International Journal of Economics, Management and Tourism
The International Journal of Economics, Management and Tourism (IJEMT) is published by the Faculty of Tourism and Business logistics at University “Goce Delchev”, Shtip, N. Macedonia. The journal is dedicated to the advancement of interdisciplinary research and practices across economics, management, and tourism, and become a leading journal in its field. Each submitted paper will be sent for blinded peer review. The IJEMT is peer-reviewed and issued two times per year, in both online version and printed version[*]. All manuscripts should be classified according to JEL Classification System https://www.aeaweb.org/econlit/jelCodes.php?view=jel [*] - Printed version of IJEMT e-ISSN. Printing on demand - Extra fee will be charged to the author/s.
Faculty of Tourism and Business Logistics, Goce Delcev University, Stip, North Macedonia
BENEFITS OF THE EUROPEAN MARKET IN THE INTERNATIONAL ECONOMY
he European market represents the world’s largest economic area and stands as one of the European Union’s most significant accomplishments. It has established a zone of over 500 million people with no internal borders or regulatory barriers that could restrict the free movement of goods, services, people, and capital (European Commission, n.d.). The EU is the most deeply integrated trading bloc globally, as around two-thirds of trade conducted by its member countries takes place within the Union itself (European Commission, 2020). The EU’s gross domestic product accounts for about 22% of the global economy—second only to that of the United States—and its members benefit from a vast internal market that provides stability in times of global trade disruptions (World Bank, 2023). Within the single market, citizens enjoy the freedom to live, work, and study anywhere in the EU, while businesses can freely produce, sell, and invest across borders (European Commission). Numerous technical, legal, and administrative obstacles that once limited trade and movement among member states have been eliminated to encourage seamless interaction within the European market (European Commission, 2020). The purpose of this analysis is to examine the current condition of the EU’s free movement of goods and services and to identify the remaining untapped potential in areas such as trade, competition, and productivity-particularly those hindered by weaknesses in the enforcement of single market rules.
Copyright (c) 2025 International Journal of Economics, Management and Tourism
ANALYSIS OF THE IMPACT OF FINTECH MARKETING STRATEGIES IN FINTECH COMPANIES
Financial technology (fintech) refers to the innovative use of technology aimed at improving and automating the delivery and use of financial services. Its main objective is to enable companies, entrepreneurs, and consumers to manage their financial processes and activities more effectively. This is achieved through specialized software and algorithms applied on computers, smartphones, and other digital platforms. Fintech has transformed the way people interact with financial institutions by offering faster, safer, and more convenient solutions. Fintech marketing consists of communication and promotional strategies developed specifically for companies in the financial technology sector. These firms rely on advanced technologies to optimize their services and reach customers more efficiently. Marketing in this field can be challenging because financial services are often seen as complex or uninteresting to the average user. Therefore, companies must focus on building trust, transparency, and user-friendly experiences to attract and retain clients. When implemented effectively, fintech marketing strategies help businesses connect with their target audiences, increase brand awareness, and strengthen customer relationships. As the financial industry continues to evolve, fintech plays a crucial role in shaping the future of financial services and improving customer experiences worldwide.
IMPLEMENTATION OF THE SMART SPECIALISATION STRATEGY IN NORTH MACEDONIA
The Smart Specialisation Strategy (S3) represents a modern instrument of European industrial and innovation policy, enabling targeted and efficient development based on knowledge, research, and technological advancement. Its essence lies in the identification and promotion of economic sectors where a country has the greatest potential to create added value and achieve competitiveness in international markets. This paper aims to analyze the theoretical foundations, objectives, and implementation mechanisms of the Smart Specialisation Strategy, as well as its application in North Macedonia. By examining national priorities and the institutional framework, the study highlights the opportunities and challenges in the process of economic transformation towards an innovative and sustainable economy.
IMPROVING CONDITIONS FOR INNOVATION POLICY IN NORTH MACEDONIA
The innovation ecosystem represents a complex network of institutions, companies, policies, and individuals who jointly create the conditions for the development of new technologies, entrepreneurship, and economic competitiveness. North Macedonia, as a small transitional economy, has gradually been developing its innovation potential over the past decade through the introduction of government programs for supporting start-ups, strengthening the IT industry, establishing business incubators, and stimulating research activity within academic institutions. Despite these positive trends, the system faces significant challenges, such as limited investment in research and innovation, insufficient private capital, and the emigration of highly qualified professionals. This paper analyses the structural elements of the innovation ecosystem in North Macedonia, current achievements, and potential directions for improvement.
GLOBAL CORRELATED SIGNAL GAMES UNIQUE EQUILIBRIA:CURRENCY ATTACKS WITH(OUT) STERILIZATIONS AND BANK RUNS WITH HETEROGENOUS COST AND DIAMOND SEARCH MODEL AS GLOBAL GAME
Correlated signal games applied to currency attacks with or without sterilization and Diamond-Dybvig model with heterogenous costs. We are deriving unique equilibrium in those Global games. With heterogenous costs attack or run decisions now feature individual thresholds/Homogenous agents mean multiple equilibria (coordination failure), with heterogenous agents (there is unique equilibrium). Some speculators are “small” or “risk-averse” (high <!-- [if gte msEquation 12]><m:oMath><m:sSub><m:sSubPr><m:ctrlPr></m:ctrlPr></m:sSubPr><m:e><m:r>c</m:r></m:e><m:sub><m:r>i</m:r></m:sub></m:sSub></m:oMath><![endif]--> <span style="font-size: 12.0pt; line-height: 115%; font-family: 'Aptos',sans-serif; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; position: relative; top: 16.5pt; mso-text-raise: -16.5pt; mso-ansi-language: MK; mso-fareast-language: MK; mso-bidi-language: AR-SA;"><!-- [if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"/> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"/> <v:f eqn="sum @0 1 0"/> <v:f eqn="sum 0 0 @1"/> <v:f eqn="prod @2 1 2"/> <v:f eqn="prod @3 21600 pixelWidth"/> <v:f eqn="prod @3 21600 pixelHeight"/> <v:f eqn="sum @0 0 1"/> <v:f eqn="prod @6 1 2"/> <v:f eqn="prod @7 21600 pixelWidth"/> <v:f eqn="sum @8 21600 0"/> <v:f eqn="prod @7 21600 pixelHeight"/> <v:f eqn="sum @10 21600 0"/> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/> <o:lock v:ext="edit" aspectratio="t"/> </v:shapetype><v:shape id="_x0000_i1025" type="#_x0000_t75" style='width:8.4pt; height:27pt'> <v:imagedata src="file:///C:/Users/Dell/AppData/Local/Temp/msohtmlclip1/01/clip_image001.png" o:title="" chromakey="white"/> </v:shape><![endif]--> ), others are “large” or “informed” (low <!-- [if gte msEquation 12]><m:oMath><m:sSub><m:sSubPr><m:ctrlPr></m:ctrlPr></m:sSubPr><m:e><m:r>c</m:r></m:e><m:sub><m:r>i</m:r></m:sub></m:sSub></m:oMath><![endif]--> <span style="font-size: 12.0pt; line-height: 115%; font-family: 'Aptos',sans-serif; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; position: relative; top: 16.5pt; mso-text-raise: -16.5pt; mso-ansi-language: MK; mso-fareast-language: MK; mso-bidi-language: AR-SA;"><!-- [if gte vml 1]><v:shape id="_x0000_i1025" type="#_x0000_t75" style='width:8.4pt;height:27pt'> <v:imagedata src="file:///C:/Users/Dell/AppData/Local/Temp/msohtmlclip1/01/clip_image001.png" o:title="" chromakey="white"/> </v:shape><![endif]--> ). The attack starts with low-cost speculators and builds up as fundamentals deteriorate. This introduces gradual coordination instead of a discrete “sudden run. ”In the Bank run model, each depositor has a different threshold for early withdrawal. The run becomes partial — not all withdraw simultaneously. The heterogeneity can also eliminate multiple equilibria, producing a unique global game equilibrium. In terms of payoff externality: Peg collapses if many attack, Bank collapses if many withdraw. Sterilization makes worst outcome in Morris-Shin model for: Reserves, collapse probability, attack cutoffs <!-- [if gte msEquation 12]><m:oMath><m:sSup><m:sSupPr><m:ctrlPr></m:ctrlPr></m:sSupPr><m:e><m:r>s</m:r></m:e><m:sup><m:r>*</m:r></m:sup></m:sSup></m:oMath><![endif]--> <span style="font-size: 12.0pt; line-height: 115%; font-family: 'Aptos',sans-serif; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi; position: relative; top: 16.5pt; mso-text-raise: -16.5pt; mso-ansi-language: MK; mso-fareast-language: MK; mso-bidi-language: AR-SA;"><!-- [if gte vml 1]><v:shape id="_x0000_i1025" type="#_x0000_t75" style='width:10.2pt;height:27pt'> <v:imagedata src="file:///C:/Users/Dell/AppData/Local/Temp/msohtmlclip1/01/clip_image004.png" o:title="" chromakey="white"/> </v:shape><![endif]--> , and introduces higher fiscal costs i.e. higher welfare loss. In the global game Diamond search-matching model there is unique (single cutoff θ*) unlike in discrete version of the model where there are multiple equilibria (high and low activity).In global game version of the model refinement selects unique rationalizable outcome, so coordination failure is not possible.
COMPARISON OF PROJECT MANAGEMENT PRACTICES IN IT/ENGINEERING AND HOSPITALITY/TOURISM
Project management practices significantly vary across industries due to differences in operational environments, expectations of the stakeholders, risk aspects and surely, what are the project deliverables. This paper provides a comprehensive comparison of project management in IT/engineering and hospitality/tourism. IT and engineering projects typically involve technical complexity, structured development methodologies, and reliance on specialized tools, whereas hospitality and tourism projects center on customer experience, service quality, and logistical coordination. Through an analysis of methodologies, stakeholder dynamics, success metrics, and risk management approaches, this study highlights both the distinctions and shared foundations between the sectors. The comparative analysis is expanded to include organizational culture, communication practices, regulatory impacts, innovation dynamics, and sustainability considerations. Two proposed case studies illustrate typical project structures: an Agile-based software development project and a hotel renovation and rebranding initiative. The project about the hotel renovation is elaborated in both traditional project management approach and agile methodology as a proposal for improvement. The paper argues that cross-industry learning such as adopting customer-centric practices in engineering or applying Agile methods in hospitality service innovation as shown in this paper can enhance project outcomes. Ultimately, the study concludes that while the contextual differences between these industries shape project characteristics, both fields benefit from disciplined planning, effective communication, and structured risk management.
THE IMPACT OF DIGITALIZATION ON STRESS AND WELL-BEING AMONG TOURISM EMPLOYEES
In the contemporary tourism industry, digitalization has become an inevitable part of everyday processes — from online reservations to automated shift management. Although digital tools have the potential to facilitate work processes, they simultaneously bring new challenges, such as constant exposure to online reviews and the feeling of 24/7 availability. The aim of this paper is to examine how digitalization affects the level of stress and well-being of employees in tourism. The research is conducted through a quantitative method — a survey designed to measure sources of stress, perceptions of digitalization, and the level of job satisfaction. The results will provide insight into which digital solutions reduce and which increase stress among personnel. Based on the findings, recommendations will be proposed to improve work organization and strengthen the mental well-being of employees. The paper aims to contribute to the creation of more sustainable and human-centered working conditions in tourism in the digital era.
Еmployee well-being, occupational stress, digital transformation, hospitality workforce, mental health, technological adaptation, organizational change.
CULTURAL TOURISM AS A DRIVER OF LOCAL ECONOMIC DEVELOPMENT: THE CASE OF OHRID, NORTH MACEDONIA
Cultural tourism has become one of the most dynamic segments of the global tourism industry, offering opportunities for sustainable local economy of Ohrid, North Macedonia - a UNESCO World Heritage site renowned for its cultural and natural heritage. Through analysis of secondary date, literature, and tourism statistic the study highlights how cultural tourism contributes to employment generation, entrepreneurship growth and the preservation of heritage. The findings show that investing in cultural events, museums, and heritage infrastructure attracts a diversified tourist base an extends the tourist season. However, challenges such as over tourism, environmental pressure, and lack of innovation in tourism services remain. The paper concludes that balanced management and promotion of cultural tourism can transform Ohrid into a model of sustainable cultural destination in Southeast Europe.
DEVELOPMENT OF RURAL TOURISM IN NORTH MACEDONIA AS AN ALTERNATIVE TO MASS TOURISM
Rural tourism has emerged as a sustainable alternative to mass tourism, providing opportunities for diversification of the tourism offer, preservation of rural heritage, and revitalization of local economies. This paper explores the potential and challenges of developing rural tourism in North Macedonia as a strategic direction for sustainable tourism growth. Based on qualitative analysis, literature review, and national tourism date, the study identifies key factors influencing rural tourism such as natural resources, traditional architecture, and community involvement. Finding indicate that rural tourism contributes to employment generation, women's empowerment, and the protection of traditional lifestyles, but faces constraints including poor infrastructure, limited marketing, and seasonal demand. The paper concludes the well -designed rural tourism strategies can promote balanced regional development and reduce pressure on overvisited destinations such as Ohrid and Skopje.
Leadership and Empowerment in Post-COVID Hospitality: Building Human Potential in North Macedonia
Пандемијата COVID-19 длабоко го преобликува глобалниот угостителски сектор, редефинирајќи ги менаџерските приоритети, динамиката на работната сила и системите за испорака на услуги. Во овој контекст, лидерството и овластувањето на вработените се појавија како централен механизам за обнова на човечкиот потенцијал и обезбедување квалитет на услугите во постпандемиската ера. Оваа студија истражува како трансформативното лидерство и овластувањето влијаат врз мотивацијата, организациската посветеност и извонредноста на услугите кај вработените во болниците во Северна Македонија. Истражувањето применува дизајн со мешан метод кој комбинира квантитативни податоци од анкети од 220 хотелски вработени со квалитативни сознанија од 25 менаџерски интервјуа спроведени помеѓу февруари и април 2025 година. Користејќи повеќекратни регресивни и корелациски анализи, студијата ги идентификува стилот на лидерство, овластувањето и квалитетот на комуникацијата како клучни предиктори за развојот на човечкиот потенцијал и перцепираниот квалитет на услугите. Наодите покажуваат дека успехот во угостителството по Ковид зависи од лидерските однесувања што поттикнуваат доверба, автономија и континуирано учење. Овластените вработени пријавуваат поголема мотивација и задоволство од работата, што доведува до поголемо задоволство на гостите и организациска отпорност. Студијата придонесува за растечкиот број на литература што ја поврзува теоријата за човечки потенцијал, овластувањето и трансформативното лидерство со одржливите перформанси на услугите. Таа обезбедува практични упатства за хотелските менаџери и креаторите на политики за зајакнување на стратегиите за човечки капитал во фазата на закрепнување на туризмот и угостителството.
Factors Influencing Human Potential as a Prerequisite for Quality Hospitality: An Empirical Study from North Macedonia
The hospitality industry represents a dynamic and competitive sector where service quality is predominantly shaped by human potential. This paper explores the key factors that influence the development and utilization of human potential as a prerequisite for achieving high-quality hospitality services. The empirical study was conducted among 200 employees from hotel establishments in North Macedonia, utilizing both quantitative ( survey ) and qualitative ( semi-structured interviews ) research methods. The research identifies core determinants such as motivation, leadership,training,organizational culture, and working environment, and examines their direct impact on service quality, employee satisfaction, and organizational performance. The results indicate a strong positive correlation between investment in human potential and perceived service quality ( r=0.74, p<0.01). Regression analysis further demonstrates that motivation ( ß=0.24 ), leadership ( ß= 0.33 ), and training ( ß = 0.29) are significant predictors of service quality. The findings confirm that sustainable hospitality excellence is impossible without a strategic and continuous focus on human capital development. Practical recommendations are provided for hotel managers to enhance workforce potential through structured education, effective communication, and supportive leadership.
The main goal of the paper is to present the so-called "blue zones" - places with the longest life expectancy where people over 100 years old live. followed by countries with an average age of the population over 80 years old. The main goal of the paper is to present the so-called "blue zones" - places with the longest life expectancy where people over 100 years old live. Data are presented on the number of years of the oldest people over 100 years old from biblical times to the present day, for the world and partially for Macedonia. Controversial thoughts about the blue zones are also given. Several tables provide insights into the movement of the average age of the population over 80 for several countries. This research opens up an opportunity for publicity and promotion of healthy living, to celebrate life, to constantly allude to education, active recreation, but also leaves room for pragmatic tourist activity towards the elderly population. The thoughts are going in the direction of active recreation and vacation for the elderly through stationary tourism (staying in hotels, tourist settlements, etc.), but also through passenger, mobile tourism (with cruise ships adapted for the elderly over 80 and 100 years old). We present a reflection on the valuation of "blue zones", areas and neighborhoods with elderly people in many countries around the world, and their implementation in tourism. We also propose the establishment of a section in museums dedicated to people over 100 years old in countries with a significant participation of this group of people. The conclusion presents the main specifics of zones with an older population in the function of tourism in the world and in the R.N. Macedonia.
blue zones, centenarians, prevalence, tourist destinations
IMPORTANCE OF MEASURING SERVICE QUALITY IN THE SERVICE INDUSTRY
Measuring service quality is essential for ensuring greater customer satisfaction as well as sustainable competitiveness in service industries. This research examines methodologies for assessing service quality and their essential role in driving customer satisfaction and loyalty, with a focus on their practical application in service industries. Also, the application of various methods and tools for assessing service quality has highlighted the importance of measuring service quality, due to customer retention, operational efficiency and overall profitability. The research highlighted the impact of measuring service quality by building customer loyalty, improving employee performance, and achieving long-term business success
THE ROLE OF STANDARDIZATION IN THE FOOD INDUSTRY
Standardization and the implementation of standards are vital in the food industry and ensure safe and quality products, increasing the customers’ loyalty. Furthermore, the process has a great role in the promotion of economic stability. The standards implementation process enables safer food products, improved operational efficiency and greater accountability within the food industry. As the global food supply chain becomes more complex, the importance of these standards is greater. The most common standards implemented in the food industry are ISO 22000, HASSP, GMP, etc. By introducing these standards, organizations improve their food safety practices, but also meet the needs of the customers. Standardization is a legal requirement, builds trust in food products and increases market stability. Standardized products save time, energy and money, and increase competitiveness and consumers’ loyalty.
Copyright (c) 2024 International Journal of Economics, Management and Tourism
BRIEF HISTORICAL ACCOUNT OF THE HOTEL INDUSTRY IN BITOLA (On the occasion of 180 years since the first hotel in Bitola 1843)
The occasion for this work is 180 years since the first hotel in the city of Bitola, in 1843. The text is supported by selected photos and a table through which a brief historical development of the accommodation facilities in the city in the last two centuries. The purpose of the research is to determine the appearance of the first hotel, other accommodation facilities, their classification, the division by types and time periods. The first accommodation facilities were caravanserais and anns. From the middle of the 19th century, the first hotels appeared, and later other types of accommodation facilities appeared in the city. The entire paper is presented chronologically through six periods and follows the development of the hotel industry in the city of Bitola. The research uses several sources, archival documents, scientific and professional papers, monographs, books and interviews.
an, caravanserai, hotels, hotel industry, Bitola, RN Macedonia
Copyright (c) 2023 International Journal of Economics, Management and Tourism
CHALLENGES IN MANAGING EMPLOYEES WITH DIFFERENT CHARACTERISTICS
Inclusive management of diversity in the work environment is essential to organizational success and productivity in today's globalized world. With employees who differ in terms of culture, generation, gender and socio-economic background, organizations face unique challenges as well as opportunities. The inclusion of all team members, regardless of their characteristics, not only improves team dynamics, but also increases innovation and employee engagement. Research shows that inclusive cultures have a significantly higher rate of employee satisfaction, which in turn leads to increased loyalty and a better reputation for the organization. The role of inclusive leadership is crucial in creating a work environment where diversity is valued. Leaders with cultural intelligence and empathy contribute to the development of trust and cooperation in teams, which supports organizational growth and productivity. By using cultural competence training and introducing inclusive policies, companies create conditions in which employees can express their potential and feel valued. In conclusion, inclusive management not only helps to overcome differences, but also lays the foundation for long-term success and positive organizational development.
inclusive management, management challenges, cultural intelligence
IMPLEMENTATION OF TQM TOOLS FOR OPTIMAL RESULTS: TOOLS FOR BETTER PRODUCTS
Total quality management (TQM) represents a strategic approach with a goal for better quality of the products through the integration of its techniques and tools for continuous improvement of the processes, increased satisfaction and fulfillment of the customers’ expectations. By introducing the TQM, better quality of procucts and services is obtained, costs are redusts, and greater market penetration is enabled. This research is aimed at the appreciation and understanding of the need for introducing TQM tools such as Pareto Chart, Control Charts, Flow Charts, Fishbone diagram, Checksheet, Histogram and Scatter diagram. Also, it evaluates their effectiveness in achieving optimal results in production processes. Additionally, the paper points out organizations which have successfully implemented TQM and its tools demonstrating their ability to deliver defect-free products thereby gaining the loyalty of their customers as well as acquiring new ones. This paper highlighted the importance of TQM implementation through the introduction of best practices and innovative techniques.
This paper is about Ben-Porath model of human capital investments and non-trivial labor supply decisions throughout the lifetime of the individual. In Ben-Porath model without taxation: The time allocation condition ensures optimal trade-offs between leisure, work, and investment in human capital. Shadow price of human capital is increasing over time. In Ben-Porath-Huggett model Mirrlees taxation is the best option when skill is private knowledge, Ramsey taxation requires subsidies to prevent human capital stagnation. Pareto taxation is the second-best solution when redistribution is a goal. Ramsey taxation yields highest government revenues, Mirrlees and Pareto taxes yield highest utility.
THE CHALLENGES OF INTERNATIONAL RELATIONS IN THE POST-COVID ERA
The Covid-19 pandemic has significantly transformed international relations, exposing critical vulnerabilities in global cooperation frameworks. This paper explores the multifaceted challenges that have emerged in the post-Covid era, focusing on political, economic, security, and socio-cultural dimensions. The initial global response was marked by a surge in nationalism and isolationism, disrupting established multilateral systems and exacerbating geopolitical tensions, particularly between major powers such as the United States and China. Trust in international institutions, including the WHO and the UN, has declined, highlighting the urgent need for reform and stronger global coordination mechanisms. Economically, the pandemic caused widespread supply chain disruptions, increased unemployment, and widened inequality, compelling nations to reconsider their dependency on global networks. In terms of security, the crisis emphasized the importance of cybersecurity and health systems as integral components of national and global stability. Moreover, the pandemic catalyzed social and cultural shifts, with digitalization redefining communication, work, and education, while mental health and local resilience emerged as key priorities. The research underscores the necessity of revitalizing multilateralism and developing adaptive strategies for future crises. By analyzing the pandemic’s long-term impact on international relations, this paper advocates for stronger international solidarity, inclusive governance, and sustainable global policies. The findings aim to contribute to a deeper understanding of the post-Covid international order and provide strategic insights for building a more resilient and cooperative global community.
diplomacy, multilateralism, geopolitical tensions
EXCHANGE RATE REGIMES AND INFLATIONARY INSTABILITY IN SMALL AND OPEN ECONOMIES: FROM CRISIS TO ECONOMIC RECOVERY
This paper explores the relationship between exchange rate regimes and inflationary instability in small open economies, focusing on their role during periods of crisis and economic recovery. Small economies, due to their high degree of openness and limited monetary autonomy, are particularly vulnerable to external shocks and currency fluctuations. The choice of exchange rate regime—whether fixed, floating, or intermediate—plays a significant role in shaping inflationary trends and overall macroeconomic stability. Through an analysis of various regime types and their historical impact on developing countries, the paper highlights the importance of consistent and well-coordinated monetary and fiscal policies. Special attention is given to the challenges of maintaining price stability amid global uncertainty and the mechanisms through which exchange rate policy can either mitigate or amplify inflation. The findings emphasize that while no one-size-fits-all solution exists, flexible and credible exchange rate frameworks, combined with institutional resilience, are key to sustaining long-term economic recovery in small open economies.
еxchange rate regimes, Inflation, economic crisis, recovery
THE IMPACT OF EFFECTIVE COMMUNICATION AND APPLICATION OF ARTIFICIAL INTELLIGENCE (AI) IN BUSINESS COMMUNICATION CHANNELS
In the modern digital society, effective communication is one of the key factors for success in business. At the same time, artificial intelligence (AI) is becoming an important tool for improving communication processes, enabling automation, personalization and better availability of information. This paper aims to explore the impact of effective communication and the application of AI on business communication channels. Through an analysis of relevant scientific literature and contemporary practices, the basic principles of effective communication, traditional and modern business communication channels, as well as the way in which AI transforms these channels are reviewed. Special emphasis is placed on the use of chatbots, email automation tools, sentiment analysis and translation services. This manuscript identifies key benefits from the application of AI, such as increased efficiency, improved user experience and resource optimization, but also potential risks such as lack of empathy, privacy threats and misinterpretation of messages. Also, it concludes with recommendations for a balanced and ethical integration of AI in business communication.
THE IMPLICATIONS OF ADVERTISING AND SOCIAL MEDIA ON CONSUMER AWARENESS AND BEHAVIOR
With the expansion of digital technologies, advertising strategies are evolving significantly on a daily basis, influencing consumer awareness and behavior by personalizing and making consumption experiences more interactive. The aim of this paper is to analyze the implications that advertising and social media have on consumer awareness and behavior. A comparison is made between traditional and modern methods and approaches to advertising, with a focus on emotional, cognitive, and behavioral influence. Influencers (prominent figures on social media), individualized advertising algorithms, and user-generated content tailored to consumer needs are highlighted as contemporary advertising tools. This research indicates that consumers—especially from younger age groups—often make impulsive purchases due to the constant exposure to social media content from various brands and influencers who frequently advertise brands through tailored content (setting trends), which is often considered manipulative rather than authentic and based on personal views regarding product quality. Although consumers have access to information before making purchases, due to limited product research and the ease of succumbing to persuasive ads, such opportunities are rarely used. This paper will offer recommendations for ethical advertising and help consumers better understand the purpose of digital advertising.
EUROPEAN BUSINESS, STRUCTURE AND PERFORMANCE
Small and medium-sized enterprises (SMEs) are key to the economy, creating more than 85% of new jobs in Europe. To ensure sustainable development, SMEs should be a priority in national and international strategy, supported through laws, by-laws and development mechanisms. According to the European Union, nine out of ten enterprises are SMEs, generating two out of every three jobs and contributing significantly to global market sustainability.
Europe, business, small and medium-sized enterprises, strategy, performance, economy, politics
This paper analyses the development of regulatory frameworks in the context of growing technologies and new industry models. Research focuses on the need for regulators to adapt in a world of rapid technological change, balancing the need to foster innovation and protect public welfare. Through an analysis of successful and failed examples of regulatory approaches, the importance of flexibility, innovation, and collaboration between industry, government, and academia is highlighted. Properly implemented regulation in emerging industries is key to creating confidence, protecting consumers, and sustaining growth.
Regulatory frameworks, Technologies, Innovation, Data protection, Sustainable growth
NORMATIVE BELIEFS AS A FACTOR FOR DEVELOPMENT OF THE ENTREPRENEURIAL INITIATIVE AMONG YOUNG PEOPLE
In order to find the real essence of youth entrepreneurial behaviour, the paper investigates those determinants that are part of social environment and have the greatest influence on the decision of young people to undertake an entrepreneurial venture. The paper is based on theoretical postulates of the Theory of Planned Behaviour. The conclusions are drawn from the primary data obtained from empirical research conducted in the Republic of North Macedonia among young students aged 18 to 29 years. The findings show that young people recognize the acceptance of the business community as the most important factor for an entrepreneurial decision.
youth entrepreneurship, entrepreneurial behaviour, Theory of planned behaviour
REGIONAL VALORIZATION OF TOURIST POTENTIAL IN THE R.N. MACEDONIA
The main goal of the paper is to present the tourist valorization of natural and anthropogenic attractive motifs in the R.N. of Macedonia by planning regions. In the research, we evaluate 400 tourist attractions, of which 160 are natural and 240 are anthropogenic motifs. In the evaluation, all eight planning regions are represented by 50 tourist attractions, of which 20 are natural and 30 are anthropogenic. We carry out the valorization process through 10 parameters and evaluate each one with three numerical values. The conclusion presents the main specificities of the tourism potentials for each region separately and for the R.N. Macedonia as a whole.
natural, anthropogenic, attractiveness, valorization, regions
TRAFFIC INFRASTRUCTURE OF THE MUNICIPALITY OF PRILEP
With this scientific paper we want to show the key role, i.e. the importance of the traffic infrastructure for the transport of passengers and goods in the city to the villages and neighboring municipalities, in the function of developing tourism and the economy of the municipality of Prilep. The geographical position of the municipality of Prilep within North Macedonia is given. The municipality of Prilep is presented on a geographical map with the areas of all 58 rural settlements as well as the type of roads that pass through the municipality itself and the connection with neighboring municipalities. The scientific paper provides a traffic map for city bus transport in the city of Prilep. Furthermore, the scientific paper covers a growing number of objects and provides an overview of the entire road and rail traffic infrastructure that exists in the municipality of Prilep. The entire road infrastructure is presented both in the city and to 58 rural settlements and neighboring municipalities according to the category of the road, traffic transport companies, bus transport companies, bus stations, car services, auto electrical services, auto tire repairers, road towing services, gas stations, taxi companies and railway transport in the municipality of Prilep. Each transport company has a specific purpose for which it exists, and the management has the responsibility to use and combine organizational resources in the most optimal way, thus achieving the goal of the transport companies.
traffic, infrastructure, companies, goals, profitability, economy, tourism
ANALYTICAL APPROACH OF MANAGEMENT AND ITS APPLICATION IN THE PROCESS OF FINANCIAL DECISION-MAKING IN TOURISM ENTERPRISES
With managerial activities, it is necessary to address the problems that arise during the operation of the tourism enterprise. In this way, the desired state is ensured, that is, the achievement of the enterprise's goals in the field of tourism. The essence of managerial activities is decision-making. Management decisions are made in situations characterized by the need for action and the existence of multiple lines of action. At the same time, linking these activities into the function of making the right decisions is a basic condition and task of the financial manager. Of course, all this in the directionof achieving the ultimate goal, increasing shareholder wealth. In this regard, financial management, and especially in tourism, should give an answer to the optimal use of funds, i.e. the use of funds, the provision of sources of financing, the provision of optimal cost of the capital employed, the decision on the distribution of profits, the dividend policy, in order to achieve the stated ultimate goal. The application of an analytical approach in financial decision-making in enterprises in the field of tourism in the Republic of Macedonia is very important for a more efficient and effective realization of the goals.
tourism, finance, planning, decision-making, companies
THE USE OF QUALITY MANAGEMENT METHODS AND TECHNIQUES
This research aims to present various methods and techniques for improving business processes through proactive management. The contemporary approach to process management requires a rapid response to enhance or halt the production process, with quality control emerging as an operational activity primarily focused on process improvement, rather than merely an activity that monitors the current state. For manufacturers to meet consumer expectations, they must adjust the design of the production process, the performance of machines, acquire necessary equipment and technology, use appropriate materials, ensure skilled workers with continuous training and supervision, all while applying Total Quality Management (TQM). Process management, as a key factor in customer acquisition, involves a continuous search for the best technical, technological, marketing, and other improvements. To achieve this, all phases of the process—from the input elements of production and the production process to the creation of the new product—are controlled. The central question addressed in this paper is: How can methods such as Failure Mode and Effect Analysis (FMEA) and other approaches be optimally applied to eliminate errors in industrial processes to improve quality and productivity? The aim of this paper is not only to analyze the application of FMEA but also to identify the most effective strategies for implementation, best practices, and possible improvements in business processes.
management, quality, optimization, business processes, improvement.
CAREER CHOICE AND ЕFFECTIVE CAREER MANAGEMENT: ENTREPRENEURSHIP AS BASIS ON THE WAY TO CAREER
This paper identifies the importance of effective career management and need for organizational support for employees’ career management. Effective career management refers to the policies and practices deliberately designed by the organizations in order to enhance the career effectiveness of their employees. We examined empirically the relationship between opinions of employees about strategy that is most important in career and their opinions about effective career management. In research data were gathered and analyzed from 102 employees. Some of the opinions of the employees emphasize that a career strategy is a process of realization of the idea for one’s own career progress. Their opinions point out that effective career management refers to continuous personal and professional upgrade. By understanding what we want in our careers and how this will affect our nonwork activities, we can be in a better position to plan our future.
career management, career strategy, entrepreneurial goals, process, employees
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