Center for Economic and Financial Research (Belgrade), the Balkan Scientific Association of Agricultural Economists, and the University of Business Studies in Banja Luka, Bosnia and Herzegovina
MARKET SEGMENTATION AND CON-SUMER TARGETING
Market Segmentation and Consumer Targeting represent key concepts of modern marketing that enable companies to respond more effectively to increasingly complex market demands. The subject of this paper is the analysis of theoretical and practical aspects of market segmentation and the selection of target consumers, with particular emphasis on contemporary methods and strategies applied in the digital environment. Market segmentation implies the division of a heterogeneous market into homogeneous groups of consumers based on specific criteria such as demographic, geographic, psychographic, and behavioral factors, while targeting refers to the selection of the most attractive segments for the placement of products and services. The methodology applied in this paper is based on the analysis of relevant domestic and international literature, as well as case studies from practice. Special emphasis is placed on the importance of digital technologies and data analysis in the process of segmentation and personalization of marketing activities. The research results indicate that proper segmentation and adequate targeting contribute to increased efficiency of marketing strategies, better satisfaction of consumer needs, and the achievement of competitive advantage in the market. It is concluded that the combination of different segmentation criteria, along with the application of modern analytical tools, forms the basis for successful customer relationship management and long-term sustainable business.
Copyright (c) 2026 Haris Pesto, Aneta Gutesa (Author) https://creativecommons.org/licenses/by/4.0
THE ROLE OF FINANCIAL STATEMENT ANALYSIS IN MAKING BUSINESS DECISIONS
Financial statement analysis represents a key instrument in modern management, as it enables managers and investors to make informed and timely business decisions. Proper interpretation of the balance sheet, profit and loss account, and cash flow statement enables the identification of a company's financial stability, profitability, and liquidity, which are crucial for strategic planning and resource management. Contemporary practice shows that the use of indicators such as ROE, ROA, and liquidity ratios not only helps in evaluating past performance but also in forecasting future trends and potential risks. Empirical data from studies of companies in Serbia indicate that systematic financial analysis contributes to cost optimization, better capital management, and increased market competitiveness. The aim of this paper is to present, through a theoretical approach and practical examples, how financial statement analysis influences business decision-making and how it contributes to the sustainable development of enterprises.
Copyright (c) 2026 Jana Cvijic Rodic, Radmila Vilma Getman, Vladimir Marinkovic (Author) https://creativecommons.org/licenses/by/4.0
THE IMPACT OF INFLATION ON THE ECONOMY AND STANDARD OF LIVING
Inflation represents one of the most significant macroeconomic challenges of modern economies, with direct and indirect implica-tions for economic growth, market stability, and the standard of living of the population. As a continuous increase in the general price level, inflation affects the real value of money, income dis-tribution, and economic decision-making at the level of individu-als, companies, and the state. The aim of this paper is to analyze the causes, dynamics, and consequences of inflation, with a par-ticular focus on its impact on economic activity and the quality of life of citizens. This paper employs descriptive, analytical, and comparative meth-ods, using secondary data sources from relevant scientific litera-ture and reports of international and national institutions. Special attention is given to distinguishing between the short-term and long-term effects of inflation, as well as its redistributive conse-quences.
Copyright (c) 2026 Slobodan Andzic, Slobodan Nicin, Aleksandar Milanovic (Author) https://creativecommons.org/licenses/by/4.0
THE ROLE OF ADMINISTRATIVE LAW AND AUTHORITIES IN PRESERVING FINANCIAL STABILITY
Financial stability represents a key element of economic security and sustainable development of every state. Its role is reflected in maintaining the confidence of participants in the financial market, ensuring the liquidity and solvency of financial institutions, and preventing systemic crises that may have broad social and economic consequences. Administrative authorities, including central banks, ministries of finance, and specialized regulatory agencies, play a crucial role in achieving this stability through the legal and institutional framework that governs their activities. This paper examines the role of administrative law and competent authorities in preserving financial stability, focusing on regulatory functions, supervisory activities, preventive measures, and the sanctioning of irresponsible financial actors. The analysis is based on a comparative approach, including a review of domestic legislation, international standards (such as Basel III regulations and EU directives), as well as case studies of interventions by the National Bank of Serbia in periods of financial turbulence. The paper demonstrates that the effective implementation of administrative law contributes to the reduction of systemic risks, the enhancement of transparency and accountability of financial institutions, and the preservation of trust in the financial system. It also highlights the challenges brought by new technologies, global financial flows, and the need for constant improvement of the regulatory framework. It is concluded that the coordinated application of administrative law and strong supervision represent a key strategy for maintaining financial stability and achieving long-term sustainable economic development.
Copyright (c) 2026 Dejan Gojkov, Rade Tesic (Author) https://creativecommons.org/licenses/by/4.0
POSSIBILITIES OF APPLYING LEAN MANAGEMENT IN CONTEMPORARY ENTERPRISES
Lean management represents a modern approach to management focused on the elimination of waste (losses), improving efficiency, and the continuous enhancement of business processes. The aim of this paper is to analyze the possibilities of applying Lean principles in contemporary enterprises, with particular emphasis on the benefits, limitations, and factors for successful implementation. The methodological framework includes the analysis of relevant scientific literature, comparative analysis, and case studies. The results indicate that the Lean approach contributes to increased productivity, quality, and customer satisfaction, but its implementation requires organizational transformation, strong leadership, and continuous employee training.
Copyright (c) 2026 Ivana Vujanic, Davor Sakac, Ivana Arsic (Author) https://creativecommons.org/licenses/by/4.0
The most complete systematization of tax principles was given by Adolf Wagner at the end of the nineteenth century. Wagner formulated nine tax principles, and classified them into four basic groups: Financial principles (generosity and elastic tax), Economic principles (good choice of tax choice and type of tax) , Social principles (general obligations and uniformity of taxation) and Tax-technical principles (definiteness, cheapness and convenience of taxes). This paper will consider the principles of a good tax system.
Copyright (c) 2026 Ljubiša Todorović (Author) https://creativecommons.org/licenses/by/4.0
ANALYTICAL INDICATORS OF THE FINANCIAL CAPACITY OF THE BUSINESS ENTITY
When determining the financial capacity of a business entity, it is necessary to consider its importance for the company. The financial capacity of a business entity in the conditions of modern business has a great influence on the business creditworthiness, which improves the market position of the company. To determine the financial capacity, it is not enough to only take into account the financial indicators, but also to go deeper into their essence, which is achieved by looking at the positions of the financial statements that are the basis of the indicator in question. It follows from this that it makes no sense to link any two economic quantities from financial statements, which leads us to create the necessary preconditions that will be the basis for using these indicators.
Copyright (c) 2026 Slavko Vukša (Author) https://creativecommons.org/licenses/by/4.0
Every business entity must permanently manage its costs. As cost management requires certain knowledge about the methods by which they can be monitored, the aim of this article is to indicate the basic methods that management can use in their work. Costs as a category are very important for the life and work of economic entities in modern conditions. This means that resources are increasingly scarce and thus more expensive, so they are gaining in importance. Costs can be viewed from several aspects, but the most significant is their time dimension, which is precisely related to the value of money.
Copyright (c) 2026 Dragan Anđelić (Author) https://creativecommons.org/licenses/by/4.0
THE INFLUENCE OF MODERN ANALYSIS OF FINANCIAL STATEMENTS ON COMPANY BUSINESS
Since business organization is a living organism, it’s growth and development is dependent of planning, controling and analizing procedures and methods that is in use in every sphere of it’s business. Under such conditions, accounting analizing primary means global monitoring under the accounting informacions including in the primary financial statements, showing and analyze data that are most important for every organization. Knowing and implementation modern methods of accounting analizing in whole organization is making his growth and prosperity like the vision and mision of the organization has been projected and presented.
Copyright (c) 2026 Dalibor Krstić (Author) https://creativecommons.org/licenses/by/4.0
ACCOUNTING SYSTEMS OF THE MODERN BUSINESS ENTITY
In the modern operations of business entities, the relevance of internal information is based on a complete and purposefully organized system of accounting reporting. As bookkeeping is the basis of successful accounting, knowledge of the relevant possibilities of the organization of its system is very important for the functioning of a business entity. Within the business of a company, it is necessary to properly implement the accounting reporting system, so that it can respond relevantly to the modern information needs of all users of information, primarily management.
CIRCULATION OF SILVER BANKNOTES IN THE KINGDOM OF SERBIA UNTIL I WORLD WAR
State interventionism, which was present in the economic policy of the Kingdom of Serbia at the end of the 19th and the beginning of the 20th century, significantly threatened the realization of the basic tasks of the Serbian central issuing institution, to develop the economy of Serbia with cheap loans. State intervention measures introduced in 1894 limited the circulation of silver banknotes. A direct consequence of the restrictions on the circulation of money in the late eighties and early nineties of the 19th century was the appearance of the agia phenomenon. After the apparent contradictions in the positions of the royal government and the National Bank on the issue of currency, the state limited the amount of circulation of silver banknotes by law. The aim of this work is to point out the consequences of state interventionism in the operations of the National Bank, as well as the impact that this had on economic activity and macroeconomic balance.
Copyright (c) 2026 Snežana Krstić (Author) https://creativecommons.org/licenses/by/4.0
FINANCING SYSTEM OF THE AMERICAN FEDERAL RESERVES
The Federal Reserve System (FED) is a major component of the US banking sector's nervous system. The primary motive for the establishment was found in the prevention of crises in the financial system that occurred almost every decade. Today's role consists of maintaining the long-term financial stability of the USA.
Copyright (c) 2026 Branislav Jovanović (Author) https://creativecommons.org/licenses/by/4.0
BUDGET SURPLUS IN THE REPUBLIC OF SERBIA
The budget represents the basic, and in some cases, the only instrument for collecting public revenues and financing public expenditures in modern countries. It represents a systematic and quantitative overview of state needs and should serve as a mandatory economic plan for the state economy in the future. Looking at countries regardless of their organization, the budget is the basic document in every country for financing state, public functions. Each state defines the budget within the framework of an administrative act or law. In this paper, we will present the budget surplus on the example of the 2006 budget.
Copyright (c) 2026 Predrag Jovićević (Author) https://creativecommons.org/licenses/by/4.0
LEGAL FRAMEWORK OF MODERN BUDGET ACCOUNTING
The normal performance of all the functions of the state depends on numerous factors: economic, political, social, sociological, etc. However, for the successful organization and management of the state, the most important are finances, i.e. the funds at its disposal and which are directed into various organizational structures essential for the state and society. . The financing of various state needs should be planned and controlled in advance, and this is achieved by creating a budget. Therefore, the budget represents a systematic and rational plan of total revenues and expenditures of a state. Budget revenues, which belong to the Republic or local authorities, are distributed and reported by sources in the budget. Budget expenditures of the Republic or local authorities are determined by individual purpose in the budget. Incomes are reported in total realized amounts, and expenditures in total realized amounts. Budget income and expenditure must be in balance.
Copyright (c) 2026 Aleksandar Majstorović (Author) https://creativecommons.org/licenses/by/4.0
LINKAGE OF INTERNAL CONTROLS AND AUDITS IN THE PUBLIC SECTOR
Internal controls are becoming more and more important for users of budget funds, who are focusing more and more attention on the effectiveness of internal control. Internal controls are also very important during the audit process. One of the primary activities during the audit of financial statements, in addition to getting to know the organization in detail, is to understand the business processes of the organization's internal control and its system. In order to ensure business operations in accordance with and in the manner prescribed by the legislator, in accordance with IAS 315 - Identifying and assessing the risk of material misstatements through understanding the entity and its environment, a condition that enables the achievement of the set goals for various users of budget funds is the established internal control function.
Copyright (c) 2026 Nikola Milanović (Author) https://creativecommons.org/licenses/by/4.0
NORMATIVE ARRANGEMENT OF FINANCIAL INNOVATIONS IN BANKING
Regulatory dialectics is a process consisting of three phases. All these regulators are aimed at all financial institutions to achieve their goals. These goals include reducing or participating in risk, correcting perceived inefficiencies, and redistributing social resources. Based on regulatory norms, in order to achieve the goals, the competitive position of banks and other financial institutions in the financial markets is affected, while less regulated institutions (non-banking) are allowed to provide regulated services at lower prices. That is why less regulated companies are more flexible in the market and react faster to changes in the environment. Based on that, banks and other financial institutions will try to avoid the restrictions imposed on them by regulation through financial innovations. Avoidance of regulation by banks provokes a reaction from regulatory institutions to close the regulatory loophole , known as reregulation.
Copyright (c) 2026 Ramadhani Issa Hemed (Author) https://creativecommons.org/licenses/by/4.0
THE ROLE OF FINANCIAL MANAGEMENT IN THE COMPANY
The function and role of financial management in the modern socio-economic system is part of management and in the conditions of dynamic changes in the factors that affect its business, comes to the fore. If we take into account that the way of doing business of a certain company is flexible, adapting to the rules that apply in the free market of capital, goods and services, it can be said that anticipating possible outcomes is an indispensable part of any modern management. By comparing planned and achieved results, ie. Weaknesses and risks are presented to the management, based on which the management structure bases its decisions regarding the rational use of available resources, efficient and effective implementation of planned tasks and activities, in order to achieve the established goals. Based on such a relationship of planning and control, an assessment can be made on the security of management of a particular company.
Copyright (c) 2026 Milorad Zekic, Bojan Brajković (Author) https://creativecommons.org/licenses/by/4.0
PRINCIPLES FOR IMPROVING THE CURRENT STATE OF INTERNAL BUDGET AUDIT
In the sense of this article, the budget system includes: the country’s budget as a whole, the provincial budget, the budget of local authorities and financial plans of funds. By institutionalizing the State Audit Institution and establishing internal audit in the budget system of the Republic of Serbia, which is the subject of this work, an efficient and adequate state audit practice of the Republic of Serbia was ensured, which should be upgraded in accordance with the most positive world experiences. This simultaneously ensures the integrity of the budget system, primarily through common legal bases, a single budget classification, a single system of budget accounting, control and, of course, a single budget audit.
Copyright (c) 2026 Александар Мајсторовић, Бојан Обрић (Author) https://creativecommons.org/licenses/by/4.0
THE ROLE OF NETWORKS IN THE EXCHANGE OF INFORMATION BETWEEN APPLICATION DATABASES
Data transfer facilitates the exchange of digital or analog data through media such as cables, fiber or wireless signals, which is essential in daily activities and global business engagements.Challenges, such as slow load times, stem from bandwidth and hardware issues, which affect operations and user experience.Content delivery networks (CDNs) play a vital role by strategically distributing content across servers, solving these challenges.The data transfer process includes data creation, packaging, encapsulation, transmission, reassembly, and acknowledgments.This simplified overview highlights the complexity of computer networking, especially in larger networks with evolving technologies and protocols.Continuous evolution improves the efficiency of data transmission systems.
Copyright (c) 2026 Никола Миленковић, Милош Радосављевић, Владан Владисављевић (Author) https://creativecommons.org/licenses/by/4.0
ANALYSIS AS THE BASIS FOR MAKING BUSINESS DECISIONS
For efficient, economically rational functioning of a modern company, for constant maintenance of business ability and high business power, it is very important to manage its structural elements at the level of modern science and technology. To achieve a high level of organization, it’s necessary to have a state-of-the-art information system, which is able to collect, process, arrange, store and deliver a lot of data and information in very high frequencies from many places. In other words, management in the enterprise system should be managerially organized and function in accordance with the highest scientific and technical achievements.
Copyright (c) 2026 Владан Владисављевић, Саша Мичић, Миленко Зупур (Author) https://creativecommons.org/licenses/by/4.0
The state is one of the oldest social creations that has changed forms and functions throughout history, so when talking about the state, it should be emphasized in which epoch and what form it is. Basically, a division can be made into states of the 52 modern period on European soil and pre-modern political communities, from the period that preceded the modern era. The assumptions on which the modern state in the form of an absolute monarchy was created in Europe are multiple. The reason why the European soil is the basis for the development of modern states is found in the peculiarity of the European identity that is associated with the creation of states in Europe, and which then, with its influence, surpassed the European soil and played a key role in modern society
Copyright (c) 2026 Aleksandar Milanović, Dejan Gojkov (Author) https://creativecommons.org/licenses/by/4.0
ANALYSIS OF STRESS DISORDERS AND PUBLIC SPEAKING
For more than two millennia, it has been known that dynamic processes take place in the human body and that harmony, or homeostasis, or the balance of various processes, reigns in it. Since the same time, it has been known that famous personalities have distinguished themselves with special oratory skills in public appearances, which has also initiated research into the connection and interaction of skillful oratory and the feedback effects of the masses on speakers. In 1936, the Canadian endocrinologist of AustroHungarian origin Selye defined the concept of stress and stressors. He defined stress as a general adaptation syndrome in changing living conditions. Research has shown that in the processes of imbalance under the influence of biological and psychosocial stressors of greater and/or longer duration, the leading role is played by the nervous system - especially certain brain structures, but in interactions with humoral mediators, especially those of hormonal origin. During stressful influences, significant changes occur in the immune system. Therefore, in conditions of chronic and intensive action of stressogenic influences, the development of disease and even death can occur. As in all other disorders and adverse circumstances, reactions in people are different, depending on individual biological and psychological characteristics. Taking into account all these facts, prevention and therapy of the consequences of stressogenic influences are based on the characteristics of the stressor and individual characteristics of biological and psychosocial personality traits. This is especially important for people whose profession involves frequent and long-term public speaking (lectures, public presentations and interviews). Knowledge of the basic elements of stress and stress disorders is important for people of all social positions; their knowledge ensures easier and greater success.
Copyright (c) 2026 Aleksandra Stojković, Stefan Kocić (Author) https://creativecommons.org/licenses/by/4.0
STATISTICAL ANALYSIS OF THE MAASTRICHT CONVERGENCE CRITERIA WITH REFERENCE TO THE REPUBLIC OF SERBIA
By calculating the correlation coefficient, we will present how, and whether at all, compliance with the monetary policy of the European Union, i.e. the application of the Maastricht convergence criteria, leads to economic growth in the member states of the Union. At the very end of the paper, a brief review will be made of the position of the Republic of Serbia in relation to European countries, when it comes to fulfilling the economic criteria required for accession to the Union, in accordance with the fact that Serbia is on the path to membership.
Copyright (c) 2026 Горан Славковић, Милош Станковић, Веда Килибарда (Author) https://creativecommons.org/licenses/by/4.0
The topic of this paper is teams and groups. What we will first highlight are some basic definitions of groups, then we will list their characteristics, such as collective goals, interpersonal relationships, size, cohesion, rules of conduct, status, role, and explain each one separately in a few sentences. Then, we will list the general and largest division of groups into formal and informal and say something about their subtypes and about them themselves. We will pay special attention to the stages of group development, of which there are five: formation, conflict, norming, functioning, and dissolution. The next thing we will do is define a team as a special type of group; define teamwork, but also the factors that influence the effectiveness of teams. Teams can be divided in several ways. For example, depending on the type of work performed in the team, we distinguish between service, advisory, project, production, action, and management teams. Finally, we will be left to list the advantages and disadvantages of teams, as well as the general differences between teams and small groups.
Copyright (c) 2026 Milovan Rosić, Radmila Vilma Getman (Author) https://creativecommons.org/licenses/by/4.0
LEGAL AND ECONOMIC ANALYSIS OF PUBLIC EXPENDITURES IN CONDITIONS OF BUDGET LIMITATIONS
At the beginning of the 20th century, economic theory and practice introduced the institution of public expenditure into finance, with certain restrictions, which gained importance over time. In modern public finance, the starting point is the position that public revenues and public expenditures are of equal importance, since public expenditures have a specific place and function in market-oriented economies. They have the role of satisfying public needs by engaging public expenditure funds. Special attention is paid to the problem of covering public expenditures, which, as a rule, find the necessary funds in public revenues. However, this problem becomes more complex when extraordinary expenditures appear in public finances, in conditions of economic recession and stagnation, which significantly affects the increase in the degree of budget constraint.
Copyright (c) 2026 Mihailo Ćurčić (Author) https://creativecommons.org/licenses/by/4.0
DETERMINING CHANGES IN ORGANIZATIONAL AND MANAGEMENT PROCESSES IN THE MANAGEMENT SYSTEM
Management, as a process of unifying intellectual, material and immaterial resources, and directing activities in the direction of achieving company goals, especially in large and complex companies characterized by product diversification, geographical dispersion of business activities and a decentralized management concept, is a very demanding and challenging job. In essence, management processes have always been linked to company goals. In this context, for many years, as a central management process, it represented the problem of measuring goals in the broadest sense. In these conditions, the modern philosophy of change management is based on the concept of controlling, which is becoming a necessity for all business entities. Therefore, controlling is dominantly understood as a special business philosophy, and a specific concept of running a company based on clearly set goals, i.e. as a process of harmonizing the set goals with the company's mission, in order to achieve the best possible business result that will affect the lasting survival of the company.
Copyright (c) 2026 Miloš Miljković, Ivana Arsić (Author) https://creativecommons.org/licenses/by/4.0
A wireless local area network or WLAN can be defined as the wireless connection of two or more devices in a local area network, within a limited area, by means of radio waves. We limited our work to Wi-Fi itself. Wi-Fi is actually a WLAN based on the IEEE 802.11 standard. The advantage of these networks compared to wired networks is reflected in the mobility of the client, the easy possibility of expansion and the quick and cheap establishment of a temporary network. The goal of this work is to get familiar with the basic IEEE standards and to master the area of WLAN security, that is, to get to know the security protection mechanisms that exist in the wireless local network itself. In order to succeed in this, this work is divided into several parts. First, we will talk about the very concept of WLAN and how it works, then we will get acquainted with its basic standards and the latest Wi-Fi 6 standard, and then we will talk about security protocols. At the end of the paper, a place is left for the practical part of protecting a WLAN, as well as for myths and advice concerning security itself.
Copyright (c) 2026 Aleksa Mitić, Slobodan Andžić, Miloš Radosavljević (Author) https://creativecommons.org/licenses/by/4.0
DIGITAL MARKETING AND „AI“ IN THE DIGITAL ENVIRONMENT
Today, very often we encounter with terms such as digital marketing, digital environment, e-marketing, digital brand, artificial intelligence (AI) while following various electronic media. The term „marketing“ is a much broader term, it represents a business philosophy, a business concept, which includes a large number of processes. Marketing is social and management process, by which individuals and groups get what they need and want, through the creation, offer and free exchange of products and services of value. (Kotler, Ph., 2000, 2017) Digital marketing represents one upgrade of the previous marketing concept, through the application of digital technologies and media. Just as a company s marketing goals derived from business goals, digital marketing goals derived from marketing goals, Based on the goals, an online performance strategy is developed, online value proposition and a way of differentiation in the online environment are defined. Artificial intelligence (AI) is the ability of a computer or computer – controlled robot to perform tasks normally associated with intelligent beings. AI refers to the simulation of human intelligence through machines that are programmed to think like humans and mimic their actions. The term can also be applied to any machine that exhibits traits associated with the human mind, such as learning and problem solving.
Copyright (c) 2026 Julija Avakumović, Jelena Avakumović (Author) https://creativecommons.org/licenses/by/4.0