INNOVATIONS IN PRODUCT POLICY: IMPACT ON MARKETING STRATEGIES AND COMPETITIVENESS
Abstract
The article examines the current problems of the effectiveness of the commodity policy sphere, related to the implementation of innovative solutions and their impact on the formation of marketing strategies and competitiveness of enterprises. It was determined that the intensification of the pace of technological development and the dynamics of changes in consumer preferences requires business entities not only to functionally adapt to new conditions, but also to actively implement the latest innovative solutions into their own product policy. Modern innovative solutions used in the product policy of enterprises are considered. The concept of innovations in the context of goods and services was studied, their specific types and main characteristics were considered. The key advantages of applying innovative solutions in the field of forming the product policy of enterprises are identified, such as improving the quality of products, ensuring the competitive advantages of the business entity, attracting new customers and expanding market opportunities. The influence of innovations in the field of product policy on the process of forming the company's marketing strategies has been studied. The changes that occur in the process of marketing planning and development of sales strategies through the introduction of innovative elements into the company's products are considered. The importance of integrating innovations into marketing processes in order to ensure the effectiveness of promoting products on the market and increasing their consumer value is determined. The direct influence of innovations on the state of competitiveness of the enterprise is considered. The significance of innovation as a factor contributing to the development of unique competitive advantages of the business entity has been proven. The influence of innovative solutions on the market position of the enterprise and its ability to compete with other enterprises is analyzed. The positive aspects of the introduction of innovations in business activity are identified, and potential risks and threats associated with this process are considered. It has been proven that innovations in product policy are a key element of a successful marketing strategy and increasing the competitiveness of a business entity. It was determined that enterprises that actively implement innovative solutions have the opportunity to take leadership positions in the market, attract more customers and achieve sustainable growth. It is noted the need to take into account potential risks, which involves the formation of a well-balanced strategy for the innovative development of the enterprise.
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