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FIRM AGILITY AND DIGITALISATION LESS HELPFUL THAN EXPECTED DURING THE COVID-19 PANDEMIC, BUT VALUABLE IN THE LONGER RUN

Tjaša Redek, Tomaž Čater, Barbara Čater, Matej Černe, Matjaž Koman

The world had only just bounced back from the 2009 crisis when in 2020 COVID-19 triggered one of the biggest crises in almost a century, according to the OECD (2020b), causing a major disruption to world health, economic activity, well-being, and jobs. Estimated GDP performance in 2020 shows the 27 members of the European Union on average lost 6.1% of GDP compared to 2019 and around 660,000 jobs, despite substantial government support. The greatest decline was seen in Italy, losing almost 11% of GDP over 2019. Spain, Greece, and Croatia lost 8% or more of GDP, being hit largely due to their dependence on tourism. CEE economies lost between 2.7% (Poland) and 5.6% (Slovenia) of GDP (Eurostat, 2021). While aggregate estimates have been available for a few months, very little evidence can be found on the crisis’ impact on the firm level and the contribution made by various factors to differences in firm performance in 2019.
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COMPARISON OF CLOUD SERVICE CONSUMPTION IN THE CZECH REPUBLIC, VISEGRÁD GROUP AND EUROPEAN UNION

Martin Zbořil, Vlasta Svatá

Usage of cloud services instead of traditional on-premise resources is a common approach that organizations widely prefer. The COVID-19 situation, even more, highlighted the importance and advantages of cloud computing. The reason is that ‘home-office’ has become a normal and widely adopted way of working in many worldwide organizations. The homeoffice results in the requirements that the data and resources need to be available everywhere over the internet. The target of this article is to identify how the consumption of cloud services differs in the Czech Republic (referred also as ‘Czechia’), Visegrád Group where the Czech Republic is a member and in the European Union in general.Since the adoption of cloud services has an increasing trend, as was described above, the comparison will indicate whether the consumption of the Czech Republic corresponds to the consumption in the countries from Europe.
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INNOVATIVE ACTIVITY OF RESTAURANTS OPERATING IN THE LARGEST POLISH CITIES

Andrzej Rapacz, Piotr Gryszel, Marek Walesiak, Andrzej Dudek

The interaction of two phenomena is observed in well-developed countries, i.e. the growing importance of the service sector (transition to the service economy or the post-industrial society) and the increasing importance of knowledge, manifested in the creation of innovations (knowledge-based economy). We live in an era when the skills of acquiring and processing information as well as creating innovations remain the key factor responsible for the market success of businesses. As indicated by Škare and Tomić (2014), the market position of enterprises, their further development and prosperity largely depend on their opening towards innovations (Burns & Stalker, 1961; Weerawardena & Mavondo, 2011; Baily et al., 2006; Sandvik et al., 2014). The very idea of innovation was actually born in industry, however, the transition of the economic system to the one where services play a dominant or at least an equal role, resulted in the phenomenon of innovation spreading in the service sector as well (Schumpeter, 1934; Swann, 2009; Hjalager, 2010).
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THE TECHNOLOGICAL ADVANCEMENT OF NEW PRODUCTS, PRODUCT NEWNESS AND MARKET INFORMATION

Dariusz Dabrowski

Nowadays, technological progress creates a good opportunity for companies to develop and launch products that incorporate advanced technologies. This process is particularly present in the case of high-tech companies as they are technology oriented (Im, Vorhies, Kim, & Heiman, 2016). Firms utilize advanced technology to improve the functionality of their products and in this way they try to satisfy the customers’ needs to a large extent (Kocak, Carsrud, & Oflazoglu, 2017) and, as a consequence, to enhance the new products and the firm’s performance (Chen, Tang, Jin, Xie, & Li, 2014; Zhou, Yim, & Tse, 2005). This seems to be a straightforward way for companies to create new products. However, several uncertainties emerge when developing technologically advanced products. Nearly thirty years ago Bonnet (1986) pointed out that the uncertainty associated with developing and marketing new technologically advanced products is twofold.
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EVALUATION OF THE FINANCIAL AND ECONOMIC DEVELOPMENT OF THE EUROPEAN UNION MEMBER STATES ON BASIS OF MULTIPLE INDICATORS CHANGED TO MULTIPLE OBJECTIVES

Changxing Li

Innovation has received more and more attention in the European Union since adoption of the Lisbon Strategy in 2000. In 2010 the European Commission 2010; European Council adopted a new strategy, Europe 2020, which stressed again the importance of innovations. Therefore it is important to evaluate the current level of the European Union Member States’ technological and economic development as well as its innovations impact on it. Innovation impact on economic development was analyzed by correlating various composite indices with GDP per capita indicator (Fagerberg & Srholec, 2008). The author proposes a conceptual model for economic development evaluation according to a world-system approach. The level of economic development can thus be identified by a system of indicators rather than single one (e.g. GDP per capita).
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EVALUATION OF THE USABILITY OF SELECTED INNOVATION CONCEPTS FOR MANAGING INNOVATION ACTIVITIES

Jindra Peterková, Šárka Zapletalová

In today’s business world, the only constant is a change, so that the ability to learn, change and innovate plays an important role in business. Enterprises should actively create rules of the game and own future rather than passively react to changes (Mikoláš & Wozniaková, 2009; Merrill, 2015). Proactive behavior, seeking own way (Zelený, 2012) and creating innovator’s DNA is important (Dyer et al., 2011). Innovation and own recipe (Pearl, 2011) for its implementation is a necessary prerequisite for successful business in the highly competitive business environment. For companies’ future existence and development, innovations importance was recognized by a number of business owners and managers, who introduce changes and contribute to the creation of new trends in the business environment.
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PROJECT PORTFOLIO OPTIMIZATION AS A PART OF STRATEGY IMPLEMENTATION PROCESS IN SMALL AND MEDIUM-SIZED ENTERPRISES: A METHODOLOGY OF THE SELECTION OF PROJECTS WITH THE AIM TO BALANCE STRATEGY, RISK AND PERFORMANCE

Emil Vacík, Miroslav Špaček, Jiří Fotr, Lukáš Kracík

Project Portfolio Management (PPM) deals with the coordination and control of multiple projects that pursue the same strategic goals and compete for the same resources, whereby managers prioritize among projects to achieve strategic benefits. PPM deals with simultaneously managing multiple projects and includes defining values, specifying priorities, solving conflicts between projects as well as defining organizational structure and the rules of its functions (Spradlin & Kutoloski, 1999). To provide maximum value to the organization, the portfolio must contain a balance of project types and risk levels as well as limit the number of projects to ensure that all projects can be resourced effectively (Killen, Hunt, & Kleinschmidt, 2008). According to numerous studies, project portfolio management is currently applied in the practice of nearly all modern enterprises (Miguel, 2006).
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MULTICRITERIA DECISION-MAKING WEIGHTS AND A COMPETITIVE PRODUCT DESIGN

Filip Tošenovský

Competitive environments exist or can be created for a majority of human activities. This is true because human activity can usually be performed by more than one subject, and to incite subjects to being competitive, it suffices to compare results of their activity on the basis of selected criteria or features which characterize these results.
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