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The Government of the Republic of Serbia

In the service of citizens

Domestic economy fails to recognise importance of branding

Belgrade, 4 November 2004

Serbian Minister of Economy Predrag Bubalo said that today it is difficult to find a recognisable brand coming from Serbia on the global market.

Predrag Bubalo

Author: FoNet

Giving an introductory speech on the second day of the conference on branding held in Belgrade, Bubalo said that surveys showed that in Serbia there is not even 100 firms with developed marketing functions, while according to other estimates, there are less than 50 domestic brands that can sustain competition even at the national market.

The Minister said that a branded product, i.e. a popular trademark, is characterised by continuing production, better sale, as well as a higher price and profit. He highlighted that domestic economy is faced with a phenomenon of not understanding the importance of branding, marketing and use of marketing in business.

He said that it is impossible to speak about increasing exports and expanding a list of finished products for export from Serbia without grasping the problems of market operations.

A lot of money and time is needed to create domestic brands, stressed Bubalo, but did not specify when the first Serbian brand, which would be recognisable worldwide, could be presented. According to Bubalo, brands will be first developed in the field of consumer goods.

Bubalo explained that the "marketing" way of thinking is being introduced in the Serbian economy through the privatisation process and arrival of big companies to Serbia, which can promote some brands through their experience, knowledge and capital.

He said that strong competition will follow the creation of domestic brands in Serbia, and such branded goods will be strong in the global market as well, which will contribute to better living standards, opening of new jobs and creating of a new image of Serbia.

The conference on branding, which began yesterday, has been attended by branding experts from Croatia, Bosnia and Herzegovina, Slovenia, Macedonia, Hungary, Romania and Great Britain.