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International Business, 8th Edition by Michael H. Moffett, Iikka A. Ronkainen, Michael Czinkota

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PART 5 CASE 1

NOVA INTERNATIONAL (MACEDONIA)

The summer of 2003 in Skopje, Macedonia, had been one of the hottest on record. Ivan Novakovski, however, was not out enjoying the cool of the evening and the lively nightlife of the sidewalk cafés of Skopje, but sat in his office at the Nova International School. As both the Assistant Director of Nova and a son of the founding family, Ivan was concerned that the school was making a mistake by continuing to price and invoice all customers in U.S. dollars. As the glow of the Millennium Cross—the largest free-standing cross in the world—shone from the top of Vodno Mountain overlooking Skopje, he returned to his analysis.

MACEDONIA AND NOVA INTERNATIONAL

Macedonia is a landlocked country on the Balkan Peninsula in southeastern Europe. Formerly the southernmost part of the Socialist Federated Republic of Yugoslavia, the country's 2 million inhabitants gained their independence from Yugoslavia on September 8, 1991. The country had long been the poorest of the Yugoslavian provinces, and the years following independence were difficult as the economy stumbled into market economics while suffering the ravages of a region wracked by war. Macedonian businesses were no longer protected competitors in the Yugoslavian marketplace, and many found themselves unprepared for the shock of open markets and competition.

The war in nearby Bosnia, the imposition of international sanctions on Serbia, and the neighboring Kosovo crisis in 1999 all delivered successive ...

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