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Competitiveness as a Key Factor in Successful Strategic Business Management
Druhova O. S., Mosumova A. K., Dai Bangchun, Tong Qian

Druhova, Olena S. et al. (2024) “Competitiveness as a Key Factor in Successful Strategic Business Management.” Business Inform 8:439–445.
https://doi.org/10.32983/2222-4459-2024-8-439-445

Section: Management and Marketing

Article is written in English
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UDC 658.5:339.137.2

Abstract:
This article explores the impact of competitiveness on the effectiveness of strategic business management. The study analyzes the main factors determining a company's competitiveness in the modern market, highlighting their interrelationship with strategic management approaches. A detailed examination of key methods and tools used to enhance competitiveness and ensure sustainable business development is presented. The paper characterizes how strategic management can influence a company's ability to maintain a competitive edge by aligning business processes with market demands. The research identifies innovative approaches and technologies as crucial elements for strengthening competitiveness. A comprehensive set of measures is proposed to improve strategic management, including the integration of digital solutions, process optimization, and the adoption of agile methodologies. The article also discusses the importance of aligning organizational culture with strategic goals to foster an environment conducive to continuous improvement and innovation. Furthermore, the study provides practical recommendations for implementing strategic initiatives aimed at reinforcing the company's market position amidst intense competition. These recommendations emphasize the need for adaptive strategies that can respond to rapidly changing market conditions and consumer preferences. The role of leadership in driving these strategic initiatives and the significance of cross-functional collaboration within the organization are also explored. The article concludes by considering the long-term prospects for further research in the field of strategic management, particularly in the context of ensuring sustained competitiveness. Future studies could focus on the evolving challenges of the global market and the strategies required to navigate these challenges effectively. The importance of continuous learning and the adoption of a proactive approach to strategic planning are underscored as essential for maintaining a competitive advantage in a dynamic business environment.

Keywords: competitiveness, strategic management, business development, innovative approaches, strategic initiatives, market position, adaptive strategies, business management, tools for increasing competitiveness.

Fig.: 2. Bibl.: 13.

Druhova Olena S. – Doctor of Sciences (Economics), Associate Professor, Associate Professor, Department of Management, Business and Administration, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]
Mosumova Ainura K. – PhD, Lecturer, Department of Enterprise Economics and Business Organization, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Email: [email protected]
Dai Bangchun – Master, Department of Management, Business and Administration, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)
Tong Qian – Master, Department of Management, Business and Administration, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkiv, 61166, Ukraine)

List of references in article

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