System of strategic management of enterprises foreign economic activities

Maryna Kovbatiuk, Viktoriia Shkliar and Andrii Pietukhov
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Maryna Kovbatiuk: State University of Infrastructure and Technologies
Viktoriia Shkliar: State University of Infrastructure and Technologies
Andrii Pietukhov: State University of Infrastructure and Technologies

Economic Synergy, 2023, issue 1, 151-162

Abstract: A necessary condition for enterprises to carry out effective foreign economic activity is the presence of an appropriate strategic management system. The well-established functioning of such a system increases the stability and adaptability of the enterprise to changing internal and external factors of influence, and also ensures stable development of the enterprise on foreign markets in the future. In the conducted study, the authors formed a system of strategic management of the foreign economic activity of enterprises and determined its components. It was established that the formation of components should be carried out taking into account individual characteristics, specifics and scope of activity, the field of the enterprise and the conditions of the foreign market. The system of strategic management of foreign economic activity (FEA) of the enterprise is a set of interrelated elements of strategic planning and strategic analysis of the enterprise's foreign economic activity, which involves the determination of strategic priorities and the strategy of FEA on the basis of thorough analytical work on the study of the internal and external environment of functioning, assessment of economic security and balancing between the desired goals and potential opportunities of the enterprise, and is also a condition for competitiveness in foreign sales markets. Since the system of strategic management of the enterprise's foreign economic activity is part of the management system of a certain enterprise, its functioning must be coordinated with the general goals and strategy of the enterprise's development. An established system of strategic planning, comprehensive monitoring, strategic analysis, organizing the implementation of a defined strategy, conducting control and corrective measures in accordance with the requirements of the external environment allows to rationally realize the potential of foreign economic activity and expand the geography of the enterprise's penetration into international markets. The realization of the foreign economic potential and the formation of the company's strategy is based on the results of comprehensive monitoring, during which special attention is paid to the analysis of foreign economic activity, the directions of which are also defined and improved by the authors.

Keywords: management system; strategic management; strategic planning; strategic analysis; foreign economic activity of enterprises (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2023:i:1:p:151-162

DOI: 10.53920/ES-2023-1-12

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