ANALYSIS OF TRADE PERFORMANCE IN SERBIA BASED ON INTEGRATED METHODS OF MULTI-CRITERIA DECISION-MAKING

Abstract

Research into the dynamics of trade performance positioning is a very challenging, continuously current, significant, and complex issue, especially in the conditions of integrated application of multi-criteria decision-making methods. Based on that, this paper investigates the dynamics of the performance positioning of trade in Serbia for the period 2013 - 2022 using different methods for determining the weighting coefficients of the criteria (AHP, LMAW, MEREC, DIBR), and the TOPSIS method. The goal of this, among other things, is to assess the impact of evaluation criteria on the dynamics of the performance positioning of trade in Serbia by using the TOPSIS method. In the specific case, therefore, the influence of the different evaluations of the criteria on the results of the ranking of the alternatives according to the TOPSIS method is negligible. In the trade of Serbia, the best results according to all used multi-criteria decision-making methods (AHP-TOPSIS, LMAW-TOPSIS, MEREC-TOPSIS, and DIBR-TOPSIS) were achieved in 2022, and the worst in 2014. They continuously improved from year to year in the observed period results of trade in Serbia. Effective management of key macro and micro factors contributed to this. Taken as a whole, the performance of Serbian trade continuously improved. The factors that influenced the improvement of the dynamics of the performance positioning of trade in Serbia are geopolitical situation, economy, inflation, interest rate, employment, the standard of living of the population, trade policy and strategy, foreign direct investments, new business models (multichannel sales - store and electronic, private label, sale of organic products, etc.), concept of sustainable development, energy crisis, management of human resources, asset, capital, sales and profit, digitization of the entire business, and others. The target dynamics of the performance positioning of trade in Serbia can be achieved by effective control of human resources, assets (investments), capital, sales, profits, labor productivity, and financial indebtedness.