Academy of Strategic Management Journal (Print ISSN: 1544-1458; Online ISSN: 1939-6104)

Abstract

Concept of Forming the Company Innovation Strategy

Author(s): Nataliia Ridei, Dmitro Pavlenko, Olena Plakhotnik, Tetiana Gorokhova, Anna Popova

The necessity and managerial expediency of formation and implementation of the innovation strategy in the activity of the company are determined. The methodological connection between innovation activity and innovation strategy was identified, which formed the blocks of their interaction and support. The methodical approaches of the complex analysis of the external and internal environment of the company when developing an innovative strategy to strengthen market positions are proposed. The model of formation of innovative strategy of the company for activation of market activity and implementation of its production potential is built. The method of alternatives indicates that the varieties of the overall development of the company in the system of strategy are reduced to three main types: growth, stability and reduction. The growth strategy is aimed at developing the most promising business areas of the company. The stability strategy involves focusing on and supporting existing business areas. The authors think that the practical proposals provided will improve the conditions of innovative development of the company, management of which will allow to mobilize additional resources, improve the efficiency of internal flow management, as well as the quality of strategic and operational decisions at all levels of the company with a priority orientation for innovative type of development.