INNOVATION AND ITS IMPACT ON COMPETITIVE POSITION OF BH PRODUCERS ON THE MARKET
INNOVATION AND ITS IMPACT ON COMPETITIVE POSITION OF BH PRODUCERS ON THE MARKET

Summary/Abstract: Contemporary market requirements impose a high standard to all providers of product and service all over the world. Producers and suppliers from Bosnia and Herzegovina are daily losing the race with faster and stronger suppliers at the global market. Fast reaction to signs received from the market is a demanding job. No doubt, it is also a financially demanding job and requires highly trained professionals. This paper shows that percentage of innovations, in BiH economy, is far below necessary level. Very low percentage of companies has had at least one type of innovation: organizational, marketing or product innovation, in last four years. At the same time, worldwide producers are gaining advantages by imposing innovations and by improving their products and services and consequently, taking bigger share of the market. It is the last moment for local companies, to perform their first steps to increase level of awareness on innovation needs and necessity to improve the capability of the management to speed up activities on regaining the lost market share at the highly demanding and well supplied world market.

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