INNOVATIONS IN THE MARKETING SYSTEM OF A MODERN INDUSTRIAL ENTERPRISE: CHALLENGES IN ENTERING FOREIGN MARKETS
Abstract
Innovative marketing can significantly enhance the brand perception among both current and potential customers. By consistently implementing new and relevant marketing practices, an enterprise is seen as forward-thinking and customer-oriented. This not only helps attract new customers but also retains existing ones who appreciate being associated with a brand that remains cutting-edge. This underscores the topic raised in our article. The goal of the research is to characterize the features of implementing innovation in the marketing activities of a modern industrial enterprise. The main task set within this article is to substantiate the key challenges when entering new foreign markets for an industrial enterprise while shaping its own marketing activities. Consumer behavior and preferences are constantly changing, often influenced by advancements in technology, changes in social norms, and economic factors. For an industrial enterprise, it is crucial to keep up with these changes through innovative marketing strategies. This may include adopting new digital marketing platforms, using data analytics to understand consumer trends, or implementing personalized marketing approaches. Marketing innovations allow the enterprise to meet customer expectations and needs, thereby enhancing customer engagement and loyalty. It has been proven that entering new foreign markets is a strategic imperative for industrial enterprises that aim to diversify revenue sources and increase their market share. The main modern challenges when entering new foreign markets for industrial enterprises are identified. Key forms of innovation in marketing activities for entering new foreign markets are distinguished. It is characterized that new markets often have different consumer preferences, legal environments, and competitive landscapes. For Ukrainian industrial enterprises, utilizing innovations in product development and operational processes can help adapt their offerings to meet specific market demands and comply with local regulations.
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Santana, M. F. (2022). Overcoming cultural barriers in international marketing: Approaches for industrial enterprises. Market Dynamics International, 20(2): 168–175.
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