Formation of the innovative strategy for the development of the enterprise

Abstract

The article examines the topical issue of effective elaboration of an innovative strategy for an operating trade enterprise and provides recommendations for its improvement. The efficiency of marketing research on the market of construction and finishing materials is analyzed, the goal of innovative renewal of the enterprise is determined, and the stages of elaboration, implementation, and analysis of relevant strategies are studied. Strategic management of innovative development is a dynamic response to the growth of market uncertainty. It allows choosing the best areas of activity and obtaining additional profits due to the disclosure of one’s own material resources and human capital. In this case, innovative strategies can be considered a perfect tool for business development, which indicates the importance of researching the chosen issue. The article shows that the Lviv trade enterprise TzOV “Kolir Bud” specialized in the wholesale trade of wood, building materials, and sanitary equipment, which positions itself as a company prioritizing an individual approach to each customer, successfully elaborates innovative strategies, effectively uses the results of market research, and analyzes the latest developments of manufacturers. The strategy chosen by the enterprise is proven to ensure its sustainable development when strategic management of innovations is oriented towards the achieving of future market advantages. Innovative strategies are elaborated at the enterprise with the aim to improve products, expand the range of services, and develop new models for end-users service using a personal approach to their requests. The planning of innovative strategies includes calculations of economic efficiency and generally aims to map an effective assortment policy, ensuring the proper level of customer service, maximizing profit, minimizing the level of risks, and ensuring sustainable growth of the enterprise’s capitalization. The selected innovative strategy can be considered a defensive one because it is primarily aimed at preserving the company’s stable market position. At the same time, the article reveals the problems related to innovative strategy elaboration, including the lack of feedback on the personnel development strategy and contradictions with operational needs regarding resource-saving.