Yashchuk Tetiana, PhD (Economics), Associate Professor, Associate Professor of the Department of Marketing, Management and Business Administration, Pavlo Tychyna Uman State Pedagogical University, Uman, Ukraine

ORCID: 0000-0001-7359-5867
e-mail: tetyanayashchuk@ukr.net

Innovative development of an enterprise as an object of strategic management in a transitional economy

Abstract. Introduction. In the context of structural changes in the economy, technological advances, and growing competition in domestic and foreign markets, the innovative development of enterprises is becoming particularly important. In this regard, strategic management plays an increasingly important role in ensuring the targeted formation and implementation of innovation strategies that take into account the enterprise’s resource capabilities and the challenges of the external environment. A strategic approach allows for the systematic integration of innovation activities into the overall enterprise development model.

Purpose. This article aims to study the theoretical foundations of the innovative development of enterprises as objects of strategic management and to substantiate the role of the strategic management of innovative development in ensuring the adaptation, competitiveness, and sustainable development of enterprises in a transitional economy.

Results. The study clarified the concept of innovative enterprise development from a strategic perspective, establishing it as a key element of long-term competitiveness in a transitional economy. The feasibility of integrating the innovative component into the overall strategic enterprise management system was substantiated.

The main elements of the strategic management of an enterprise’s innovative development have been identified. A logical relationship was established between an enterprise’s innovative potential, the choice of an innovation strategy, and the effectiveness of innovation activities. Effective strategic management of innovative development has been proven to increase an enterprise’s adaptability to transformational economic changes and create sustainable competitive advantages in the long term.

Conclusions. In a transitional economy, the innovative development of an enterprise is a key objective of strategic management. The effectiveness of strategic management determines the competitiveness and sustainability of economic entities. Strategic management of innovation ensures the purposeful formation of an innovation strategy, the rational use of innovation potential, and the enterprise’s ability to adapt to dynamic changes in the external environment.

Keywords: innovation; strategy; management; innovative development; innovation strategy; strategic management; strategic management of innovative development.

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