3 2 2021 2021-12-30 https://tefmj.ibupress.com/issue/volume-3-issue-2 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

estimating-the-bilateral-foreign-direct-investment-flows-in-transition-economies 2021 3 The paper employs a gravity model augmented with institutional related factors to study the determinants of bilateral FDI flows between South East European Countries (SEE-5) and Central East European Countries (CEE-10) on one hand, and European Union Countries (EU-14) on the other hand, on a yearly time span 1994-2010. The study applies different linear estimation technique like GLS and nonlinear estimation techniques, like Random Effect Tobit and Poisson-Pseudo Maximum Likelihood. The findings of the paper suggest that the bilateral flow of FDI between countries is determined by market size factors of both host and source countries and transaction cost factors between countries, as well as by the institutional performance of host countries.

]]> FOREIGN DIRECT INVESTMENT, TRANSITION COUNTRIES, PANEL ECONOMETRICS, GRAVITY MODEL 2021-12-30 https://tefmj.ibupress.com/articles/estimating-the-bilateral-foreign-direct-investment-flows-in-transition-economies 2 1-11 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/135/42.pdf / /

]]> Bardhyl Dauti University of Tetovo true Violeta Madzova International Balkan University Kristina Velichkovska International Balkan University 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

competitive-strategies-in-the-context-of-the-oil-industry 2021 3 Formally or informally, rationally or intuitively, oil companies are forced to adopt advance practices in order to compete equally with other companies on the market. The pressure to remain competitive in an environment with great price variation has stimulated companies’ in the oil industry to ignore the conventional methods in order to explore new ways to overcome its rivals on the market. Competitive strategies are widely used throughout entire oil industry and whether one will be successful depends on the economic value one is ready to produce to gain competitive edge over its rivals. The effect of competitive strategies is relatively different for each industry and its essence is often visible in the way how managers cope with the uprising trends on the market. Thus understanding the basic structure of the oil industry and its revolving nature is de facto a fundamental step in formulating the competitive strategy. The aim of this paper is to discuss the importance of competitive strategies in the context of the oil industry, by identifying those strategies which are crucial for oil companies’ success. The primary part of the research is aimed toward reviewing the theoretical framework of the concept ofstrategy. The secondary part is focused on importance of competitive strategies for the oil industry and on identifying the type of competitive strategies oil companies need to apply specifically in the context of the oil industry by identifying the potential sources of competitive advantage. According to the author’s findings, competitive strategies are in fact an essential component of modern oil business and without clear strategic context oil companies cannot create a value to sustain its market power.

]]> COMPETITION, STRATEGY, COMPETITIVE STRATEGIES, COMPETITIVE ADVANTAGE, OIL INDUSTRY 2021-12-30 https://tefmj.ibupress.com/articles/competitive-strategies-in-the-context-of-the-oil-industry 2 12-21 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/134/43.pdf / /

]]> Edvin Mushe true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

advantage-and-disadvantage-of-the-new-framework-for-doing-banking-business-in-an-information-economy 2021 3 Modern technology related to products and services based on knowledge reduce the distance between clients and banks which results with focusing on offering of new electronic (online) banking products and services. Today, more and more the question is raised: At what stage each of the electronic or physical market model is more appropriate for banking operation as a function derived from the characteristics of the transaction? The Internet, the quick communication, the coordination and the collaboration help banks to cut transaction costs through virtual integration with their clients. Contemporary information and communication technology (ICT) leads towards reduction of transaction chains and separation of some of the operational activities of the banks, i.e. towards more efficient ways models of banking operation. The paper deals with the challenges that the banking sector is faced as a consequence of the latest developments of ICT. The possibility of making numerous transactions with just one click, the facilitated access of the clients to the internet, the reckless pace and the new way of living, especially due to the Covid19 pandemic, further accelerated the development and the implementation of electronic banking (ebanking). In this regard, the goal of the paper is to explore the new business model that banks need to apply in the contemporary banking operations as well as to point out the advantages and disadvantages of increased e-products and e-service development in the banking operation in an information economy.

]]> E-BANKING, INFORMATION AND COMMUNICATIONS TECHNOLOGY 2021-12-30 https://tefmj.ibupress.com/articles/advantage-and-disadvantage-of-the-new-framework-for-doing-banking-business-in-an-information-economy 2 22-32 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/133/44.pdf / /

]]> Elena Parnardzieva Stanoevska International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

storrytelling-marketing-once-upon-a-time 2021 3 The 21st century has brought a complete transformation of the marketing that is practiced in companies. 2020 really changed the face of marketing. Marketers less talk about traditional marketing, and more about experiential, societal, interactive, humanized, personalized, inclusive, content, omnichannel marketing. Traditional marketing uses the „one to many“ approach where radio, TV, newspaper campaigns broadcast to a passive and unified audience. The plot lays in the hands of corporate narrators. The new marketing model uses „multi-way communication“ approach where consumers are in control of what they see and how they respond to company’s commercials. They are active, involved, interactive, empowered in the process of buying. The new marketing tries to be more humanized and „come closer“ emotionally to the consumers. The most suitable way to make people believe in companies‘ promises is storytelling. Storytelling as a part of content marketing, that aims through stories, fables, folklore, tales, short interesting events to touch the senses of consumers, to reach their soul, to involve them in the buying process and to encourage them to buy products and services. Everyone loves stories. Everyone has a story. Everyone believes in stories. Marketers use storytelling to give life to brands and motivate consumers emotionally to react to brands. People easely understand stories, memorize them, retail them, spread them. However, this sales technique is not a new concept, but it is a new opportunity to commnucaite marketing initiatives. Many factors and circumstances have led companies to use this technique. People all over the world face uncertainty, poverty, pandemics, economic crisis, isolation, quarantines. In this cruel time, everyone needs warmth, love, joy, a little happiness, friendship, kind words, comfort. It is these feelings that companies „use“ to get closer to consumers, and sell them their products and services. Storytelling is the process of making a connection with the customer first, and selling a product second. Storytelling is a powerful marketing strategy that creates an emotional link between producer and consumer.

]]> Storytelling, Content marketing, traditional marketing, emotional connection, stories 2021-12-30 https://tefmj.ibupress.com/articles/storrytelling-marketing-once-upon-a-time 2 33-41 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ / /

]]> Savica Dimitrieska International Balkan University – Skopje true Tanja Efremova National Bank of the Republic of North Macedonia 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

reinvention-of-new-banking-business-models-in-republic-of-north-macedonia 2021 3 Banks represent the foundation of every financial system. However, their role as main intermediate and liquidity provider starts fading and many authors argue that “brick and mortar banks” would even disappear. The digital economy brought in rapidly changing technologies, increased knowledge intensity and led to creation of new models of businesses and service delivery channels. The financial landscape in developed countries has already started to change with the entrance of Fintech companies, challenger and neo banks, which in turn meant actual threat to incumbent players. As a response, the traditional integrated corporate banking model started shifting towards diverse digital banking ecosystem of bank and non-bank players. This research paper identifies and analyses the key drivers that are changing the banking business model in developed countries and correspondingly describes three possible scenarios for Macedonian banking system which will imply changes in the current banking business models. Within the scenario framework, special attention is given to the opportunities and threats that banks may face in their main group of activities (services and products). Additionally, through conduction of SWOT analysis this research paper shows the advantages and weaknesses that Macedonian banks would have in the new digital banking ecosystem. The customer preferences, advanced technology, the entrance of new competitors and changes in regulation will initiate drastic changes in the banking sector where Macedonian banks must rethink their business model in order to remain competitive. Therefore, the main purpose of this research paper is to propose reinvention of bank business models in the new digital banking ecosystem.

]]> BUSINESS MODEL, BANKING ECOSYSTEM, FINTECH COMPANIES, SCENARIO 2021-12-30 https://tefmj.ibupress.com/articles/reinvention-of-new-banking-business-models-in-republic-of-north-macedonia 2 42-51 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/131/46.pdf / /

]]> Andrijana B. Danevska International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

investigating-the-existence-of-the-okun-s-law-in-north-macedonia 2021 3 Unemployment is one of the most prominent issues being faced by developing countries such as North Macedonia. Unemployment indicates that productive resources are not being used properly, resulting in a low rate of real GDP growth. In macroeconomics, this relationship is known as the Okun's Law. The main aim of this study is to empirically examine and test the relationship between the unemployment rate and economic growth within the Macedonian economy over the period (1991-2019) using secondary data collected from the World Bank database. To examine the validity of Okun’s law, which suggests a negative relationship between the unemployment rate and economic growth, The Auto-regression Distributed Lags Model is employed. The econometric analysis suggests that there is a statistically significant long-run relationship between the GDP growth and total unemployment in North Macedonia, at the 10% level of probability. In particular, the findings show that a 1% increase in the total unemployment will lead to a decrease of the GDP growth of 8.02%. This relationship in the opposite direction does not correspond since GDP growth affects total unemployment only in the short-term, with a positive sign, which is not in line with Okun’s law. No long-run relationship between GDP growth and youth unemployment was detected as well, only positive short-term relationships.

]]> OKUN’S LAW, UNEMPLOYMENT, GDP GROWTH, NORTH MACEDONIA 2021-12-30 https://tefmj.ibupress.com/articles/investigating-the-existence-of-the-okun-s-law-in-north-macedonia 2 52-60 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/130/47.pdf / /

]]> Kristina Velichkovska International Balkan University true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com

the-effects-of-price-and-packaging-on-the-consumer-behavior 2021 3 This study aims to analyze the influence of price and packaging on purchase intention. Price is considered to be one of the most important attributes in consumer choice. On the other hand, consumer price knowledge tends to be not so precise. Therefore, this article aims to provide new information analyzing consumer perception or the effects that price and packaging design have on consumer behavior. Packaging design has recently become one of the most popular forms of business-to-consumer communication in terms of influencing consumer purchasing decisions. With this in mind, business organizations around the world continue to emphasize the importance of consumer opinions regarding packaging design, to obtain information that will then be used to determine the approach to use. With the growing importance of packaging design, the main purpose of this article is to provide information on the influence of packaging design on consumer purchasing decisions. One of the main findings of the study is that price and design play an important role in consumer choice, and design factors are important when deciding between two or more substitute product on the market. This research paper goes beyond and describes how numbers and illustrations are the most important element of packaging design that grabs people's attention and how price helps to change or influence people's buying behavior of certain products.

]]> PRICE, PACKAGING, CONSUMER CHOICE, DEMAND 2021-12-30 https://tefmj.ibupress.com/articles/the-effects-of-price-and-packaging-on-the-consumer-behavior 2 61-73 en CC BY-NC-ND 4.0 https://creativecommons.org/licenses/by-nc-nd/4.0/ https://tefmj.ibupress.com/file/129/48.pdf / /

]]> Tirana Ameti International Balkan University – Skopje true 2671-3357 2671-3365 Balkan University Press https://tefmj.ibupress.com