Innovation Management of Enterprises: Legal Provision and Analytical Tools for Evaluating Business Strategies

Authors

1 Department of Economic Cybernetics and Marketing, Kyiv National University of Technologies and Design, Kyiv , Ukraine

2 Criminal Procedure Department, Odesa State University of Internal Affairs, Odesa, Ukraine,

3 Criminology and Criminal Enforcement Law Department, National University “Odesa Law Academy”,Odesa, Ukraine.

4 Administrative Law and Administrative Procedure Department, Odesa State University of Internal Affairs, Odesa , Ukraine.

10.22094/joie.2020.677820

Abstract

The article investigates the peculiarities of the enterprise's innovation activity and its legal regulation, conducts the evaluation of the business strategy for chemical companies according to the manufacturer’s principles of innovation management. The purpose of the paper is to evaluate the business strategy of chemical companies according to the manufacturer’s principles of innovation management. According to the evaluation results it is determined that the business strategy is unstable and needs to be improved. Also there are negative trends in the enterprise’s development and decrease in the efficiency. The complex of recommendations to improve the business strategy which forms the basis for the methodology of the selection the most objective strategic alternative in the chemical companies is proposed. To improve the strategy the authors suggested to expand enterprise’s market share and to implement intensity of product sale for different types of products; to consider the peculiarities of legal regulation for chemical industry in the field of innovative goods production; to keep the trend of production costs reduction; to seek ways to increase the profit of the enterprise by cost control and increasing sales.

Graphical Abstract

Innovation Management of Enterprises: Legal Provision and Analytical Tools for Evaluating Business Strategies

Keywords

References

Altman, E.I., & Hotchkiss E. (2006). Corporate Financial Distress and Bankruptcy, Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt. John Wiley & Sons, Inc. 354 p. URL: http://kadamaee.ir/payesh/books-tank/18/Altman%20&%20Hotchkiss%20-%20Corporate%20Financial%20Distress%20and%20Bankruptcy,%203e%20(2006).pdf
Babenko, V. (2019). Formalization of the Model of Management of the Technological Innovations. CEUR Workshop Proceedings, 2393, 595-602. URL: http://ceur-ws.org/Vol-2393/paper_431.pdf.
Babenko, V., Romanenkov, Yu., Yakymova, L., & Nakisko, A. (2017). Development of the model of minimax adaptive management of innovative processes at an enterprise with consideration of risks. Eastern-European Journal of Enterprise Technologies, Vol. 5, No. 4 (89), 49-56. doi: https://doi.org/10.15587/1729-4061.2017.112076.
Babenko, V.A. (2013). Formation of economic-mathematical model for process dynamics of innovative technologies management at agroindustrial enterprises. Actual Problems of Economics, 139 (1), 182-186. 
Bilovodska O. (2018). Evaluation of suppliers in the logistic (distribution) channels of the innovative products commercialization. Marketing and Management of Innovations, 1, 45-61.
Bilovodska, O. (2016). Forming and Implementing Investment Strategies for Innovative Development of Enterprises: Essence, Main Components and Evaluation. Business Inform, 11, 204-210.
Bilovodska, O., Gaidabrus, N., & Ruban, D. (2017). An analytical study on logistics outsourcing impact on logistical service quality in supply chains (case study: industrial enterprises of Sumy region). Problems and Perspectives in Management, 3(15), 201-211. URL:  https://businessperspectives.org/journals/problems-and-perspectives-in-management/issue-258/an-analytical-study-on-logistics-outsourcing-impact-on-logistical-service-quality-in-supply-chains-case-study-industrial-enterprises-of-sumy-region.
Bilovodska, O., Gryshchenko, O., &  Syhyda, L. (2019). The marketing channel structure: A case of chemical industry company. Periodicals of Engineering and Natural Sciences, 7 (2), 741-751. URL: http://pen.ius.edu.ba/index.php/pen/article/view/556/340.
Definition of Sales Strategy by Sam Amico. (n.d.) URL: https://smallbusiness.chron.com/definition-sales-strategy-2213.html.
Goldstein, G.Ya. (2000). Strategic aspects of 
research and development management. Taganrog: TRTU. 244 p.
Kara, N. (2016). Strategy kinds and estimation of external environment factors influence activity of enterprise. URL:http://ena.lp.edu.ua/bitstream/ntb/34889/1/16_97-102.pdf.
Khryniuk, O.S., & Bova, V.A. (2018). Models of estimation of bankruptcy probability as a method of evaluation financial potential of the enterprise. Efektyvna ekonomika, vol. 2. URL: http://www.economy.nayka.com.ua/?op=1&z=6121.
Kudenko, N.V, (2006). Strategic  marketing. Kyiv: KNEU. 152 p. [in Ukrainian].
Mintzberg, H. (1994). The Rise and Fall of Strategic Planning. Prentice Hall Europe.
Nickols F. (2016). Strategy: definitions and meanings.  URL: https://nickols.us/strategy_definition.htm.
Norton, S., Milat, A.,  Edwards,  B.,  & Giffin, M. (2016). Narrative review of strategies by organizations for building evaluation capacity. Evaluation and Program Planning, 58, 1-19. URL: https://www.sciencedirect.com/science/article/pii/S0149718915300616.
Official website of Public Joint-Stock Company “Sumykhimprom”. (n.d.). URL: http://sumykhimprom.com.ua/ua/company/
Persaud, N., Woodhouse-Jackson, M., & Scriven, M. (2016). Enhancing the Strategic Management Process Through the Use of Professional Evaluation Methods and the Logic of Evaluation. Journal of MultiDisciplinary Evaluation, 12 (26), 1-11. URL: https://www.academia.edu/23582472/Enhancing_the_Strategic_Management_Process_Through_the_Use_of_Professional_Evaluation_Methods_and_the_Logic_of_Evaluation.
Porter, M.E. (1996). What is strategy? Harvard Business Review, November-December, 1-20. URL: https://ais.ku.edu.tr/course/17479/3_WhatisStrategy.pdf.
Rintanen, J. (n.d.). Evaluation Strategies for Planning as Satisfiability. URL: https://users.aalto.fi/~rintanj1/jussi/papers/Rintanen04ecai.pdf
Rivera, B., Becker, P., Papa, F., & Olsina, L.  (2016). A Holistic Quality Evaluation, Selection and Improvement Approach driven by Multilevel Goals and Strategies. CLEI Electronic Journal, 19 (3). URL:  http://www.scielo.edu.uy/scielo.php?script=sci_arttext&pid=S0717-50002016000300054.
Savytska, N., Chmil, H., Hrabylnikova, O., Pushkina, O., & Vakulich, M. (2019). Behavioral models for ensuring the security of functioning and organizational sustainability of the enterprise. Journal of Security and Sustainability, 9(1), 63-76.  DOI: 10.9770/jssi.2019.9.1(6).
Seredynska, V.M., & Zahorodna, O.M. (2016). Ways of the strategic management improvement of a company. Economy and Society, 3, 276-285. URL: http://www.economyandsociety.in.ua/journal/3_ukr/49.pdf.
Shershnyova, Z.Ie. (2004). Strategic management. Kyiv: KNEU. 699 p. [in Ukrainian].
Shkarlet, S., & Dubyna, M. (2016). Features of the cognitive approach application to the essence of the financial services market identification. Economic Annals-XXI, 158(3-4(2)), 70-74. DOI: http://dx.doi.org/10.21003/ea.V158-16.
Shkarlet, S., Dubyna, M., Vovk, V., & Noga, M. (2019). Financial service markets of Eastern Europe: a compositional model. Economic Annals-XXI, 176(3-4), 26-37. DOI: 10.21003/ea.V176-03.
Shorikov, A.F., Babenko, V.A. (2014). Optimization of assured result in dynamical model of management of innovation process in the enterprise of agricultural production complex. Economy of Region, 1, 196-202. DOI: 10.17059/2014-1-18.
Steiner, G. (1997). Strategic Planning. Howard Books. 404 p.
Sych, O.A., & Kalichak, I.I. (2017). Discriminant analysis and its application in the prediction of bankruptcy of the enterprise. Young Scientist, 2 (42), 333-339. URL: http://molodyvcheny.in.ua/files/journal/2017/2/78.pdf [in Ukrainian].
The Constitution of Ukraine, № 254к/96-ВР of June 28, 1996. URL: https://zakon.rada.gov.ua/laws/card/254%D0%BA/96-%D0%B2%D1%80.
The Law of Ukraine № 124-VIII of January 15, 2015 On the technical regulations and conformity assessment. URL: https://zakon.rada.gov.ua/laws/show/en/124-19
The Law of Ukraine № 1315-VII of June 5, 2014 On Standardization. URL: https://zakon.rada.gov.ua/laws/show/1315-18?lang=en.
The Law of Ukraine № 3715-VI of September 8, 2011 On the Priority Directions of Innovation Activity in Ukraine. URL: https://zakon.rada.gov.ua/laws/card/3715-17.
The Law of Ukraine № 40-IV of July 4, 2002 On Innovation Activity. URL: https://zakon.rada.gov.ua/laws/show/40-15.
The Law of Ukraine № 848-VIII of November 26, 2015 About scientific and scientific-technical activity. URL: https://zakon.rada.gov.ua/laws/show/848-19.
Journal of Optimization in Industrial Engineering
Volume 14, Special Issue - Serial Number 29
Winter and Spring 2021
Pages 71-78

Files

Share

How to cite

Statistics