INOVACIJA KAO FAKTOR STICANJA KONKURENTSKE PREDNOSTI NA TRŽIŠTU ZEMALJA ZAPADNOG BALKANA/ INNOVATION AS A FACTOR OF RECRUITING COMPETITIVE ADVANTAGES IN THE WESTERN BALKANS TRADE MARKET

Abstract

In this paper, the authors will analyze the competitive advantage in the markets of the countries of the Western Balkans and present innovation as a significant factor that can greatly influence the improvement of the existing competitive advantage of these countries. Innovations in the form of digitization represent the driver of their dynamic economic growth. The achievement of a competitive advantage is the necessity of successful business of every modern company, and thus its creation and maintenance is the center of effective and efficient development of the company. Achieving, maintaining and improving the competitive advantages of a company is a conditio sine qua non. Innovation, technological and competitive advantages are associated with complex and multidimensional relationships. Innovation today is not only related to the technical sphere of application in production processes, but its application is implied in the wider field of economy and society. It has replaced the price as a significant factor that influences the placement of products or services on the market, which is at the same time a source for gaining competitive advantage. Businesses should primarily achieve a degree of national competency competence, which gives them initial strength to monitor efficiency and confront with foreign competition..