MANAGEMENT RESEARCH OF THE INNOVATION POLICY AND STRATEGY OF THE BUSINESS ENTITY

Abstract

The article examines the theoretical aspects of managerial research on innovation policy and strategy of the business entity. It is substantiated that innovative management is focused on organizational and economic models and methods of managing all stages and types of innovative processes in the subject of economic activity with maximum effectiveness and efficiency. It has been proven that the possibilities of forming a complex innovation management system depend on a significant number of factors. It has been found that determining the need and possibility of managing innovative processes in a business entity allows identifying its real needs, and they can be divided into the needs of the external environment, the needs of the internal environment, and the actual needs of the innovation process as an independent object of management. It is proven that in the conditions of global challenges, the formation of the strategy of the business entity should be aimed at solving the tasks of prospective production and technological development. This type of development is, in fact, a versatile, multifaceted activity that covers almost the entire internal economic environment of the subject. It is substantiated that the innovation strategy is the most important link of the subject's economic strategy and determines its content and direction in many cases. The stages of formation of an innovative strategy of a business entity are determined. A model of formation and implementation of an innovative strategy of a business entity has been developed. It has been proven that the strategic management of innovations of a business entity consists in the timely concentration of efforts on the development and use of promising achievements of scientific and technical development and the timely provision of resources for the dynamics of innovations for the benefit of the achievement of the goals of the business entity and the creation of conditions for its long-term effective activity. Methodology. The methodological basis of the article is a complex of methods, which includes methods of scientific knowledge, analysis and synthesis, systematization and scientific abstraction. The scientific basis of the conducted research is the scientific development of Ukrainian and foreign scientists in the field of innovation in the conditions of global challenges. Results. It is justified that the innovation policy of the business entity should correspond to the nature and scale of its activity, be documented, and also accessible to innovators and responsible performers. Despite the fact that innovation policy embodies established technologies for making strategic management decisions, its provisions must be adapted to the conditions of the external innovation environment and systematically adjusted in response to changes in the strategic goals of the business entity. Innovative activity is always focused on the potential and the future result, the probability of achieving which is determined by the volatility of the business environment and the behavior of all participants in the innovation process of the economic entity. Uncertainty of the results of innovative activity acts as a source of generation of numerous threats that can change the expected results and provoke unforeseen losses and damages as a result of the materialization of innovative risks of the business entity. Practical importance. Conducted management studies will provide support for the formation of innovative policy and strategy of the business entity.