MEB 19th Management, Enterprise and Benchmarking

Abstract

In current market conditions, to operate efficiently and achieve a competitive advantage, SMEs need to constantly adapt to the changes that occur, innovate, and improve their business. Innovation implies a complex process consisting of a series of different activities that begin with the emergence of the idea and follow its development and implementation on the market until the moment when some effect is achieved from its application in practice. This paper aims to rank the sectors of SMEs in the Republic of Serbia according to the degree of development of different types of innovations. Secondary data were used for the research, and the final ranking was achieved using the PROMETHEE-GAIA method using the Visual PROMETHEE software package.