THE ROLE OF INNOVATION IN BUSINESS OF SMALL AND MEDIUM ENTERPRISES

Abstract

Successful information and knowledge management is extremely important for every organization, and the focus in this paper will be on the marketing role. Financial institutions that wish to continue operating successfully in such a competitive environment have to invest all their eff orts in an important and difficult task, to successfully manage knowledge and information. Furthermore, companies build in an increasing quantity of knowledge about their consumers into quality products, which adds to its final value. In order for a financial institution to acquire knowledge about consumers, they are required to collect as much data about them, and conduct market research, use and manage all the collected data in order to make the right decision. This paper demonstrates a model to explain the role and importance of organized information as a precondition for the successful realization of marketing strategies and market competitiveness.