RuEn

Journal section "Social development"

Regional Competition for Confidence: Features of Formation

Vazhenina I.S., Vazhenin S.G., Sukhikh V.V.

4 (46), 2016

Vazhenina I.S., Vazhenin S.G., Sukhikh V.V. Regional Competition for Confidence: Features of Formation. Economic and Social Changes: Facts, Trends, Forecast, 2016, no. 4 (46), pp. 72-87. DOI: 10.15838/esc.2016.4.46.4

DOI: 10.15838/esc.2016.4.46.4

Abstract   |   Authors   |   References
The increase in economic independence of the regions inevitably leads to an increase in the quality requirements of the regional economic policy. The key to successful regional policy, both during its development and implementation, is the understanding of the necessity of gaining confidence (at all levels), and the inevitable participation in the competition for confidence. The importance of confidence in the region is determined by its value as a competitive advantage in the struggle for partners, resources and tourists, and attracting investments. In today’s environment the focus of governments, regions and companies on long-term cooperation is clearly expressed, which is impossible without a high level of confidence between partners. Therefore, the most important competitive advantages of territories are intangible assets such as an attractive image and a good reputation, which builds up confidence of the population and partners. The higher the confidence in the region is, the broader is the range of potential partners, the larger is the planning horizon of long-term concerted action, the better are the chances of acquiring investment, the higher is the level of competitive immunity of the territories. The article defines competition for confidence as purposeful behavior of a market participant in economic environment, aimed at acquiring specific intangible competitive advantage – the confidence of the largest possible number of other market actors. The article also highlights the specifics of confidence as a competitive goal, presents factors contributing to the destruction of confidence, proposes a strategy to fight for confidence as a program of four steps, considers the factors which integrate regional confidence and offers several recommendations for the establishment of effective regional competition for confidence

Keywords

region, cooperation, competition, image, confidence, reputation, brand

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