METHODOLOGICAL BASES OF CONCEPT FORMATION AND CHOICE OF INNOVATIVE BUSINESS STRATEGIES

Journal Title: Baltic Journal of Economic Studies - Year 2018, Vol 4, Issue 3

Abstract

Modern economic world tendencies and practice of the developed countries testify that in the conditions of the high level of financial risks and influence of various crisis factors, one of the main problems of operation of enterprises is to ensure sustainable development. In such conditions, the innovative activity is the basis for ensuring the competitiveness of domestic enterprises and provision of sustainable development. Effective implementation of innovation activities involves the introduction of strategic management. An enterprise, which is a part of the external environment, must be able to adapt to existing and possible changes in the external environment to ensure effective activity. Success can be achieved not by those enterprises that are capable of forming a successful strategy, but those capable of adapting it in time to changes. In this regard, the issues of strategic management of innovation activity are very relevant for domestic enterprises. The question of the analysis of strategic management effectiveness is presented by I. Ansoff, Michael E. Porter, by Robert S. Kaplan, by David P. Norton. Issues related to the strategic management of innovation activities are studied by such scholars as S.M. Ilyashenko, N.M. Poliova, V.O. Shpyliova, I.L. Fedulova, T.M. Yankovets and others. The aim of the work is to improve the methodological bases for the formation of concepts and choice of innovative business strategies. Methodology. On the basis of the retrospective analysis, synthesis, and generalization, the existing methodological bases of the formation of concepts and choice of innovative strategies of enterprises are systematized and improved. The results of the study show that the innovative strategy is a certain interrelated sequence of actions to ensure the effective innovation of the enterprise in the light of the general strategy in the conditions of resource limitation and the impact of the external environment. It is established that the perspective direction of activation of the innovative strategy is the introduction of strategic maps and the system of balanced indicators. The practical implementation. It is reasonable to introduce one of the stages of the formation of an innovative strategy for drawing up a strategic map that will take into account different variants of the course of innovation activity and can serve as a basis for the formation and adjustment of the following innovative strategies of industrial enterprises. Value/originality. The inclusion of the strategic map to the stages of formation of innovative strategy will increase the efficiency of the financial support of innovation activity, as the management of the enterprise will work out a plan of action under different conditions of the course of innovation activity. In addition, an innovative strategy, especially in terms of financial support for innovation, must be integrated into a system of Balanced Scorecard of the enterprise.

Authors and Affiliations

Vyacheslav Dzhedzhula, Iryna Yepifanova

Keywords

Related Articles

COMPARATIVE SOCIAL POLICY IN UKRAINE AND JAPAN UNDER THE CONDITIONS OF MODERN ECONOMIC WORLD DEVELOPMENT

The purpose of the paper. An analysis of the national social policy in Ukraine and Japan, based on research, making recommendations for the improvement of the social policy situation in Ukraine. Methodology. The theoreti...

HIGHLY EFFECTIVE CORPORATE CULTURE AS AN INSTRUMENT OF TALENTS’ ATTRACTING AND RETAINING

The purpose of this article is to highlight such concepts as high corporate, description of the motivational complex for building a highly effective culture, consideration of international practice in building a highly e...

FORENSIC ACCOUNTING: THE ESSENCE AND PROSPECTS OF DEVELOPMENT IN UKRAINE

The subject of the study is a set of theoretical, organizational, and methodological principles for the development of forensic accounting in Ukraine. General scientific and special methods of cognition are the methodolo...

INNOVATIVE CAPACITY OF UKRAINE’S ECONOMY IN THE INTERNATIONAL CONTEXT

The purpose of the article consists in the determination of the level of innovation capacity of Ukraine in the international context based on the rating. The method of integrated research allows assessing the innovation...

INNOVATION AS A FACTOR OF THE SOCIO-ECONOMIC EFFICIENCY OF TAX CONSULTING

The aim of the article is to study the theoretical and methodological principles of the interconnection and interdependence of innovation and the socio-economic efficiency of tax consulting and on this basis to determine...

Download PDF file
  • EP ID EP477699
  • DOI 10.30525/2256-0742/2018-4-3-51-59
  • Views 79
  • Downloads 0

How To Cite

Vyacheslav Dzhedzhula, Iryna Yepifanova (2018). METHODOLOGICAL BASES OF CONCEPT FORMATION AND CHOICE OF INNOVATIVE BUSINESS STRATEGIES. Baltic Journal of Economic Studies, 4(3), 51-59. https://europub.co.uk./articles/-A-477699