutions in other border regions seeking to enhance regional integration through education.
cross-border business curriculum, regional business environments, curriculum design, cross-border exposure, instructional design
Copyright (c) 2025 Svitlana Buko, Giustina Selvelli https://creativecommons.org/licenses/by-nc/4.0
Influence of the brand on consumer decision-making
A brand is a way to identify and distinguish a business from its competitors in the market. It is more than just a name or logo. It is the whole experience a consumer has with a company. This study was conducted to find out the role and influence of the brand on all three types of brand elements such as (name, color, and value) on the dependent variable consumer decisions. The importance of our research is that people can have a clear understanding of brands and how brand elements change their decision-making attitudes. A Google form survey was used in this study to collect data from several residents of the Kurdistan Region in each of the cities of Erbil, Sulaimani, Kirkuk, Duhok, and Halabja, they aged between 18 and over 50 years old by taking a simple random sample. About 175 responses were received through the questionnaire. After analyzing the data through SPSS and using correlation and regression models. The study found that there is a strong positive relationship between all three independent variables and the dependent variable consumer decisions and also researcher found that there is a strong impact on the (name, color, value) consumer decisions. The study shows a positive impact on consumer's decision by the brand elements (color, name, and value) to choose a car. It was found that brand elements such as (value, name, and color) play a role in consumer decisions to choose a successful brand. This will help this study to choose cars from a successful brand by having the elements of value and color brand name. Consequently, this study shows that brand elements were able to influence consumers’ purchase decisions and encourage them to become more brand savvy and brand important.
brand elements, brand vehicle, brand colour, brand name, brand value, consumer, purchase decision
Copyright (c) 2025 Ary Gharib, Saeed Sarkar, Abduljabar Jabar, Mhamad Rekan https://creativecommons.org/licenses/by-nc/4.0
Strategic planning for smart cities: a case study of Maribor's transformation based on existing strategies
Background: Maribor faces challenges in transitioning to a smart city, requiring strategic planning that integrates technology and sustainability. Objectives: To develop a comprehensive strategic framework for Maribor's smart city transformation. Methods/Approach: Qualitative methods, including interviews with stakeholders, document analysis, and comparative case studies with other cities, were used to assess Maribor’s strategic needs. Results: Key findings emphasize the need for infrastructural upgrades, public-private partnerships, and community engagement, offering actionable recommendations for sustainable urban development.
smart city, strategic planning, sustainable development, public-private partnerships, urban infrastructure, community engagement, Maribor
Entry of a Slovenian product into the Croatian market: an example of the Hair Food Oil Elixir product
This article examines the expansion of the Hair Food Oil Elixir product of the Slovenian company Méra Collection to the Croatian market. Slovenian company Méra Collection introduced its product Hair Food Oil Elixir, which was an instant sales success upon its release in November 2021. The product also received the prestigious title of the best hair care product from Cosmopolitan magazine. It is an innovative product composed of five specially selected hair oils, providing nourishing care and a pleasant scent. Users have expressed great satisfaction with the product, suitable for both deep treatment and daily use, while also protecting hair from chlorinated water and salt. The strategy for entering the Croatian market focuses on indirect export, involving a local intermediary in the international exchange process. This allows the company to mitigate risks, reduce costs, and maintain its existing marketing strategy. However, it also presents challenges such as additional costs and a lack of control over the marketing landscape. In adapting the product for the Croatian market, key aspects include localizing packaging and product information in Croatian. Distribution would target major distribution centers like Zagreb, with an increased emphasis on online sales. Promotional activities would target larger shopping centers, online platforms, and social media, with collaboration with local influencers and media playing a crucial role.
cosmetics, hair care, Croatian market, entry, distribution, international marketing
The Internet as a tool for the development of modern society
The Internet is a global network that enables communication, information exchange, and access to numerous resources. It consists of billions of interconnected devices, allowing real-time data transmission. The emergence and rapid growth of Internet usage have become one of the most significant milestones of modern times. It has spread to all corners of the world, becoming the fastest-growing medium that is indispensable in virtually all our daily activities. Due to its everyday use, we have decided to explore the history of its inception, development, as well as the services and applications of the Internet in modern times. It has experienced tremendous growth, with the number of users increasing day by day. As of April 2023, there were 5.44 billion Internet users worldwide, representing 67.1% of the global population. With its continuous expansion, the Internet has become an essential part of modern society, transforming the way we work, connect, and live.
internet, history, development, number of users
Challenges of implementing AI marketing in e-commerce businesses in North Macedonia
This study delves into the complex landscape of e-commerce in North Macedonia, focusing on the challenges encountered by e-commerce businesses in the implementation of Artificial Intelligence (AI) marketing strategies. Through a comprehensive survey involving 115 active participants in the e-commerce sector, the research identifies and navigates the obstacles that impede the smooth integration of AI marketing in the region. The primary goal is to meticulously investigate the distinctive challenges confronted by North Macedonian e-commerce enterprises when adopting AI marketing. The study sheds light on intricacies related to technological integration, resource limitations, and the dynamic interplay between consumer expectations and AI-driven marketing initiatives. Despite these challenges, there is a notable expression of satisfaction, indicating the resilience and adaptability of businesses. The examination of AI implementation stages, challenges faced, and subsequent measures taken provides valuable insights into the evolving relationship between AI technologies and e-commerce practices. This knowledge can guide e-commerce businesses in North Macedonia and similar regions in successfully integrating AI into their marketing strategies. This study not only illuminates the current state of AI marketing integration in North Macedonian e-commerce but also explores the readiness of organizations for AI marketing strategies. It highlights a prevalent inclination towards proactive engagement, offering original insights into the practical realities and future prospects of AI marketing in the e-commerce sector.
Meta analysis of business valuation solutions – are AI based methods better?
Purpose of the article – this article addresses the challenge of accurately assessing business value in today's dynamic environment, exploring the limitations of traditional valuation methods and the potential of modern, technology-driven approaches. Research methodology – the study uses qualitative research methods, including content analysis, deductive reasoning, and comparative analysis, to review various business valuation techniques. Findings – the research finds that traditional methods like Discounted Cash Flow and Relative Valuation are outdated, failing to capture all value factors. Modern approaches, such as simulation-based valuation, machine learning, and neural networks, combine traditional methods with advanced techniques. These methodologies utilize vast datasets and sophisticated algorithms, enhancing predictive accuracy and understanding of market dynamics. Neural networks excel in analysing complex patterns and adapting to market shifts. However, no single method can capture all nuances, necessitating diverse approaches and acknowledging the subjective nature of valuations. Practical implications – the findings suggest that incorporating advanced methodologies can improve business valuations, leading to better decision-making and a deeper understanding of market dynamics and intrinsic value. Originality/Value – this study uniquely examines the transition from traditional to modern valuation methods, highlighting the superior performance of neural networks and the need for a multifaceted approach to business valuation.
traditional and advanced valuation methods
Nature as a stakeholder: including nature in corporate governance practices to meet the EU corporate sustainability reporting directive
This paper provides one of the first reviews of Nature-inclusive corporate governance models, as implemented in the day-to-day practice of ten identified businesses. Two key drivers of the formation of Nature-inclusive governance are increasingly urgent environmental change and the rise of corporate social responsibility reporting mechanisms and laws, notably the EU Corporate Sustainability Reporting Directive (CSRD). The research consists of qualitative analysis of interviews with representatives of companies that have given Nature a governance role. These interviews were accompanied by legal research in several European jurisdictions (the Netherlands, Belgium, and the United Kingdom) to identify additional legal options for incorporating Nature in corporate governance. Based on the findings, a framework of innovative Nature-inclusive governance models was developed and is presented in this paper. It consists of four models: Nature as Inspiration, Nature as Advisor, Nature as Director, and Nature as Shareholder. These models and the underlying framework provide essential context for understanding the changing landscape of corporate governance and meaningful tools for academics, legal and financial consultants, and businesses interested in understanding emerging Nature-inclusive corporate governance models.
corporate governance, sustainability, CSRD, social responsibility, nature
Psychological factors of flow state in online learning
Purpose of the article – The objective of this paper is to review and summarize the existing literature regarding the flow experience, its psychological drivers, and consequences in the context of e-learning, as well as to provide concrete suggestions for creating an optimal online learning experience. Research methodology – A systematic review was conducted, and the literature was analysed through thematic analysis. The search was carried out in three electronic databases (PsycINFO, PubMed, and Scopus), and 17 articles were selected after applying inclusion criteria. Common tags in at least two articles were identified as themes. The main findings are synthesized in the discussion. Findings – The findings indicate that flow is associated with a range of positive cognitive, emotional and motivational factors. Platforms that help students achieve flow are interactive, provide feedback, contain entertaining yet professional content, and consider the difficulty level. Teachers should promote interaction with and between students and tailor the level of support to individual students. Practical implications – This study aims to provide concrete suggestions for improving online learning platforms and teaching, contributing to e-students’ satisfaction, performance, and continuance intentions. Originality/Value – The value of this systematic review lies in its contribution to optimizing virtual classrooms and improving methods currently employed to enhance student engagement and learning outcomes.
e-learning, flow state, psychological factors, facilitation methods
The importance of product innovation in maintaining a competitive advantage
Product innovation is crucial in creating and sustaining a competitive advantage for companies. Companies can differentiate themselves from competitors by constantly improving, introducing new products, and appealing to customers. The success of product innovation depends not only on how new the product is but also on its quality and Price. Therefore, the relationship between product innovation, Price, and quality is vital for creating and maintaining a competitive advantage. This study analyzes the relationship between product innovation and (price, quality) with a sustainable competitive advantage, the data shows that there is an effective and positive relationship between product innovation and price, quality. Additionally, we collected data through forum questionnaires and analyzed it using the multiple regression method, and We used SPSS version 25 for assistance in data analysis. So, the study can analyze the influence of the independent variables (product innovation) on the dependent variable (sustained competitive advantage). After analyzing the data, it was found that process innovation, product innovation, Price and quality positively impact sustained competitive advantage. The results also indicate that these three independent variables significantly affect the dependent variable.
product innovation, price, quality, sustained competitive advantage
Driving sustainability in Indonesia: the importance of corporate citizenship in realizing sustainable development goals
Purpose of the article – Corporate Citizenship (CC) and Sustainable Development Goals (SDGs) are two interrelated and essential concepts to achieve sustainable development by 2030. This topic is particularly interesting and relevant today, where companies are expected to pursue profits and contribute to social and environmental well-being. This study aims to describe the implementation practices of corporate citizenship in supporting the achievement of the Sustainability Development Goals of companies in Indonesia. Research methodology – The research method used is a literature review of journals/articles relevant to the topic. Findings – This study emphasizes the significance of adopting corporate citizenship to aid in accomplishing Indonesia's Sustainable Development Goals. Corporate citizenship significantly impacts employees, business performance, and sustainability. Practical implications – The study recommends incorporating CC principles into business strategies and working with stakeholders to speed up the achievement of the SDGs, bolstered by government policies that endorse CC practices. Companies in Indonesia need to participate in CC to achieve the SDGs and create a more sustainable future. Originality/Value – Exemplary CC implementation has been proven to help various SDGs goals, such as poverty alleviation, improving the quality of education, health, welfare, and action on climate change. The company views the CC program as a strategic investment that positively affects society and the environment while offering benefits like enhanced business performance and improved reputation.
corporate citizenship, sustainable development goals, sustainability, SDGs 2030
A proposed conceptual model for orphan drug market entry
The right to health is closely linked to the physical in mental well-being of all individuals in is a necessary condition for the realization of additional human rights, including the realization of an adequate standard of living. Rare diseases are diseases that affect a very small proportion of the population in have a special place because of their rarity. They are often chronic, progressive, life-threatening health conditions. Some of them can be treated with medicines called orphan drugs. Orphan drugs are developed by the pharmaceutical industry not for economic reasons, but to meet public health needs. New treatments need to be evaluated before they reach the market. This is done using health technology assessment, which assesses the relative effectiveness of new medicines, medical devices in other health technologies. The market entry of orphan drugs requires the active involvement of all stakeholders: marketing authorisation holders, competent authorities, the medical profession in patient organisations. Model of market entry for orphan drugs was developed using the qualitative methodology of constructivist grounded theory, tailored to the niche market in considers all key categories.
marketing model, marketing strategy, rare disease, health technology assessment, orphan drug, grounded theory
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Strategic human resource management and organizational performance: an investigation of profit-oriented companies in Zambia
Human resources play a vital role in achieving organisational performance. A study on 169 profit-making organisations in Zambia examined the impact of different Strategic Human Resource Management (SHRM) components on performance. A quantitative approach was used, and the questionnaire was divided into three parts. The first part collected demographic data, the second part collected information about SHRM components such as Incentives and Rewards, Formal Training System, Recruitment and Selection, Formal Performance Appraisal, Career Development, Internal Career Opportunities, and Organization Development, and the last part collected information about organisational performance. A stratified random sample of 169 organisations' managers was studied. According to the results, managers highly recommended Incentives, Rewards, recruitment, and Selection to achieve excellence.
strategic human resource management, integration, performance