APPLICATION OF THE MEASUREMENT MODEL OF NON-FINANCIAL PERFORMANCE IN RETAIL
DOI:
https://doi.org/10.35120/sciencej0402081aKeywords:
finance, non-financial performance, efficiency, marketing, Balanced ScorecardAbstract
The measurement of non-financial business performance in retail represents a significant and growing area of empirical research in disciplines such as accounting, finance, and particularly marketing. The primary objective of this study is to examine the potential for applying contemporary models in the measurement and evaluation of non-financial performance, as well as to assess the extent to which such approaches enhance operational efficiency in retail. For comparative purposes, the study reviews the traditional performance measurement model based on financial information derived from financial statements and conventional financial indicators. However, effective strategic decision-making in the retail sector requires a more complex measurement system for resource utilization, one that incorporates non-financial information. Therefore, in addition to the traditional accounting-based model, a factor-based approach to performance measurement is proposed. Findings suggest that a well conceptualized and effectively implemented model for measuring non-financial performance can serve as a key instrument for initiating strategic change in retail business orientation.
Downloads
References
Anđelković, D., & Zubac, D. (2019). The impact of accounting harmonization on financial statements quality in Serbia. Economic Analysis, 52(1–2), Belgrade. DOI: https://doi.org/10.28934/ea.19.52.12.pp128-137
Bauer, H., Stokburger, G., & Hammerschmidt, M. (2006). Marketing performance: Messen – Analysieren – Optimieren. Business & Economics, p. 382.
Domanović, V. (2010). Balanced Scorecard: Possibilities and Effects of Application. Faculty of Economics, University of Kragujevac.
Djuričin, D., & Janošević, S. (2007). Management and Strategy. CID, Faculty of Economics, University of Belgrade.
Gligorijević, M., & Veljković, S. (2022), Marketing, Faculty of Economics, Belgrade, Serbia.
Horne, C. J., & Wachowicz, M. J. (2007). Fundamentals of Financial Manage ment (Serbian edition). Data Status.
Ivkov, D., & Anđelković, S. (2013). Analysis of Corporate Business Performance. Union – Nikola Tesla University.
Katsikeas, CS, Morgan, NA, Leonidou, LC, & Hult GTM. (2016). Assessing Performance Outcomes in Marketing. Journal of Marketing, 80 (2). pp. 1-20. ISSN 0022-2429. DOI: https://doi.org/10.1509/jm.15.0287
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard: Measures that drive performance. Harvard Business Review, 70(1), 71–79.
Kaplan, R. S., & Norton, D. P. (1996). The balanced scorecard: Translating strategy into action. Harvard Business School Press.
Kothari, J., & Barone, E. (2012). Financial Accounting – International Approach (Serbian edition). Data Status.
Kumar, V. (2006). CLV: The databased approach. Journal of Relationship Marketing, 5. DOI: https://doi.org/10.1300/J366v05n02_02
Lovreta, S., Petković, G., Končar, J., Bogetić, Z., & Stojković, D. (2024), Omnichannel marketing - Trade and other marketing channels, Faculty of Economics, Belgrade, Serbia.
Lukić, R., & Nikolić, D. (2009). Customer Capital Evaluation. Hotel-link, (13–14). Higher Hotel Management School, Belgrade.
Marnovita. (2020). Service Quality Relationship With Customer Satisfaction. Psychoborneo, Vol 8, No 1, 2020:100-106.
Marinković, V. (2023), Market research. Faculty of Economics in Kragujevac, Serbia.
Morgan, N., Jayachandran, S., Hulland, J., Kumar, B., Katsikeas, C., & Somosi, (2022). Marketing performance assessment and accountability: Process and outcomes. International Journal of Research in Marketing, Volume 39, Issue 2, pp 462-481. DOI: https://doi.org/10.1016/j.ijresmar.2021.10.008
Ranković, M. J. (2008). Repetition Handbook on Financial Position and Creditworthiness of Companies. Proinkom. Serbia.
Simons, R. (2000). Performance measurement & control systems for implementing strategy: Text & cases. Prentice Hall.
Temitope, A. O., & Federal, P. W. (2024). Effect of the Determinants of Customers Satisfaction Retail banking in developing Economies: A Stady of United Bank for Africa, Advance Journal of Banking, Finance and Investment, Volume 8, Issue 3, May-June.
Verweire, K., Baeten, X., Somers, L. & Van den Berghe, L. (2004). Performance from a finance perspective: shareholder value and beyond. In K. Verweire and L. Van den Berghe (Ed.). Integrated Performance Management: A Guide to Strategy Implementation (pp. 19-36). London: SAGE Publications Ltd DOI: https://doi.org/10.4135/9781446211618.n2
Žager, K., Mamić Sačer, I., Sever, S., & Žager, L. (2008). Analysis of Financial Statements. Masmedia. Croation.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
