The application of modern marketing strategies: the study of entrepreneurial business market of south Backa district, Vojvodina, Serbia

Abstract

This paper presents an empirical research study of modern marketing strategies implementation in business activities of entrepreneurs on the market of South Backa District, Vojvodina, Serbia. With this conducted research we wanted to determine whether surveyed entrepreneurs use modern marketing concepts in order to improve their positions and survival in today's market. Traditional marketing strategies are no longer sufficient because the necessary for successful business are those that lead to opening of new markets in contemporary environment. Due to the constant increase of the number of the participants, the markets become oversaturated; the supply is much higher than the market absorption rate, so it seems that it is almost impossible to operate successfully in such conditions. However, all those who achieve market success and survive in today's market refute this view. The research findings have revealed that the South Backa District entrepreneurs apply modern marketing strategies in their business since market conditions dictate the need for implementation of marketing strategies that get results in the observed market.