Ekonomické rozhľady/Economic Review 1/2023

BENCHMARKING AS A MEASURE OF COMPETITIVENESS IN NORTH MACEDONIA

DUSICA STEVCEVSKA SRBINOSKA[1]  ─ SARA PETKOVSKA[2]

SNEZHANA HRISTOVA[3]  ─ MAJA STEVKOVA SHTERIEVA[4] 

 

https://doi.org/10.53465/ER.2644-7185.2023.1.4-28

 

Abstract: Benchmarking is crucial in positioning companies on the market and achieving high financial results. Nowadays, processes, products, services and globally all segments of a business are subject to constant changes. Hence, keeping up with the activities and changes of competitors is of paramount importance. This work explores the benchmarking concept and its importance in keeping up with competition. Given the lack in existing literature, this paper contributes with an unswerving comprehension of benchmarking practices in North Macedonia, while providing foundation and directions for professionals. By using random sampling, we collect survey data from managers in North Macedonia and explore the openness to learning, implementation of changes and realistic goal setting of the subject entities. We conclude that most of the companies that took part in this research use benchmarking. Our empirical findings indicate that competitive benchmarking as well as realistic goal setting by identifying performance gaps are largely adopted practices in the Macedonian entities. We also establish that benchmarking is not a prerequisite for learning in the surveyed organizations. Nonetheless, the proportion of adopters is expected to increase as managers become more familiar with the concept of benchmarking and the benefits it can bring if applied correctly and consistently.

Keywords: benchmarking, learning organizations, competitiveness, market positioning

JEL Classification: M0, M1, O12

Fulltext: PDF

Online publication date: 24 March 2023

 

To cite this article (APA style):

Stevcevska Srbinoska, D., Petkovska, S., Hristova, S., & Stevkova Shterieva, M. (2023). Benchmarking as a Measure of Competitiveness in North Macedonia. Ekonomické rozhľady – Economic Review, 52(1), 4 ─ 28. 

https://doi.org/10.53465/ER.2644-7185.2023.1.4-28

 

Publisher: University of Economics in Bratislava

ISSN 0323-262X (print)

ISSN 2644-7185 (online)

 

License:

by nc nd

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

 

[1] Dusica Stevcevska Srbinoska, Ph.D, University American College Skopje, North Macedonia, e-mail: dusica@uacs.edu.mk, orcid id https://orcid.org/0000-0002-1690-2979

[2] Sara Petkovska, MSc., University American College Skopje, North Macedonia, e-mail: sarapetkovska1@gmail.com.

[3] Snezhana Hristova, Ph.D., University American, North Macedonia, e-mail: shristova@uacs.edu.mk.

[4] Maja Stevkova Shterieva, Ph.D., University American College Skopje, North Macedonia, e-mail: maja.s.sterieva@uacs.edu.mk.