REGIONALIZATION, REGIONAL MARKETING AND REGIONAL COMPANIES IN WESTERN BALKAN COUNTRIES
REGIONALIZATION, REGIONAL MARKETING AND REGIONAL COMPANIES IN WESTERN BALKAN COUNTRIES

Author(s): Anto Domazet
Subject(s): National Economy, Economic development, EU-Accession / EU-DEvelopment, Marketing / Advertising
Published by: Akademija Nauka i Umjetnosti Bosne i Hercegovine
Keywords: regionalization; Western Balkan; convergence of environment; regional marketing; regional company;
Summary/Abstract: Regionalization of the Western Balkans countries is presented as a process of integration of national economies in the region based on the liberalization of flows of goods, capital, labor, information and ideas. Regionalization is taking place on two levels: at the individual country level and at the level of companies. Effects of regionalization are reflected in economic growth and development through the fostering of mutual trade, foreign direct investment and competitiveness. Regionalization creates a regional market, which is for the Western Balkan countries institutionally organized in the form of CEFTA. In the same time nearly all Western Balkan countries have a certain level of association and integration with European Union. In the context of international marketing regionalization is a process of convergence of marketing environment. This leads to a convergence of consumer needs and consumers creating a “regional consumer” with homogenized needs and preferences in consumption. So it allows the standardization of marketing on a regional basis and products with the effects of economies of scale and fragmentation of the value chain in different locations within the region. Regional marketing is a market concept exploiting market opportunities offered by regional markets and resources in the region. On the basis of a regional marketing approach a new type of regional companies that are oriented to market demand in the region is developed. Regional companies have primary focus to the similarities between the regional consumer segments and opportunities for regional resource use and investment in the region. For each country in the Western Balkans, due to the small economic area, regional market is extremely important for generating economic growth. Applying regional marketing and creating competitive regional companies is a promising way to use the potential of regional markets as much as possible. This also creates the necessary conditions for the competitiveness of regional companies in the EU market.

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