Actual problems of innovative economy and law

Journal "Actual problems of innovative economy and law" is included in category B for specialties: in the field of knowledge "Management and administration": 073, 076 (order of the Ministry of Education and Science of Ukraine dated 23.08.2023 No. 1035) and 071, 072, 075 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543); in the field of knowledge "Social and behavioral sciences" 051 (order of the Ministry of Education and Science of Ukraine dated August 23, 2023 No. 1035); in the field of knowledge "Law" - 081 and "Public management and administration" - 281 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543).
The journal is added to the List of printed scientific professional publications in the field of economic Sciences by the Ministry of education and science of Ukraine from КВ № 25436-15376ПР dated 13.01.2023.
The journal is indexed in the International Scientific Center of Index Copernicus International

Innovative strategies for sustainable development of enterprises in a changing market

# 11 59-65 Download/view full article

УДК: 330.3.005

DOI: https://doi.org/10.36887/2524-0455-2024-4-11

Khakhaliev Dmytro Oleksandrovich.
Candidate of Economic Sciences, Head of the tax department of strategic assets.
'TAS ESSET Management".
https://orcid.org/0009-0007-4861-3550
Miniailo Nataliia,
PhD in Philology, Foreign Languages and Crosscultural Communication Department Lecturer,
Simon Kuznets Kharkiv National University of Economics
http://orcid.org/0000-0002-4643-3309

The article analyzes various approaches to innovation development for enterprises operating in volatile markets. It explores critical innovation strategies, including proactive, reactive, imitative, niche, mergers and acquisitions (M&A), open innovation, incremental, and radical strategies. The proposed utilization of these strategies aims to ensure sustainable development for enterprises, considering their specific activities and market conditions. Proactive Strategies are characterized by their focus on anticipating and shaping market trends—proactive strategies position companies as market leaders by developing new products and services ahead of market demand. Analyzing technological trends and innovations is highlighted, enabling enterprises to maintain a competitive edge by staying ahead of competitors. Reactive strategies, however, adapt to changes in market and consumer demand. This approach involves responding swiftly to market shifts and competitive innovations. Imitative Strategies involve replicating or adapting innovations introduced by other companies. Niche Strategies concentrate on serving narrow market segments or specific technological niches. Companies utilizing niche strategies aim to become specialists in their chosen fields, offering unique solutions tailored to specific customer needs. This approach requires deep understanding, specialization, and expertise, allowing enterprises to command premium prices due to the distinctiveness of their products or services. This approach accelerates innovation processes by integrating external capabilities while reducing competitive pressures. However, successful implementation of M&A strategies demands meticulous planning and effective management to achieve synergy between organizations. In conclusion, the article offers a comprehensive framework for selecting and implementing innovative strategies tailored to enterprises’ specific needs and conditions in dynamic market environments. By strategically applying these approaches, enterprises can enhance their innovation capabilities, adapt to market changes effectively, and achieve sustainable development in the long term.

Keywords: innovation strategies, sustainable development, dynamic market, proactive strategies, reactive strategies, imitative strategies, niche strategies, mergers and acquisitions, open innovation, incremental strategies, radical strategies, university partnerships, R&D, competitive advantage, market stability.

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The article was received 03.06.2024