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New Market Segmentation Knowledge in the Function of Bioeconomy Development in Serbia

Author

Listed:
  • Nenad Djokic

    (University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia)

  • Aleksandar Grubor

    (University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia)

  • Nikola Milicevic

    (University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia)

  • Viktorija Petrov

    (University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia)

Abstract

Sustainability of companies in modern market conditions greately depends on the knowledge. In order to improve their business processes and satisfy the needs of their customers, managers have to rely on new marketing knowledge, especially in new sectors such as bioeconomy. The aim of this paper is to investigate potential added value to Serbian organic food market segmentation researches (belonging to preconditions of further bioeconomy development) when implementing new marketing knowledge – food-related lifestyle market segmentation and scales’ testings. The results point out to adventurous consumers as the most important current and future market for organic food. Besides being the most educated (what was already established for consumers accepting organic food well in previous domestic researches), it is the first time that consumers accepting organic food in larger extent are brought in connection to their inclusion of the whole family in the preparation of meals and acceptance of novelties in cooking. It is also the first time to identify that there is a segment in domestic conditions for which price is not the greatest obstacle for increasing organic food consumption. That can be of the great importance for all actors (both national and foreign) operating at domestic food market.

Suggested Citation

  • Nenad Djokic & Aleksandar Grubor & Nikola Milicevic & Viktorija Petrov, 2018. "New Market Segmentation Knowledge in the Function of Bioeconomy Development in Serbia," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 20(49), pages 700-700, August.
    • Handle: RePEc:aes:amfeco:v:20:y:2018:i:49:p:700
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    References listed on IDEAS

    as
    1. Homa Bahrami & Stuart Evans, 2005. "Super-Flexibility for Knowledge Enterprises," Springer Books, Springer, number 978-3-540-26731-7, November.
    2. Kes McCormick & Niina Kautto, 2013. "The Bioeconomy in Europe: An Overview," Sustainability, MDPI, vol. 5(6), pages 1-20, June.
    3. Danes, Jeffrey E. & Mann, O. Karl, 1984. "Unidimensional measurement and structural equation models with latent variables," Journal of Business Research, Elsevier, vol. 12(3), pages 337-352, September.
    4. Đokić, Ines & Đokić, Nenad & Pavlović, Nataša & Kovač Žnideršić, Ružica, 2014. "Promotion Of Organic Food In Serbia: Implications From Organic Food Consumers’ Profile Research," Economics of Agriculture, Institute of Agricultural Economics, vol. 61(4), pages 1-13, December.
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    Citations

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    Cited by:

    1. Jelena Vapa-Tankosić & Svetlana Ignjatijević & Jelena Kiurski & Jovana Milenković & Irena Milojević, 2020. "Analysis of Consumers’ Willingness to Pay for Organic and Local Honey in Serbia," Sustainability, MDPI, vol. 12(11), pages 1-23, June.
    2. Beata Ślusarczyk & Katarzyna Grondys, 2019. "Parametric Conditions of High Financial Risk in the SME Sector," Risks, MDPI, vol. 7(3), pages 1-17, August.
    3. Aleksandar Grubor & Nikola Milicevic & Nenad Djokic, 2018. "Serbian Organic Food Consumer Research and Bioeconomy Development," Sustainability, MDPI, vol. 10(12), pages 1-12, December.
    4. Judit Oláh & Sándor Kovács & Zuzana Virglerova & Zoltán Lakner & Maria Kovacova & József Popp, 2019. "Analysis and Comparison of Economic and Financial Risk Sources in SMEs of the Visegrad Group and Serbia," Sustainability, MDPI, vol. 11(7), pages 1-19, March.
    5. Sanz-Hernández, Alexia & Jiménez-Caballero, Paula & Zarauz, Irene, 2022. "Gender and women in scientific literature on bioeconomy: A systematic review," Forest Policy and Economics, Elsevier, vol. 141(C).

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    More about this item

    Keywords

    knowledge marketing; market segmenetation; food-related lifestyle market segmentation; scales’ testing; bioeconomy; organic food market; Serbia.;
    All these keywords.

    JEL classification:

    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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