The purpose of this paper is to examine the influence of connecting with key stakeholders in order to improve innovative capacity of SMEs. This is essential for SMEs in Serbia where these enterprises are facing numerous problems in operation and performance of innovative activities. Starting from the existing theoretical views about the importance of creating innovative SMEs business network which results in the creation and delivery of unique value to the market, the authors tend to explore the innovative capacity of SMEs in Serbia and identify opportunities for cooperation with key stakeholders. Wider interest in empirical research coincides with the need for more intensive involvement of Serbian SMEs in foreign markets. The survey was conducted on a sample of 304 SMEs in Serbia. In the survey, data were collected using personal interview and in-depth interview. The questionnaire is structured in such a way that allows to identify the importance which managers attribute to cooperation with key stakeholders, in order to increase their innovative capacity. The findings indicate that the SMEs managers in Serbia still do not perceive the importance of connecting with stakeholders to perform the innovative activities. Based on these findings, SMEs managers would do well if they pay attention to open innovation as new innovative practices which can contribute to create valuable knowledge necessary to perform innovative activities. For academics, this paper indicates the need for a further research in order to identify the obstacles SMEs in Serbia are facing within the process of networking with both domestic and foreign stakeholders, which is the reason they are underused in increasing innovative capacity.

The last decades have witnessed numerous changes in the economy and society that have completely transformed the way of living and working. The world has become a "global village", which helped enterprises in increasing significantly their market space. The result is a more complex marketing environment for all participants: shareholders, consumers, employees, business partners, competitors, financial organizations and institutions, the state and local community. Intense competition in the new economy has directed attention of all subjects and groups toward networking with key stakeholders in the value chain. Linking becomes a valuable source for achieving and maintaining competitive advantage and the basis for successful differentiation of companies, towns (locations) as well as states. The need for linking and creating various relationships and networks is evident in almost all business areas. The final networking goal is the enhancement of business performance and creation of superior value for capital owners, consumers and other stakeholders. Theory and practice research create a reliable foundation for the development of new concepts and business models that will contribute to the enhancement of enterprise and economy competitiveness. One of the ways of enhancing national and business competitiveness is the development of public-private partnerships. The paper structure is as follows: first, the modes and importance of public-private partnership is examined, then the role and importance of marketing for the development of public-private partnership is presented. Finally, based on the outcomes of theory and practice research, the paper identifies the motives of potential investors for investing in public-private partnership and proposes the conclusions and guidelines for future research. The paper is structured as follows: first, the importance of relationships and networks and the fundamental characteristics of public-private partnership are examined, then the analysis of PPP relationship quality based on considerations of links between activities, resources and subjects linked together follows. Based on the outcomes of theory and practice research, the conclusions and guidelines for further research are proposed.

UDK 005.35:658.8, Originalni rad * Rad je rezultat istraživanja na Projektu 47005 koji finansira Ministarstvo prosvete, nauke i tehnološkog razvoja.

Key account management is becoming the dominant approach for managing long-term relationships with customers. It represents a set of processes and practices for managing interdependence between companies and customers in order to create added value for both sides. Such an approach to managing relationships with customers is of strategic importance for enterprises in the business market, as it allows the creation and development of synergic partnerships with valuable customers. A high level of interdependence, orientation to creating and delivering a set of benefits that exceed the basic product / service orientation to increased learning in relationships and reduction of uncertainty are the major characteristics of KAM. By managing their interdependence and using common skills and power, the partners focus on increasing their own competitiveness and value of supply. Leveraging resources is achieved through sharing of information, openness to new ideas, participation in decision making and problem solving at all organizational levels. Such relationships become the source of satisfaction of customers and their retention in the long term.

Apstrakt: Na konkurentnost i strategijsku poziciju preduzeća utiču brojni faktori. Značajnu grupu čine faktori tržišta koji nameću potrebu razvijanja novih poslovnih modela i zaokrete u poslovnoj orijentaciji preduzeća. Razvoj inovacija i marketing sposobnosti su kritični faktori uspeha savremenih preduzeća. Teorija i praksa pokazuju da inovacije u marketingu i marketing inovacija doprinose unapređenju konkurentnosti na svim nivoima, a samim tim i efikasnoj upotrebi ograničenih resursa. Rad je strukturiran na sledeći način: najpre je analizirana konkurentnost privrede Srbije, potom slede objašnjenja uloge i značaja tržišne orijentacije preduzeća i razvoja modela otvorenih inovacija za unapređenje konkurentnosti. Na kraju, na osnovu rezultata istraživanja teorije i prakse preduzeća u Srbiji, identifikovana je povezanost poslovnih performansi, inovativnosti i tržišne orijentacije, predloženi su zaključci i smernice za buduća istraživanja.