EMC REVIEW - ECONOMY AND MARKET COMMUNICATION REVIEW

BRAND PERCEPTION DYNAMICS: A STUDY OF ADIDAS AND NIKE IN CZECH AND SWEDISH CONTEXTS

Josef Voráček — 2025-08-22

The aim of this study is to examine and compare the perception of Adidas and Nike brands among Czech and Swedish consumers. A quantitative methodology was employed, utilizing two electronic questionnaires distributed in Czech and Swedish. The study provides insights into consumer preferences, brand awareness, and brand equity perceptions in the two countries. The findings reveal that while both brands enjoy a positive reputation in both nations, Czech consumers demonstrate a slightly stronger preference for these brands compared to their Swedish counterparts, who exhibit a more neutral stance. The results contribute to understanding consumer behavior in different cultural settings and offer practical implications for brand management in the sportswear industry. Overall, this study provides a comprehensive understanding of how Adidas and Nike are perceived in different cultural contexts and offers valuable recommendations for brand management and marketing practices. The findings underscore the importance of considering cultural differences in global marketing strategies to achieve better brand positioning and consumer loyalty.

ENHANCING SERVICE QUALITY THROUGH MARKETING AUTOMATION: IMPLICATIONS FOR THE DIGITAL ECONOMY

Saša Jovanović — 2025-08-22

The paper aims to explore the impact of marketing automation on service quality within the context of the digital economy. As contemporary businesses increasingly implement automated marketing tools to enhance customer satisfaction and operational efficiency, understanding their influence on perceived service quality becomes a significant topic. To address this issue, the study uses the SERVQUAL model to measure the five key dimensions of service quality from the perspective of marketing automation: tangibility, reliability, responsiveness, assurance and empathy. A quantitative research approach was adopted, utilizing descriptive statistics and a regression model to analyse data collected from a sample of 155 service users in the Republic of Serbia. In addition, the research analyses differences in satisfaction levels across various service industries, including financial services, hospitality, healthcare and telecommunications. The findings indicate statistically significant relationships between marketing automation and several dimensions of service quality, suggesting that automation can positively influence customer perceptions when implemented effectively. This study contributes to the theory on digital transformation in services and offers practical implications for businesses seeking to implement marketing automation tools to enhance customer experience.

THE IMPACT OF CLIMATE CHANGE ON RURAL AREAS AND RURAL TOURISM: AWARENESS AND PERCEPTIONS

Andreja Katolik Kovačević — 2025-08-22

The latest IPCC report highlights that global warming is causing increased and potentially irreversible changes, with Europe facing more frequent and intense extreme weather. A temperature rise of 2 °C could critically impact nature and human life. The study aimed to assess awareness and perceptions of climate change’s impact on rural areas and tourism among participants from five Croatian counties, including 59 rural tourism entrepreneurs from the private sector and 45 respondents from the public sector. A survey was conducted separately for both sectors between May 2020 and October 2022, with respondents participating voluntarily and anonymously. Descriptive and inferential statistical methods were applied to analyze awareness and perception of climate change’s impact on rural tourism. The findings indicate that public sector respondents have a higher average assessment score (AS = 4.43) compared to the private sector (AS = 3.97). Additionally, the public sector shows more consistent responses (SD = 0.74) versus the private sector’s greater variability (SD = 0.95), reflecting uniform attitudes in the public sector and diverse views in the private sector. Factor analysis revealed that private sector stakeholders’ perceptions include multiple interconnected dimensions: market orientation, awareness of climate risks, the need for education, and understanding of climate conditions as an economic resource. Data processing was performed using STATISTICA 13.0, confirming that the private sector’s perceptions are more fragmented compared to the public sector’s more cohesive viewpoint on climate change impacts.

MEASURING ONLINE MOBILISATION POTENTIAL FROM A MICRO-NARRATIVES SURVEY: LEADING CONCERNS FOR POST-YUGOSLAV RESIDENTS IN AUSTRIA, GERMANY, AND CROATIA

Bojan Baškot — 2025-08-22

The paper explores the leading issues and concerns experienced by people of Post-Yugoslav origin living in Austria, Germany, and Croatia and which of those issues have the strongest potential for political mobilisation when discussed online. The data were collected in a Micronarratives Survey carried out in 2019. The questionnaire included an open-ended entry question asking which situation made respondents uneasy in the country where they live or anywhere else in the world. It then explored (1) how reading about that issue online makes them feel, (2) how ready they are to undertake unconventional political action to solve the issue, and (3) what direction of change they are inclined to pursue to solve the issue. Relationships between these three dimensions are validated through Confirmatory Factor Analysis (CFA), resulting in an Online Mobilisation Score (OMS) which is estimated for all respondents and extrapolated for each theme of leading concerns. The main finding of the research is that, in 2019, Post-Yugoslav residents in the three countries were most frequently concerned about government decisions, but Diversity and Equality was the theme with the most potential for political mobilisation among those respondents (there being too much or too little of diversity and equality).

EURO - THE EUROPEAN UNION’S SINGLE CURRENCY - A CHALLENGE AND / OR A GOOD SOLUTION FOR CROATIA

Maja Vretenar Cobović — 2025-08-22

In its accession to the European Union, the Republic of Croatia has accepted the goals and values of this community. They are also largely tied to the single currency - the euro. Today, the euro is not only the currency of the 20 Member States of the European Union and the currency used by more than 340 million Europeans, but it is the only reference supranational currency in the world and a currency that is an integral part of the monetary reserves of a large number of countries. Croatia, on the basis of its membership obligations in this Union, has aligned its monetary policy with the monetary policy of this Economic and Monetary Union. Consequently, in order to establish monetary unity, it is necessary to achieve a higher degree of integration in the monetary segment - to introduce a single currency. As these activities involve changes in the monetary sovereignty of each country, they have not only monetary aspects but are a very demanding, complex and sensitive process with far-reaching effects. The aim of this paper is to investigate, collect and analyze relevant information on the awareness and attitudes of the economic provenance from the student population on the European Union’s single currency - the euro, which replaced the currency of the Republic of Croatia - the kuna. To obtain this information , the authors use a survey method, a comparative, analytical and synthetic method.

ISTRAŽIVANJE JAVNE SVIJESTI O KRUŽNOJ EKONOMIJI U REPUBLICI HRVATSKOJ

Dijana Mečev — 2025-08-22

Kružna ekonomija prepoznata je na globalnoj razini kao ključna strategija održivog razvoja, jer je usmjerena na ublažavanje problema nestašice resursa i onečišćenja okoliša. No unatoč njezinoj važnosti, u zemljama u razvoju još uvijek postoji ograničen broj istraživanja javne svijesti, stavova i obrazaca ponašanja građana povezanih uz ovaj koncept i kružne prakse. Stoga je cilj ovog rada bio istražiti u kojoj mjeri hrvatski građani znaju i razumiju što je kružna ekonomija, te koliko sudjeluju u praksama koje mogu podržati tranziciju prema kružnom gospodarstvu. Osim toga, željelo se ispitati postoje li razlike u razini javne svijesti o kružnoj ekonomiji s obzirom na socio-demografska obilježja ispitanika. Empirijsko istraživanje je provedeno na uzorku od 427 punoljetnih građana iz tri hrvatske županije: Šibensko-kninske, Splitsko-dalmatinske i Dubrovačko-neretvanske. Ova područje odabrano je zbog svog značajnog ekonomskog i društvenog potencijala, ali i ekoloških izazova povezanih s intenzivnim razvojem turizma. Rezultati su pokazali da je razina razumijevanja koncepta kružne ekonomije među građanima relativno niska, prvenstveno zbog nedostatka osviještenosti o ovoj temi. Nadalje, utvrđena je pozitivna korelacija između razine obrazovanja i svijesti o kružnoj ekonomiji, dok se ostala socio-demografska obilježja, uključujući županiju stanovanja, spol i dob, nisu pokazala statistički značajnim prediktorima razine javne svijesti. Nalazi predmetnog istraživanja mogu doprinijeti empirijskoj literaturi o tranziciji prema kružnoj ekonomiji te pružiti smjernice za daljnje istraživanje i razvoj politika usmjerenih na jačanje javne svijesti i promicanje održivih praksi u Republici Hrvatskoj.

STRATEGIC FRAMEWORK FOR BIODIVERSITY PROTECTION: A CASE STUDY OF THE REPUBLIC OF SRPSKA

Ilija Čigoja — 2025-08-22

This paper explores the strategic frameworks and financial mechanisms aimed at biodiversity preservation in the Republic of Srpska. Through an analysis of current regulations and strategic documents in the field of biodiversity, the goal of this research is to identify key issues and provide recommendations for effectively financing biodiversity conservation efforts in the Republic of Srpska.
The central research question addresses whether the existing strategic and legislative frameworks adequately recognize the need for biodiversity preservation. The hypothesis guiding this study is that the current strategic and legislative frameworks do indeed acknowledge the importance of biodiversity preservation and that these frameworks include clearly defined financial allocations for biodiversity investment. Through desk research, analysis of the strategic and legislative framework and planned financial resources, we will confirm or refute the hypothesis.
One of the primary limitations of this research is the limited access to relevant data concerning biodiversity financing in the Republic of Srpska.

THE RELATIONSHIP BETWEEN LIQUIDITY CREATION AND DIVERSIFICATION IN BANKING: A COMPREHENSIVE LITERATURE REVIEW

Bade Ekim Kocaman — 2025-08-22

This study presents a structured literature review exploring the relationship between liquidity creation and diversification in the banking sector. As banks increasingly adopt diversification strategies—whether in income sources, funding channels, or asset portfolios—to improve performance and resilience, understanding how these strategies influence liquidity creation becomes critically important. While diversification is often associated with enhanced financial stability, its effects on banks’ ability to generate liquidity remain inconclusive. This paper synthesizes theoretical frameworks and empirical findings to offer a comprehensive analysis of this complex relationship. In contrast to previous studies that examine diversification or liquidity creation in isolation, this review bridges both areas by drawing on a wide range of academic works, all of which are exclusively referenced from the submitted thesis. The findings suggest that while moderate diversification may support liquidity provision by reducing income volatility and funding risk, excessive diversification can increase operational complexity and systemic vulnerability, thereby weakening liquidity buffers. The review concludes by identifying key gaps in the existing literature and proposing directions for future research to clarify and expand upon these dynamics.

FROM ALGORITHM TO AESTHETICS: ARTIFICIAL INTELLIGENCE’S PLACE IN CREATIVE SECTOR

Nenad Perić — 2025-08-22

Traditional ideas of authorship, creativity, and artistic originality have been challenged by the nexus of artificial intelligence (AI) and art, which has ushered in a revolutionary era for creative practices. Both professional and amateur artists can now create images, music, poetry, and movies using AI-driven tools and algorithms like GANs, CANs, and machine learning models. In addition to increasing productivity and creativity, these technologies raise moral questions about authorship, copyright, and the possible replacement of human artists. While platforms like DALL·E and Stable Diffusion push the limits of visual expression, projects like DeepBach and Beethoven X show how AI can mimic classical composition. AI’s wider societal utility is also demonstrated by its application in cultural heritage and restoration, including the analysis of historical paintings and the reconstruction of lost artwork. AI has also changed marketing strategies through content automation, emotional targeting, and data-driven personalization. AI lacks contextual sensitivity and emotional depth, which are traits derived from human experience, despite these advancements. Therefore, it is crucial to strike a balance as AI develops so that it enhances rather than replaces the fundamental human characteristics that characterize true artistic creation.

THE STRATEGIC INTEGRATION OF ARTIFICIAL INTELLIGENCE IN MARKETING: PREDICTIVE ANALYTICS AND PERSONALIZATION - THE CASE OF MERCEDES-BENZ

Mirjana Milovanović — 2025-08-22

This paper explores the evolution and growing importance of artificial intelligence (AI) in contemporary marketing, with particular emphasis on predictive analytics, hyperpersonalization, and user engagement. Beginning with the earliest applications in the 1950s through market segmentation algorithms, and continuing with the introduction of Customer Relationship Management (CRM) systems in the 1980s and the rise of big data and machine learning in the 2010s, AI has gradually transformed marketing practices. Modern AI tools facilitate the automation of routine processes, enable large-scale personalization of communication, and provide valuable insights derived from vast datasets. Generative AI, particularly through platforms such as ChatGPT, has revolutionized content creation and consumer interaction by mimicking human language with minimal human input. Recent labor market findings point to the rapid and widespread adoption of AI, especially in marketing and advertising sectors. Predictive algorithms are increasingly employed to anticipate consumer behavior, manage campaigns, and enhance segmentation strategies. Furthermore, the integration of AI with voice assistants, augmented reality (AR), and virtual reality (VR) is opening up new possibilities for real-time, interactive marketing campaigns. Despite challenges related to data integrity and algorithmic transparency, the advantages of AI-driven strategies are substantial, and continued investment in research and innovation is crucial to realizing its full transformative potential. A dedicated section of this paper presents a case study of the global company Mercedes-Benz and its implementation of AI technologies in business operations and marketing strategy.

BRIDGING THE AI GAP: CHALLENGES AND OPPORTUNITIES IN THE ADOPTION OF AI IN THE CROATIAN HOSPITALITY AND TELECOMS INDUSTRY

Marina Lovrinčević — 2025-08-22

This study analyses the implementation of Artificial Intelligence (AI) and its impact on operational processes in the Croatian hospitality and telecommunication industry. By applying a qualitative research methodology, the study reveals a significant gap in the adoption of AI in these sectors. The key findings show that telecoms companies are leading the way in the integration of AI, while the hospitality industry is lagging behind. Factors influencing AI adoption include ownership structure, market dynamics and cultural influences. The results show that AI is improving customer service, data analysis and operational efficiency in the industries analyzed. Although both industries recognize the potential benefits of AI, they are approaching implementation differently, with the telecoms industry making greater progress. The study also looks at challenges such as implementation costs and the need to educate and train employees, which can be critical to the successful adoption of AI. Importantly, AI is seen as a tool that complements, rather than replaces, human resources. This study contributes to understanding the role of AI in Croatian industry and provides insights for future implementation strategies.

DECONSTRUCTING FAIR VALUE: A POSTMODERN ANALYSIS OF ACCOUNTING AS A SOCIAL REALITY

Firat Botan Şan — 2025-08-22

The human-centric structure that emerged after the Enlightenment placed deterministic and mathematical models at the forefront of scientific thought. As a result, the historical cost concept became the dominant valuation method in accounting, and it continues to be partially used in some countries today. However, since the 1980s, leading academic journals have increasingly discussed the cost-based valuation approach within the framework of Foucault’s concept of the “dispositive” a mechanism of control within the surveillance society. In contrast, Baudrillard argues that in the contemporary information society, reality is no longer directly represented but instead transformed into a performance through codes and models. This perspective raises important questions about whether real-time exchange transactions in financial markets truly reflect economic reality, particularly in underdeveloped markets. This study critically examines the concept of fair value, introduced by IFRS 13, which prioritizes market values. Using Jacques Derrida’s deconstruction approach, the study analyses how fair value is constructed as a financial and social reality. The findings emphasize that economic reality is shaped by language and social structures, making it a dynamic and periodically shifting phenomenon rather than an objective truth.

OKVIR ZA PRIMJENU ESG-A U IZVJEŠTAVANJU BANAKA

Sanja Broz Tominac — 2025-08-22

ESG odnosno Environmental, Social and Governance kriteriji predstavljaju sve veći imperativ u poslovanju poduzeća općenito, a napose bankama kao financijskim institucijama zbog sve većeg utjecaja klimatskih promjena na poslovanje u svim sferama gospodarstva. Stoga se javlja potreba za razvojem regulatornog okvira kao osnove za održivost financijskog sektora. Tim se kriterijima banke podupire na primjenu ekološke, društvene i upravljačke prakse s ciljem ublažavanja rizika, ali i povećanja njihove reputacije na tržištu. Generalno govoreći financijske institucije imaju važnu ulogu u ostvarivanju ciljeva održivog razvoja, refleksija čega su neprekidne inovacije u poslovanju, prilagođavanje novim uvjetima i razvoj zelenih usluga. Neke banke koje posluju na teritoriju Republike Hrvatske već su postavile ESG ciljeve te i nastoje implementirati u svoje poslovanje. Budući je tema aktualna i prvi izvještaji se tek očekuju, dan je sustavan pregled najrecentnije literature na temu održivog izvještavanja u bankama. Što se tiče Republike Hrvatske postoji prostor za unapređenje implementacije ESG kriterija, a samo izvještavanje tek će uslijediti za prethodno razdoblje.

STOHASTIČKI ASPEKTI OGRANIČENJA EKONOMSKE EFIKASNOSTI USLIJED SOMATSKIH MANIFESTACIJA POTISNUTIH EMOCIJA ZAPOSLENIH

Jana Aleksić — 2025-08-22

Ovaj rad istražuje povezanost između potisnutih emocija i pojave bola u leđima kod zaposlenih u savremenom poslovnom okruženju, naročito kod marketara, menadžera i ostalih kancelarijskih radnika. Psihološki pritisci, stres, rad pod rokovima, kao i emocionalna supresija često vode ka raznim psihosomatskim tegobama. Leđa, kao centralni nosač tijela, često postaju simbolički i doslovno opterećena odgovornostima koje pojedinac nosi, dok istovremeno nema adekvatne mehanizme emocionalne ekspresije. Rad nudi teorijski pregled literature iz oblasti psihosomatske medicine, emocionalne inteligencije, kao i ranija empirijska istraživanja koja ukazuju na jasnu povezanost između emocionalne represije i bola u tijelu. Predložena anketa ima za cilj prikupiti podatke od ciljne grupe kako bi se dodatno potvrdila hipoteza. Dobijeni nalazi mogu biti korisni za dizajniranje psiholoških i korporativnih intervencija koje promovišu emocionalnu pismenost i prevenciju psihosomatskih oboljenja. Statistička analiza omogućava da se, polazeći od empirijske građe, dođe do univerzalne zakonitosti. U ovom istraživanju korišćen je Hi kvadrat test, kako bi se dokazala zavisnost među promjenljivim.

OVERVIEW OF THE DEVELOPMENT OF DISTRIBUTION CHANNELS IN THE HOTEL INDUSTRY: ANALYSIS OF A LUXURY HOTEL IN SPLIT

Marijana Jurišić Mustapić — 2025-08-22

Distribution channels in hotels are crucial as they enable an efficient connection between hotels and potential guests. The sale of accommodation capacity is the basis for optimizing revenue in the hotel industry. However, not all distribution channels contribute equally to maximizing revenue. Hotels can use different channels to better manage their occupancy rates by adjusting prices and offers to changing demand. Online distribution channels and greater integration of websites allow hotels to expand in the tourism market and attract guests from different parts of the world. Distribution channel management promotes significant proactive measures in the areas of sales and providing information to tourists. Distribution channels play a key role in a hotel’s success as they contribute to higher occupancy rates, a greater number of bookings and better management of the hotel department. The main objective of this paper is to show the changes in distribution channel shares over the last seven years using a luxury hotel as an example. The paper uses secondary data collected internally due to the particular characteristics of the data. The secondary data of the luxury hotel allows to explore the market position of the hotel compared to its competitors and provides valuable insights into strategies that help to attract exclusive guest segments. In addition, secondary data from hotel operations, such as revenue, ADR and RevPAR, enable the hotel’s success in key business areas to be assessed. Based on the luxury hotel’s historical data this research provides analysis that helps in planning future business strategies for managing distribution channels as well as effectively adapting to market changes. Understanding the share of distribution channels ensures hotels to tailor their services to the needs of the different exhibiting tourism markets.

WELLBEING I ODRŽIVI RAZVOJ: SINERGIJA MENADŽMENTA I MARKETINGA U MODERNIM KOMPANIJAMA

Jana Aleksić — 2025-08-22

U savremenom poslovnom okruženju, wellbeing zaposlenih i održivi razvoj postaju ključni faktori uspjeha i konkurentnosti preduzeća. Ovaj rad istražuje sinergiju između holističkog menadžmenta i marketinških strategija u kontekstu promovisanja wellbeing-a kao integralnog dijela održivog poslovanja. Kroz teorijski pregled principa wellbeing-a, održivog razvoja i njihovog međusobnog uticaja, rad analizira načine na koje menadžment i marketing zajednički doprinose stvaranju pozitivne organizacione kulture, poboljšanju radnog okruženja i jačanju brenda. Poseban fokus stavljen je na ulogu lidera i efektivnu komunikaciju vrijednosti wellbeing-a, kao i na primjere uspešnih praksi iz savremenih kompanija koje integrišu ove principe. Zaključak naglašava da je integracija wellbeing-a i održivosti kroz sinergijski pristup menadžmenta i marketinga neophodna za dugoročni razvoj i društvenu odgovornost modernih organizacija. Wellbeing postaje jedan od najvažnijih faktora uspjeha savremenih kompanija. Dobrobit radnika, koja obuhvata njihovo fizičko, mentalno i emocionalno zdravlje, direktno utiče na produktivnost i kreativnost na poslu. Kompanije koje aktivno ulažu u programe i politike koje podržavaju wellbeing stvaraju pozitivno radno okruženje, smanjuju odsustvo zaposlenika, a istovremeno povećavaju lojalnost i zadovoljstvo radnika. Wellbeing je važan i za reputaciju firme – savremeni potrošači i partneri sve više cijene kompanije koje pokazuju društvenu odgovornost i brigu o svojim zaposlenicima. Ulaganje u wellbeing nije samo etički ispravno, već predstavlja i pametnu poslovnu strategiju koja doprinosi održivom rastu i konkurentskoj prednosti na tržištu. Cilj rada jeste pokazati da je primjena wellbeing alata neizostavan poces za uspjeh kompanije i zdravlje zaposlenih.