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Regional authorities implement national priorities in business policy according to the current local requirements in their regional development strategy. Unfortunately, their effort to support entrepreneurial spirit and innovations is not as effectiv
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This article focuses on the increasing consumption trend of counterfeit goods in the countries of CEE and on the consequences for the global market. Counterfeiting is not longer typical only for the luxury market, where branding together with genuine source plays a crucial role and the business of top luxury is rising during the crisis. New categories of counterfeit goods are emerging constantly, including electronics and computer parts, pharmaceuticals, even FMCG such as food, beverages or cosmetics. This article presents data from GfK research on attitudes towards counterfeit goods in Slovakia and puts it to the context of other CEE countries. It gives clear managerial implications on how to communicate the importance of originality, benefits for the consumer when consuming original goods and social marketing of ethical consumption.
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Significant changes in macro, micro and internal marketing environment of a company in a networked economy necessitate further in-depth research of marketing management of the company as a philosophy of modern business management. The article focuses on the need to consider the category of "marketing management" as a concept with basic functions: planning, organization, motivation, control. This allows focusing on the mechanism of management decisions using basic elements of marketing complex as management tools. In the disclosure of the content and expression of "marketing management" as a production and marketing system that is in interaction and interdependence with objectively existing, real, constantly changing elements of market infrastructure in modern conditions, the use of ontological, epistemological, axiological, measurements in the philosophy of marketing management are applied. A comprehensive understanding of the essence of marketing management allows understanding the relationship between the behaviour of the company as a subject of market relations and marketing management in the company in accordance with business objectives of the organization, the structure of the macro, micro and internal environment. According to the selected basic dimensions of the philosophy of marketing management, the main principles of its organization remain the following: constant focus on differentiated consumer demand, constant adaptability and flexibility, constant focus on the future, continuous influence on the formation of target consumer demand, complexity of management, consumer and producer freedom, consumer education and information and consumer protection against irrational consumption. An integral feature of the content of marketing management of a modern company today is the use of specialized programmes such as Marketing, MarketingExpert, MarketingProject and others. Due to the changing challenges of the external environment, it has been established that digitalization of the process of product promotion from producer to consumer is an important condition for effective marketing management of the company and at the same time the condition of its financial and economic security in a competitive environment.
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The main goal of the article is to provide balanced development of the industrial enterprises according to forming their financial equilibrium. Progressive evolution of national economy gives the requirements of industrial enterprises’ balanced functioning. Providing stream of payments’ balance, their free moving, effective performance, proportionality of their structure forms an important complex category named “financial equilibrium”. In accordance with this critical relations providing of the financial equilibrium are analyzed. The main idea of research is to consider this category as the core of general balanced development of industrial enterprise. Forming financial profile of industrial enterprise gives an opportunity to explore critical points and problems of its economic evolution. Main questions of ensuring the equilibrium development based on financial balance are researched. Critical relations forming the financial equilibrium are analyzed. An industrial enterprise profile of financial equilibrium is formed.
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The issue of financial provision of education in the sphere of arts and culture is one of the most important problems in economics. The unsatisfactory state of education in the sphere of arts and culture is caused by insufficient funding, inefficient use of educational resources, lack of a well-rounded, research-backed program of financial provision for the sphere, a program that would be based on a strategic vision of the country’s development. In the earlier years of economic hardships the sphere of arts and culture institutions was mostly designed for budget financing. The current state of financing education in the sphere of arts and culture is rather disappointing. The disposition of funds is inefficient and no changes appear in using new sources of this sphere’s financing. However, it would be much easier to surmount the crisis of financing education institutions in terms of a favorable legislative atmosphere, which would help the spheres of education, arts and culture to develop rather that to survive. So, financing education in the sphere of art and culture by means of state budget will be efficient only if the funds which the state provides for education financing are sufficient and have a stable, reliable and well-proportioned basis.
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The main task of the article consists in investigation of basic and alternative sources of financial support the development of intellectual capital. The peculiarities of the financial support the development of intellectual capital through the research of the sources of financing its main components: human capital, innovation, scientific and technical activities were examined in the article. Also the author gives his own definition of the notion «financial support for human capital development». During the investigation both domestic and foreign experience of the financing development of main components of intellectual capital were analyzed. The development of human capital is ensured by budgetary funding and financial resources from alternative sources, including educational loans and funds from the obligatory and voluntary medical insurance. Financial support for innovation and scientific and technical activities are realizing on account of budget, bank lending, bank factoring, funds of venture companies, innovative leasing and wherewithal of private investors.
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The aim of the paper is summarized and deepen the theoretical base for social sphere and rationale set of recommendations for improving the efficiency of its operation based on the financial aspects of development. This paper analyzes the current state of funding social services in Ukraine and its impact on provision of social services at a sufficient level and of good quality. Definitely, now Ukraine in terms of financing social sector remains far behind the developed countries. Funds are lacking not only in the field of social development sector, but also in their routine maintenance that lead to the decline of social and cultural facilities, poor provision of services and the system of social protection and social character of existing programs are not effective in reducing level or poverty in Ukraine. Therefore there is a need for new approaches and develop an effective financing mechanism for effective social sphere. In the article the proposals to improve the functioning of the socio-cultural sectors including the financial aspects of their development.
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It is given the essential characteristics of risk theories. It is researched the history of risk as an economic category. The concept of “risk” is specified on the basis of the analysis of existing definitions of this category. It is systematized the theories of risk perception in the XX century. It is researched the author’s approaches to the interpretation of the category “cash flow”. It is conducted a comparative description of the concepts of “cash” and “financial” flows. It is improved the content of the concept of “financial risk” in the system of crisis regulation of financial flows.
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Twelve advantages of the systematic structural approach are outlined as an alternative of the applied structural – indifferent approach for elaboration of development strategies. The presented approach has become a methodological instrument (algorithm) in the form of an iterative procedure. It is applicable only for the open productive systems with compensation feedback. The multiplier effect and the activity of the automatic stabilizers were realized for maintenance of the dynamically changing equilibrium (balance) between the expected results and the required resources.
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The problems related to the nature, types, and characteris-tics of bonds as specific kinds of securities are sufficiently studied and well-known to Bulgarian scientists. However, the issue of their profitability and its characteristics is not. Practically no thorough and in-depth research has been conducted in this field. This fact predetermined to a large extent the need for this research and its importance. The paper aims to provide a system analysis and to present the whole range of quantitative characteristics of debt secu-rities profitability to the academic society as well as to systematize and classify its main qualitative characteristics and to evaluate the factors that have an impact on it.
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In this paper we follow such an approach which explains the motivation and behavior of both insured and insurers and throws some light on the background of the insurance premiums. In addition it is shown that according to the Law of diminishing marginal utility more risk aversive and cautious attitude limits the negative impact of incurred financial losses on utility scale.
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The article justifies the need for development and implementation of a newfunctional managerial approach - organizational programming. It studies thesignificance of management cycles for organizational behavior optimizationand provides a quantitative and qualitative assessment of the meta-InformationTechnology (IT) framework of organizational sustainability. This frameworkhelps programme the organizational process. Organizational programming isaccomplished through a strategic cluster analysis of corporate indicators andbusiness processes that heighten the level of economic activity in differentorganizational context.
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Тhе paper examines the fundamental characteristics of services and the fonnal scheme of service operations management from an operational management perspective, drawing а parallel with actual material production. Тhе paper suggests а :functional decision-making framework in service operations management. It also reveals the specifics of decisions in service operations in the following areas: service processes, capacity, personnel, customers, quality and inventory. Кеу
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The presence of significant revenue and expenditures under the European Union's general budget (although they are relatively small compared to the share of the Member States' public funds) which is a major financial instrument for achieving the Union's aims, is a prerequisite for considering its functional features.
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The development of a corporate information gateway wit-hin the framework of the information infrastructure of a contempo-rary business enterprise is conditioned by the following problems: availability of numerous applications, large amounts of informa-tion, and increasingly complex software support. In this respect the functional structure of the gateway is shaped by the characteristics of the applications and information systems implemented at the company. The type of services to be provided using the gateway depends on the corporate vision and strategy. The requirements towards the functional structure of the in-formation gateway and the conditions for integration of various business systems in it are reviewed in terms of open standards uti-lization, its corporate functionality, and its representative functions.
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Every business activity is accompanied by many risks that affect the final result. This also applies to construction, where the level of risk is even higher, taking into account the peculiarities of the construction process. In the present study, the author aims to examine the risk associated with the operation of the construction company and to propose effective methods for its reduction. In this regard, are considered some key issues related to risk. The first of them is related to clarifying the state of the environment in which the construction company operates. The second issue is related to the process of risk analysis and management, highlighting some key points. The third question is related to the consideration of some of the methods known in the scientific literature for risk reduction and the derivation of their essential characteristics. Based on a systematic theoretical and empirical approach, the author achieves the following results: derives three main states of the environment in which the construction company operates and different methods for influencing the risk.
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The study presents the systematic response of fiscal policy to public debt developments, aiming to reveal its crucial importance in determining whether the debt-to-GDP dynamics leads to a desired equilibrium or not. On this basis, we will show that the values of the debt-to-GDP ratio in Bulgaria close to 55-60% are an acceptable boundary where debt can be considered as manageable and sustainable. These calculations contribute as they give new directional ideas when measuring the fiscal effects of fiscal policy, they can also serve as an anchor for various stress testing scenarios as well as an analysis of the social expenditures outweighing in the future.
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The article represents possibilities of using the von Neumann – Morgenstern utility function as an instrument for choice of the crisis solution alternative in the organiza-tion under uncertainty. The article is worked out in two parts. Use of the von Neu-mann – Morgenstern utility function in the present context is argued in the first part. Characteristics of the utility function application to the valuation process of the fuzzy solution alternatives are clarified in the first part as well. Second part provides a choice illustration of the fuzzy triangular solution by classical von Neumann – Morgenstern utility function (described by usual, definite, crisp numbers).
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