Innovative strategies for development of international companies in the conditions of globalization

Abstract

Methods. The study is based on structural and functional analysis, which allows to implement the principle of systematization and thus to follow the process of formation and implementation of innovative development strategies of international companies. In addition, in the research process we used such methods as: abstraction – in clarifying the essence of the concepts of «strategy» and «innovation strategy», typology– in identifying modern innovative development strategies; classification – in identifying factors influencing the variability of innovation strategy. Results. In the process of research, the concepts of «strategy» and «innovation strategy» are generalized. The advantages and disadvantages of innovation strategies are analyzed on the example of international companies. The types and characteristic features of modern innovation strategies of international companies are classified. It is revealed that the most effective is the innovative strategy of companies when internal and external factors of influence in a certain period are taken into account in the process of its implementation. The factors that significantly influence the formation of flexibility of the company’s innovation development strategy in the context of globalization are analyzed. Novelty. It is substantiated that the process of generating an innovation strategy in the context of globalization occurs through the consistent transformation of the “idea” into a finished product. It is demonstrated that the innovation strategy must be flexible, and in the face of market changes must be quickly transformed into a new strategy that ensures the innovative development of the company. Practical value. The experience of international companies that are leaders in innovative development shows the need to apply an innovative strategy, as it is the key to long-term success of the company and a means of ensuring its competitiveness in the face of global challenges.