Management and Innovative Development Strategies for Small and Medium Enterprises

Abstract

Rapid technological development and enhanced competitiveness in the era of globalization require significant changes in the structure and management of economies at the macro- and micro-levels. The success of enterprises resulting from new trends in international and national economic structures is of scientific and practical importance, and the directions of their future essential changes. Such success and its substantiation can be achieved by using strategic management. Aim. This study aims to substantiate the need to develop innovative development strategies for enterprises to enhance their competitiveness in the face of globalization. Tasks. This study analyzes various approaches to the interpretation of notions such as “innovation” and “innovation management” and examines the process of developing a strategy for an enterprise with the purpose of expanding innovative activities. Results. It is determined that, nowadays, elements traditionally viewed as success factors for enterprises are no longer adequate. Global and macro changes in economic structures are breaking the laws of the business world and prompt the reorganization of labor and work places. This makes innovative strategies and their management crucial for small and medium enterprises in the era of globalization.