Analysing the key markets for communicating the values of the Montenegrin national brand

Project duration: October – December 2023

Call/Program/Scheme: UNDP

Client / Financier: UNDP – United Nations Development Programme

Participating institutions: Institute of Economic Sciences, Belgrade

Principal investigator (PI): Dr Ivana Domazet

The role of IEN in the project: IEN is a lead institution

IEN project team (manager/coordinator, team members):

Dr Ivana Domazet (Principal Investigator)
Dr Darko Marjanović
Dr Marija Lazarević
Dr Valentina Vukmirović

Description:

The concept of national branding in key markets has proven to be highly effective in improving important indicators of economic development, such as the growth of inbound tourism, increased inflow of foreign direct investment, higher volume and efficiency of exports, as well as enhanced diplomatic relations and the country's political position in international organizations. These effects underline the importance of strengthening Montenegro's national brand and identifying key markets for integrated communication of the country's distinctive advantages, including tourist attractions, natural beauty, and rich cultural and historical heritage.

In this context, the proper selection of key markets for which a national brand communication strategy will be developed is of crucial importance. Specifically, selecting potential markets based on their economic, demographic, and cultural characteristics represents the foundation for creating an effective communication strategy for Montenegro's national brand. The analytical framework for defining key target markets is based on the current structure of Montenegro's economy, alongside an analysis of countries that generate the highest foreign exchange inflows through tourism, net foreign direct investment, and exports. Accordingly, key markets (ranked by importance) are grouped as follows: Group 1 (Serbia, Bosnia and Herzegovina, North Macedonia, Albania, and Kosovo*); Group 2 (Russia, Azerbaijan, and Ukraine); Group 3 (Germany, Italy, Switzerland, Turkey, and China) and Group 4 (Hungary, Poland, Czech Republic, and Slovakia).

Keywords: National branding, key markets, integrated communications, competitive advantage, Montenegro