Influence of innovations in marketing on performances of small and medium-sized enterprises

Abstract

Modern business conditions characterized by fierce competition and constant changes impose application of innovation in marketing as an imperative of survival and success of enterprises. In this context, the subject of paper is the role of innovation in marketing for improving small and medium enterprises' business performances. The paper aims to determine potential for increasing of analyzed SMEs' productivity expressed by business revenue per employee, taking into account the employee education level. With the intention of determining the impact of the region development level on implementation of innovation in marketing, the paper analyses the application of innovation in marketing in SMEs in the region of Belgrade and Vojvodina on one hand, and the region of Sumadija, Western, Eastern and South Serbia, on the other hand. The conclusions arising from the paper on significance of innovation in marketing for business performances as well as on relevance of geographic locations for implementation of innovation in marketing, emphasize the importance of this phenomenon to the wider audience. Finally, these conclusions open the possibility of improving the operations of enterprises in Serbia.

Keywords

• innovation in marketing
• small and medium-sized enterprises
• competitiveness