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FEATURES OF STRATEGY FORMATION OF UKRAINIAN COMPANIES ON INTERNATIONAL MARKETS

Luidmyla Kvasova (), Larysa Kurbatska () and Vladislav Bolovin ()
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Luidmyla Kvasova: Dnipro State Agrarian and Economic University, Ukraine
Larysa Kurbatska: Dnipro State Agrarian and Economic University, Ukraine
Vladislav Bolovin: Dnipro State Agrarian and Economic University, Ukraine

Green, Blue & Digital Economy Journal, 2023, vol. 4, issue 3

Abstract: The study examines the complex process of strategy development for Ukrainian companies entering international markets. In the context of globalisation, Ukrainian businesses are increasingly looking for opportunities beyond their borders. This requires a thoughtful approach to overcoming challenges and taking advantage of opportunities in foreign markets. The article outlines the key features of such a strategy, including market research, cultural sensitivity, legal compliance and brand localisation. The importance of quality, innovation and effective risk management is emphasised. Communication, both linguistic and cultural, is identified as a critical factor in connecting with global audiences. It also explores the importance of adaptive marketing, local partnerships, sustainability and continuous learning. The paper highlights the need for financial planning, global talent acquisition and fostering government relations. Ukrainian companies navigating international markets must combine these characteristics to create robust strategies. Success in global expansion depends on the ability to adapt, appeal to diverse audiences, and create value while maintaining the highest standards of quality and ethics. The purpose of this article is to explore and analyse the features that play a key role in shaping the image of Ukrainian companies operating in international markets. By delving into these features, the article aims to provide valuable information and recommendations to Ukrainian companies seeking to build a strong and positive image in the international arena. By comprehensively examining the various elements that contribute to image formation, including cultural adaptation, market positioning, branding and corporate social responsibility, this article seeks to offer a holistic understanding of the complexities involved in international business. In addition, the paper seeks to emphasise the importance of aligning corporate values and practices with the expectations and perceptions of international stakeholders. Ultimately, the aim of this article is to shed light on the challenges and opportunities faced by Ukrainian companies when entering global markets, and to offer practical recommendations for improving their image and competitiveness in the international arena. Methodology. The methodology used in this article provides for a multidimensional approach to a comprehensive study of the peculiarities of the formation of strategies of Ukrainian companies in international markets. The study relies on qualitative and quantitative methods to provide a comprehensive analysis. Here is an overview of the research methodology: the study begins with a broad review of the existing literature on international business, corporate image, and the specific challenges and opportunities faced by Ukrainian companies in global markets. This step helps to establish a theoretical framework for the study. To collect primary data, surveys and questionnaires are distributed to key stakeholders, including Ukrainian companies engaged in international business, customers, investors and industry experts. A comparative analysis will be conducted to contrast the image building practices of Ukrainian companies with those of international counterparts in similar industries. This analysis helps to identify areas where Ukrainian companies can improve their strategies. Insights from international business and marketing experts will be sought to validate and enrich the research findings. Results. The results of this survey provide valuable insights into the image of Ukrainian companies in international markets. A significant percentage of respondents highlighted the challenges Ukrainian companies face in building a positive image abroad. These challenges include political instability, perceptions of corruption and a lack of awareness of Ukrainian brands. Despite these challenges, respondents have a positive perception of Ukrainian products and services. Ukrainian companies are recognised for their quality, particularly in the agricultural and IT sectors. The survey shows that strategic communications play a crucial role in shaping the image of Ukrainian companies. Respondents emphasised the importance of effective marketing, public relations and online presence in improving their global image. Ukrainian companies that used their unique cultural heritage and history as a selling point enjoyed a competitive advantage. This authenticity resonated positively with international consumers. Based on the survey results, it is recommended that Ukrainian companies invest in strategic branding, undertake cultural sensitivity training for international markets, and cooperate with government initiatives to improve their global image. Practical implications. The practical implications of the study for the strategy formation of Ukrainian companies in international markets are manifold. Based on the findings, several actionable insights can be derived for strategic branding. Ukrainian companies should invest in strategic branding that is tailored to their target international markets. This includes developing clear brand messages, visual identity and positioning that resonate with the cultural values and preferences of the respective markets. Training programmes on cultural sensitivity and cross-cultural communication should be implemented within Ukrainian companies. This will enable employees to interact effectively with international clients and partners, fostering better relationships and a positive image. Ukrainian businesses should actively cooperate with government initiatives and trade organisations involved in promoting Ukrainian products and services abroad. This could include participation in trade missions, exhibitions and diplomatic efforts to enhance Ukraine's reputation on the global stage. Ongoing feedback from international clients is invaluable. Ukrainian companies should actively seek and respond to customer feedback in order to adapt their products, services and image to market preferences. Exploring partnerships with international companies can build credibility and trust. Working with well-established global brands can help Ukrainian businesses gain recognition and access to new markets. Value/originality. The value and originality of the topic lies in its relevance and contribution to the global business and academic communities. There is a relatively limited body of research focusing specifically on the image formation of Ukrainian firms in international markets. This topic brings a fresh perspective to the field of international business studies. There is a growing interest in Ukraine. The country is increasingly attracting international attention due to its strategic location, emerging markets and huge potential. Understanding how Ukrainian firms manage their international strategy is essential in this context.

Keywords: international agricultural business; corporate strategy development; perception of the Ukrainian brand; Ukrainian companies and global markets (search for similar items in EconPapers)
JEL-codes: M10 M16 M31 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bal:gbadej:2661-5169:2023:4:3:5

DOI: 10.30525/2661-5169/2023-3-5

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