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The Importance of Innovations in the Formation of the Competitiveness of an Economic Entity
Vitovshcyk T. S.

Vitovshcyk, Tetiana S. (2024) “The Importance of Innovations in the Formation of the Competitiveness of an Economic Entity.” Business Inform 7:207–215.
https://doi.org/10.32983/2222-4459-2024-7-207-215

Section: Innovative Processes

UDC 330.341.1:339.137.2

Abstract:
The article is devoted to the study of the importance of innovations in the formation of competitiveness of an economic entity. The methodological foundations of different approaches to assessing the competitiveness of enterprise are described. The level of competitiveness in the current conditions of Ukraine’s development is carried out on the basis of the data of the joint Polish-Ukrainian enterprise «Modern-Expo», which is one of the top 5 largest equipment manufacturers. Comparison of competitiveness of several large enterprises (which are defined by the author as the main competitors of the firm at the supranational level) allowed to prove that innovation is one of the competitive advantages of enterprise. The value of the presented scientific research lies in the simultaneous study of the impact of innovations on ensuring competitiveness within the national market and in the international economic environment. A methodical approach to determining the level of impact of innovations on competitiveness on the basis of the «matrix of levels of influence» (assessment indicators) according to a seven-level assessment has been proposed and approbated. The results of such an analysis make it possible to determine the needs for a certain type of innovation. A multi-quadrant of the impact of innovations on competitiveness has been developed and presented on the example of JV LLC «Modern-Expo», which is a graphical reflection of the analysis of the level of impact of innovations on the competitiveness of an individual economic entity. A close direct connection between innovation and competitiveness of enterprise is proved with the help of correlation analysis, which is proposed to be supplemented by graphical factor analysis. By analyzing modern forms of reporting of domestic enterprises, groups of factor and effective indicators of factor analysis of the impact of innovations on the competitiveness of enterprise in the current conditions (conditions of martial law) have been allocated.

Keywords: innovation, innovative development, competition, competitiveness, competitive advantage.

Fig.: 3. Tabl.: 8. Bibl.: 8.

Vitovshcyk Tetiana S. – Candidate of Sciences (Economics), Associate Professor, Department of Economic and Financial Security, Academy of Recreation Technologies and Law (2 Karbysheva Str., Lutsk, Volyn region, 43023, Ukraine)
Email: [email protected]

List of references in article

BCG. https://www.bcg.com
“Modern Expo - lutskyi chempion yevropeiskoho masshtabu. Pershyi milion Petra Pylypiuka“ [Modern Expo - Lutsk Champion of the European Scale. Petro Pylypiuk's First Million]. Forbes Ukraine. 2023. YouTube. https://www.youtube.com/watch?v=0X5d0Tp41Zo
ITAB. https://itab.pro
Mazakari, A. et al. “Nechitko-mnozhynnyi pidkhid do otsinky ryzyku v umovakh tsyfrovizatsii upravlinskoi diialnosti pidpryiemstva“ [Fuzzy-multiple Approach to Risk Assessment in Conditions of Digitization of the Enterprise's Management Activities]. Financial and Credit Activity Problems of Theory and Practice, no. 5 (2021): 263-275.
Mykhailyshyn, L. I. Transnatsionalizatsiia svitovoi ekonomiky: innovatsiinyi aspekt [Transnationalization of the World Economy: An Innovative Aspect]. Vinnytsia: DonNU, 2016.
Ofitsiinyi sait SP TOV «Modern Ekspo». https://modern-expo.eu/ua
Porter, M. Konkurentna stratehiia: tekhniky analizu haluzei i konkurentiv [Competitive Strategy: Industry and Competitor Analysis Techniques]. Kyiv: Nash format, 2020.
Porter, M. Konkurentni perevahy [Competitive Advantages]. Kyiv: Nash format, 2019.

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