STRATEGY FORMATION: THEORETICAL AND PRACTICAL ASPECTS

Abstract

The modern economy is characterized by intense competition, rapid technological changes, increasing uncertainty, and high complexity. In this context, it is crucial to understand how enterprises can effectively formulate and implement strategies for success. The objective is to systematize and integrate relevant theoretical knowledge in the field of strategic management to illuminate the contemporary challenges and opportunities facing enterprises. The main tasks include analyzing existing theoretical concepts of strategic management, identifying key trends in the field, and exploring the practical application of strategic approaches in various economic sectors. A comprehensive research approach combining theoretical and practical methods was employed. Among the theoretical research methods were the analysis of scientific publications, particularly works by leading scholars in the field of strategic management, elucidating the theoretical foundations of strategy formation. A literature review was also conducted to synthesize approaches to strategic planning and management. Practical methods included the analysis of successful strategy cases in different business sectors and real-world examples of strategy application. The research results emphasize the importance of developing enterprise development strategies in the context of the continuous growth of new businesses. The analysis revealed several strategic directions, including growth, concentration, diversification, stability, and withdrawal strategies. Successful examples from Ukrainian companies underscore the significance of systematic analysis of the external and internal environment, the selection of optimal strategies, and their effective implementation. This approach encompasses all aspects from strategy development to implementation and control, contributing to the sustainable development and competitiveness of enterprises in the contemporary business environment. The article holds significant practical value as it provides concrete tools and methods for the effective process of developing and implementing strategies in enterprises. The author's approach considers not only theoretical concepts but also specific steps, such as environmental analysis, selection of strategic directions, and the development of action plans and control mechanisms