Centres on the impact of stagflation on marketing management in Yugoslavia and on the responses of managers to stagflation. Based on personal interviews and a survey, reports that while the impact of stagflation was drastic, managers responded by taking only mild countermeasures. This high impact‐mild adjustment phenomenon is quite different from reactions in the USA, where high impacts bring extensive adjustments. Explanations for this Yugoslav phenomenon, which have important implications for international marketing, are found in the country′s self‐managed economy.
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