Baltic Journal of Economic Studies

Vol. 4, No. 3, 2018

Corresponding author:
1 Department of Finance and Innovation Management, Vinnytsia National Technical University.
E-mail: djedjulavv@gmail.com
2 Department of Finance and Innovation Management, Vinnytsia National Technical University.
E-mail: epifanovairene@gmail.com

DOI: https://doi.org/10.30525/2256-0742/2018-4-3-51-59

METHODOLOGICAL BASES OF CONCEPT FORMATION
AND CHOICE OF INNOVATIVE BUSINESS STRATEGIES

Vyacheslav Dzhedzhula1, Iryna Yepifanova2
Vinnytsia National Technical University, Ukraine

Abstract. Modern economic world tendencies and practice of the developed countries testify that in the conditions
of the high level of financial risks and influence of various crisis factors, one of the main problems of operation of
enterprises is to ensure sustainable development. In such conditions, the innovative activity is the basis for ensuring
the competitiveness of domestic enterprises and provision of sustainable development. Effective implementation
of innovation activities involves the introduction of strategic management. An enterprise, which is a part of the
external environment, must be able to adapt to existing and possible changes in the external environment to
ensure effective activity. Success can be achieved not by those enterprises that are capable of forming a successful
strategy, but those capable of adapting it in time to changes. In this regard, the issues of strategic management of
innovation activity are very relevant for domestic enterprises. The question of the analysis of strategic management
effectiveness is presented by I. Ansoff, Michael E. Porter, by Robert S. Kaplan, by David P. Norton. Issues related to
the strategic management of innovation activities are studied by such scholars as S.M. Ilyashenko, N.M. Poliova,
V.O. Shpyliova, I.L. Fedulova, T.M. Yankovets and others. The aim of the work is to improve the methodological
bases for the formation of concepts and choice of innovative business strategies. Methodology. On the basis of
the retrospective analysis, synthesis, and generalization, the existing methodological bases of the formation of
concepts and choice of innovative strategies of enterprises are systematized and improved. The results of the study
show that the innovative strategy is a certain interrelated sequence of actions to ensure the effective innovation
of the enterprise in the light of the general strategy in the conditions of resource limitation and the impact of the
external environment. It is established that the perspective direction of activation of the innovative strategy is the
introduction of strategic maps and the system of balanced indicators. The practical implementation. It is reasonable
to introduce one of the stages of the formation of an innovative strategy for drawing up a strategic map that will
take into account different variants of the course of innovation activity and can serve as a basis for the formation
and adjustment of the following innovative strategies of industrial enterprises. Value/originality. The inclusion of the
strategic map to the stages of formation of innovative strategy will increase the efficiency of the financial support of
innovation activity, as the management of the enterprise will work out a plan of action under different conditions
of the course of innovation activity. In addition, an innovative strategy, especially in terms of financial support for
innovation, must be integrated into a system of Balanced Scorecard of the enterprise.

Key words: strategic map, innovative strategy, strategy, innovation activity, Balanced Scorecard.

JEL Classification: О12, O32, B40

1. Introduction
Effective implementation of innovation activities

involves the introduction of strategic management,
which, in the opinion of several scientists, is an activity
to achieve the important long-term goals of the system
in the environment that is constantly changing, by
changing the state of the system itself (Ansoff, 1979).
The enterprise and the external environment are the
main elements of strategic management. An enterprise,

which is a part of the external environment, should
be able to adapt to existing and possible changes in
the external environment to ensure effective activity.
The external environment, which is a dynamic system,
is characterized by constant changes. An enterprise
as a component of this system must always respond
promptly to such changes. That is why not companies
that are able to form a successful strategy, but those
that can adapt it in time to change, can succeed. In this

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Vol. 4, No. 3, 2018
regard, the issues of strategic management of innovation
activity are very relevant for domestic enterprises.

The question of the analysis of the effectiveness of
strategic management has been presented by I. Ansoff
(1979), Michael E. Porter (2008), Robert S. Kaplan and
David P. Norton (1992). Issues related to the strategic
management of innovation activities are addressed by
such scholars as S.M. Ilyashenko (2010), I.L. Fedulova
(2008), T.M. Yankovets (2010) and others.

The aim of the work is to improve the methodological
foundations for the formation of concepts and the
choice of innovative business strategies.

2. The essence of the innovation strategy
Over the past 50 years of the twentieth century,

there is a process of evolution of approaches to
management and planning as one of its elements:
50s – purely management decisions, 60s – long-term
internal corporate planning, 70s – strategic planning,
80s – strategic management, 90s – research of strategic
processes (Ilyashenko, 2010).

The classical approach to the choice of strategies is
presented in the works of I. Ansoff (1979), according to
whom the strategy is a set of rules for decision-making,
which the organization guides in its activities.

According to Michael E. Porter (2008), the strategy is a
creation of a unique and beneficial position that involves
a certain set of activities. If there was only one perfect
position, there would be no need for a strategy. This set
provides a detailed analysis of conditions of the enterprise
management taking into account the external environment.
It is precisely the view of D.E. Korzenkov (2011), who
states that strategic management involves the feedback
between its stages for possible refinement, the modifying
of the results of the previous stages; not only the process
of developing, adapting, and implementing a strategy
but also the processes of evolution and transformation of
strategies depending on the change of the environment are
especially important for success. Lack of feedback can lead
to a negative progression of the most successful strategy.
This is due to the fact that the environment, in which the
enterprises operate, is quite variable and quite often any
strategy involves making a number of adjustments.

Approaches to management have undergone a certain
evolution and, in modern conditions, they are characterized
by the following features (Ilyashenko, 2010):
- enterprises must constantly modify their competitive
advantage if they seek to retain the position of a market
leader;
- it is necessary to deviate from logically rational trivial
decisions, as they are easily predicted by competitors,
non-traditional decisions are necessary;
- the strategy, in principle, should be short-term, as the
conditions of management are changing rapidly and
these trends are increasing, requiring a constant review
of strategic decisions.

Robert S. Kaplan and David P. Norton (2004) point
out that in 70% of the enterprise there are problems that
are not associated with a bad strategy, but with a failure
to implement it. That is why not only the formation
process but also the management of the strategy
implementation, is very important.

Of particular importance is strategic management
for innovation, which determines the formation of
an innovation strategy, which is a part of the general
strategy of the enterprise.

There are different approaches to determining the
essence of innovation strategy. According to I.V. Fedulova
(2008), the innovation strategy is a systemic concept
that links and directs the development of the innovation
activity of the subject of the economy with the system
of long-term goals of innovation activity, as well as
the method (choice of the most effective ways) for
achieving and implementing the target innovative level
of development, which includes the nature of resource
allocation between alternative paths of innovation
development and a type of behaviour.

Innovation strategy is also considered as the leading
functional strategy of a high-tech industrial enterprise,
which involves the formation of a complex of measures
for technological improvement of production, changes
in the organizational structure of the enterprise, the
introduction of modern management technologies
(Poreckova, 2013).

According to T.M. Yankovets (2010), an innovative
strategy is any new means of achieving the strategic goal
of the enterprise, whereas according to S. M. Iliashenko
(2010), it is as an interconnected set of actions for ensuring
the conditions of long-term survival and development of
the enterprise in the market on the basis of creation and
introduction of innovations. A similar view is maintained
by N.M. Poliova and V.O. Shpyliova (2009), who believe
that the strategy of innovation activity in the enterprise
includes a number of interrelated elements and procedures:
the definition of goals and objectives, the formation of
priorities of innovation and the development of an optimal
portfolio of innovations that are of paramount importance
for successful business activity, as well as the assessment and
analysis of the impact of innovations on the prospects for
enterprise development. Antonyuk L.L., Poruchnik A.M.,
Savchuk V.S. (2003) determine the innovation strategy as
a complex of actions.

In terms of a systematic approach, the innovation
strategy is considered as one of the components of an
economic strategy, defined as a set of rules, methods,
and tools for finding the best prospective organizations
for the development of scientific and technical research,
resource policy (Makedon, Rubec, 2013; Vergal, 2011).

Therefore, in general, an innovative strategy has a
certain interrelated sequence of actions to ensure the
effective innovation of the enterprise in the light of the
general strategy in the conditions of resource limitation
and the impact of the environment.

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Strategies of the enterprise can be numerous but all

of them are based on strategic alternatives (Makedon,
Rubec, 2013; Vergal, 2011): the limited growth of
the enterprise; growth; reduction. It is clear that the
strategy of innovation can be based only on the first
two alternatives. In general, the innovation strategy is
quite similar to the general strategy of the enterprise
and involves either strengthening the position of the
company in the selected segment of the market in a
particular industry or active diversification of activities.
The fundamental difference between general and
innovative strategies is that the innovation strategy has
an element of novelty as a compulsory element.

3. Types of innovative strategies
Different numbers of innovative strategies are

distinguished in the literature (Figure 1). Classically
innovative strategies of the enterprise are divided into
active (offensive, expansive) and passive (protective,
defensive) (Twiss, 1992; Michael E. Porter, 2008;
Antonyuk, Poruchnik, Savchuk, 2003). Among
management levels, certain authors (Santo, 1990)
distinguish passive, offensive and stagnant innovative
strategies.

According to T.M. Yankovets (2012), it is reasonable
to allocate six types of innovative strategies: traditional,
opportunistic (“niche” strategy), simulative, defensive
(protective), dependent, offensive. L. Vodachek and
O. Vodachkova (1989) provide a similar classification
of strategies.

They distinguish four main types of innovative
strategy: actively offensive, moderately offensive,
protective, and residual. A.I. Bogdanov (1991) considers
intensely offensive, moderately offensive, protective and
licensing (absorbing) strategies of innovation activity.

A.M. Batkovsky and A.P. Merzlyakova (2011)
distinguish three main groups of innovation strategies:
strategies for the implementation of research and
development, introduction of innovations and strategy
of mass production of previously created innovation
products.

Thus, the authors share strategies depending on the
product lifecycle and the state of the enterprise. This is
due to the fact that at various stages of development and
for different financial status, enterprises pursue different
strategic goals. In general, most classical innovation
strategies are similar, but they have different names from
different authors.

Depending on the type of innovation, A.Y. Yudanov
(1998) divides innovative strategies into violent (force),
patient (niche), commutant (adaptation strategy)
and exploratory (pioneer). The violent strategy is a
strategy of competition, which is based on a reduction
in production costs, which is achieved through the mass
production of relatively inexpensive but quite good
products. The patient strategy is to produce a limited

number of highly specialized high-quality products with
its ability to win more powerful competitors not by the
force but by the ability of the firm.

Commutant strategy involves the most flexible
satisfaction of small (local) market needs, and
exploratory strategy is focused on radical innovations.

Certain authors categorize innovative strategies
depending on the level at which they are planned.
In particular, A. Thompson and A. Strickland
(1993) distinguish four levels of strategy for diverse
organizations: corporate, business strategy, functional
and operational strategies, and for single-profile
companies – business strategy, functional and
operational strategies.

Ellen Chaffee (1985) identifies three distinct
strategy models depending on the level and goals of the
management: linear, adaptive, and interpretive.

In the author’s view, the linear strategy, according to
a linear model, which is directly focused on planning,
is based on the fact that all enterprises have certain
goals that must be achieved at the appropriate levels of
management over a certain period of time. This strategy
is based on the assumption that future operating
conditions will be fairly stable or predictable.

The adaptive strategy, which is based on an adaptive
model, implies that an enterprise should adapt to the
identified changes in the process of evaluating the
external and internal environment. In this case, the
strategy means the development of opportunities and
resources that allow the use of potential opportunities.

The interpretive strategy is based on an interpretive
model that sees the strategy as something that
emerges from a continuous dialogue between different
perspectives outside the organization, which is a
symbolic expression of a culture of an organization that
depends on internal and external relations. This strategy
is based on the formation of a potential positive attitude
towards the company’s activities and involves increasing
the positive image.

To the main tasks of the innovation strategy,
S.M. Iliashenko (2010) includes:
- efficient allocation and use of available resources and
opportunities for development based on innovation and
innovation activity (innovative development potential);
- adaptation to changes of conditions of the external
environment by finding new ways and areas of
implementation of the company’s potential, bringing
the internal development opportunities into external,
generated by the market.

I. Ansoff (1979) distinguishes four groups of rules,
which define directions for action when defining a
strategy:

1) the rules that are used to assess the firm’s
performance now and in the future;

2) the rules, under which the firm’s relations with its
environment are formed. They determine which types
of products and technologies the firm will develop, how

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Vol. 4, No. 3, 2018

Innovative strategy

Depending on the product lifecycle

Depending on the state and lifecycle of the product

Depending on the level of management

Depending on the level of planning

Depending on the organizational structure and management goals

Depending on the type of innovations

Imitation ProtectiveOffensive Combined

Implementation of
research and
development

Introduction of
innovations

Mass production of
previously created

innovation products

Passive Offensive Stagnant

Corporate Business Functional Operational

Linear Adaptive Interpretive

Violent Patient Commutant Explerent

Figure 1. Systematized types of innovation strategies of enterprises

they will outperform their competitors. These rules are
called product-market strategies;

3) the rules, according to which the relations and
procedures within the firm are established;

4) the rules, by which the firm carries out operational
activities.

4. Features of strategic management
of innovation activities

In order to manage effectively the innovation activity
of the enterprise, a staged approach is offered in the
literature (Poliova, Shpyliova, 2009). At the same
time, depending on the production conditions and

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Vol. 4, No. 3, 2018
the peculiarities of a particular economic situation, the
stages are proposed by the authors as separate, and in
different combinations.

By systematizing existing approaches to the stages
of implementing an innovative strategy, the following
(Figure 2) can be distinguished:
- formation of goals and tasks of innovation activity;
- analysis of internal and external environment;
- formation of an innovative strategy of the enterprise;
- long-term innovative forecasting on the basis of
roadmapping;
- determination of the necessary amount of resources
for the innovative activity of the enterprise;
- control over the implementation of the innovative
strategy and its adjustment if necessary;
- definition of the influence of the innovative strategy on
the economic development of the enterprise.

N. Poliova, V.A. Shpyliova (2009) complete strategic
planning stages with the development of strategic plans,
but in our opinion, taking into account the importance of
the direct process of implementation of the innovation
strategy, it is more expedient to include such a stage as
the monitoring of the implementation of the innovation
strategy and adjustment if it is necessary.

The primary task in the process of forming an
innovation strategy is to determine the goals and tasks
of innovation activity.

For each enterprise, it is necessary to formulate an
individual strategy. The choice of strategy depends first
and foremost on the level of product innovation, on the
kind of innovation that the enterprise introduces.

At the same time, regardless of the level of innovation
of products, enterprises should strive for further
development, because “...the company achieves
competitive advantages thanks to the innovation, it can
only keep them with constant improvements. Competitors
will immediately and necessarily overtake any company
that will stop the improvement and implementation of
innovations” (Michael E. Porter, 2008).

The factor such as the company’s position with
respect to the leading enterprises in a particular industry
is also quite important. It is these parameters that will
determine the goals and objectives of the enterprise’s
innovation activities.

A rather important stage in the formation of an
innovative strategy is the analysis of environmental
factors and the analysis of internal potential and threats
that affect the implementation of the innovative strategy
and activities of the enterprise as a whole.

In general, the choice of innovative strategies is
carried out taking into account different methods,
which in general form has matrices, indices, diagrams,
polygons. The matrices of Ansoff, Boston Consulting
Group, McKinsey General Electric, SWOT Analysis,
and Balanced Scorecard are the main criteria for
choosing business development strategies today. At the
same time, the model of SWOT analysis is the most

widely used, the benefits of the application of which
are simultaneous consideration of external and internal
factors of development. In addition, the model allows,
based on the study of the enterprise’s strengths and
weaknesses, taking into account the influence of the
environment, to determine the strategic directions for
further development, as well as possible threats.

5. Strategic maps in innovation activities
The US companies at the present stage of development

are actively using such a method of planning and
forecasting activities as strategic maps or roadmapping,
which in translation from English means traffic on the
roadmap. Roadmapping involves the construction of
so-called “roadmapping”, i.e. the routes of the company’s
future development in the main areas of activity, such as
market, products, technologies, competitors, raw materials,
etc. In this case, its main dominant is the introduction of
innovations, innovative technologies (Dissel, 2010).

Today, in the literature, you can find the concept of
“roadmap”, “strategic map” and roadmapping, which
in essence are synonymous. According to Robert S.
Kaplan and David P. Norton (2004), a strategic map
is an applied image of a strategy that, on one sheet of
paper, tells how integrated and combined enterprises
are transformed into a single strategy and contain
the indicators, by which it can be implemented.
Consequently, this definition is entirely consistent with
the understanding of the roadmap in (Dissel М., 2010;
Phaal R ., 2010; Alan F. Blackwell, Rob Phaal, Martin
Eppler, Nathan Crilly, 2008).

Roadmapping technology was developed by Motorola
in the 1970s to maintain improved alignment between
technology and the development of a new product,
providing a structured visual description of the strategy
(Phaal R ., 2010).

However, a study by Alan F. Blackwell, R . Phaal, Martin
Eppler, Nathan Crilly (2008) has shown that since the
result of the roadmap is the presentation of the strategy
as a schematic appendix, today there is a significant
number of options for constructing roadmaps, that is,
there are no coherent sets of visual customs and rules.
The authors propose different templates of roadmaps
and for innovation activity, the templates, which contain
various components: market, product, technology, and
results or innovation, personnel, technology.

The stages of building a strategic map correspond to
the corresponding stages of the strategy and are closely
interlinked, that is why it is reasonable to integrate them
into the stages of formation of an innovative strategy to
avoid duplication of action.

The peculiarity and benefit of a strategic map is
the use of a framework that is structured in time
(and often graphic) for the design, presentation, and
transfer of strategic plans in terms of the evolution and
development of technology, products, and markets.

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Vol. 4, No. 3, 2018

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Yes

Yes No

- Definition of the type of
innovation;
- Innovation level;
- The position of the enterprise with
respect to the enterprises-leaders

- Ansoff Matrix;
- Boston Consulting Group Matrix;
- McKinsey / General Electric
Matrix,
- SWOT-analysis

Taking into account:
- Production lifecycle;
- Enterprise lifecycle;
- Levels of management and planning;
- The type of innovation;

- Goals of leadership and organizational
culture

Visualization of strategy
description by the
following components:

Market, innovation
staff, technology result

Yes
Determining the
optimal structure

of financial
resources in

terms of own,
long-term and

short-term
borrowed funds

Monitoring and
removal

(if detected) of
threats occurring

during the
implementation
of the innovative
strategy that may

affect the
economic

development of
the enterprise

Yes

Using
controlling tools;

comparison of
actually received
indicators with
planned ones:

operational
response to

changes in the
external

environment

Figure 2. Stages of implementing an innovative strategy

In this regard, roadmapping technology is also closely
related to other graphical planning approaches such as
PERT (Program Evaluation and Review Technique)
and Gantt Planning Tools (Robert Phaal, Clare J.P.
Farrukh, David R . Probert, 2004).

One of the greatest benefits of this method is
communication through functional and organizational
boundaries. The process of developing strategic maps
brings together and coordinates the various key
stakeholders and perspectives. In addition, a well-

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Vol. 4, No. 3, 2018
developed roadmap can further expand and serve as a
basis for further action. That is why it is very important to
include an innovative strategy in the process of forming.

The integral structure of the strategic map is directly
related to the fundamental issues that appear in any
strategic context: Where do we want to go? Where are
we now? How can we get there? Why should we act?
What should we do? How should we do it? When?

In general, strategic maps are classified according to
three criteria: purpose, format, and type ((Dissel М.,
2010: Phaal R ., 2010; Alan F. Blackwell, Rob Phaal,
Martin Eppler, Nathan Crilly, 2008; Robert Phaal, Clare
J.P. Farrukh, David R . Probert, 2004) (Table 1).

The essence of the model of strategic maps is to
organize the control over the implementation of the
established indicators and adjust the dynamics of the
most significant for the implementation of the strategy
of them. At the present stage, the formation of strategic

maps is associated with a system of balanced indicators.
Accordingly, strategic maps for innovation activities
include the use of a system of indicators, which should
be coordinated with the stages of innovation activities,
sources of funding.

The study of works related to the formation of a system
of Balanced Scorecard has shown that the peculiarities
of their use are:
- the use of non-financial indicators along with financial
ones;
- the Balanced Scorecard, which is carried out in four
groups: finance, clients, internal processes, training, and
development;
- this Balanced Scorecard provides an assessment of
the effectiveness of the enterprise in the past and in the
future;
- there is a connection between the indicators in the
system, which is reflected in the strategic maps;

Table 1
Classification of strategic maps

Name Essence
1. Depending on the goal of creation

Product planning The most common type of planning related to product technology.

Service/planning capability
The roadmap that focuses on organizational capacity as a bridge between technology and business. It is used
by service providers.

Strategic planning
The roadmap that focuses on developing a vision for a future business from the point of view of markets,
businesses, products, technologies, skills, culture, etc.

Long-term planning This type is used to maintain long-term planning, extending the planning horizon.
Planning an intellectual asset
(personnel)

This type aligns the management of intellectual assets and knowledge management initiatives with business
objectives.

Program planning
This type of strategy focuses on the implementation of the strategy and relates primarily to the planning of
the project (for example, R & D programs).

Process planning Planning a specific component of the process (for example, developing a new product).

Integrated planning
This type focuses on integrating and/or evolving technology from the point of view of how different technologies
are integrated into products and systems or from the point of view of the formation of new technologies.

2. Depending on the type
Industry Formation of the strategy for the development of a particular industry, market, part of the industry.
Corporate Formation of development strategy at macro levels (individual corporate structures).

Product
Formulation of the product development strategy (product line) in time through market analysis, product
evaluation, and technology learning.

Technological Formation of technology development strategy, including high technology sector.

Scientific, research
Formation of a development strategy based on the selection of emerging technologies, taking into account
the increased attention to competences and research

Program
Formation of the development strategy at micro, macro, and meso levels to identify the impact of possible
problems on the development of programs and strategies.

3. Depending on the graphics format
Multilevel The most common format that includes several levels (and sublevels) such as technology, product, and market.

Column
A roadmap in the form of a number of columns for each level or sub-level that simplifies and integrates the
necessary conclusions, simplifies the transfer, integration of roadmaps.

Tables
A roadmap or its certain levels in the form of tables (time in comparison with performance or requirements).
It is especially suitable for situations where performance can be quantified.

Charts
A roadmap is expressed as a simple graph or the graph, usually one for each sublevel, which is closely related
to the technological S-curves.

Graphic representations Some roadmaps use more creative graphical representations of transfer of technological integration and plans.
Flow-charts A certain type of graphical representation is a flowchart that is used to link goals, actions, and results.

Mono level
A roadmap that focuses on a single level roadmap. The disadvantage of this type is that there is usually no link
between levels.

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Vol. 4, No. 3, 2018
- the system of Balanced Scorecard is implemented from
the top to the bottom, through the whole enterprise; for
each unit, a certain set of balanced indicators is formed;
- the system of Balanced Scorecard usually contains no
more than 20-25 indicators per enterprise, for a unit of
about 7-10, for one employee no more than 5.

Since innovation activity is subordinate to the
operational one, it is very important to determine the
impact of the innovative strategy on the economic
development of the enterprise and, if necessary, to
adjust a certain stage of the innovative strategy.

It would be very useful for domestic enterprises to
introduce this approach in their economic activity since
it creates opportunities for forming various directions of
development of innovation activity, depending on the
course of circumstances.

Financial managers of an enterprise must always have
several options for implementing an innovation strategy –
from the most optimistic to the pessimistic and timely
adjust its implementation in accordance with external
conditions. Today in Ukraine, there is a rather low share
of innovative enterprises, and the proportion of those
actively using strategic innovation planning is even less.

Thus, the introduction of a roadmap to the process
of forming an innovation strategy will help increase
its flexibility and ability to respond more quickly to
changes in the external and internal environment of the
enterprise.

At the same time, it is inappropriate for enterprises
to use the benchmarking method, which promotes
universalization, and not individuality. This is the
opinion of Michael E. Porter (2008), who points out
that the more companies engage in benchmarking,
the more similar they become, and the competition
becomes a competition of identical ways, and none of
the enterprises is capable of defeating.

The formation of strategy and the development of
strategic maps, the system of balanced indicators allows
determining the necessary amount of resources for the
innovative activity of the enterprise. At the same time,
the company can form several options for funding
innovative activities in terms of economic development
options and the type of projected innovations.

The process of monitoring the implementation of the
innovation strategy and adjusting as necessary is no less
important.

5. Conclusions
Consequently, on the basis of systematization of

modern approaches to the essence of innovation
strategy, it has been determined that it has a certain
interrelated sequence of actions to ensure the effective
innovation of the enterprise in the light of the general
strategy in the conditions of resource limitation and the
impact of the external environment.

It has been established that the perspective direction of
activation of the innovation strategy is the introduction of
strategic maps and a system of balanced indicators. In this
regard, one of the stages of the formation of an innovative
strategy is the drawing up of a strategic map that takes into
account different variants of the course of innovation activity
and can serve as a basis for the formation and adjustment
of the following innovative strategies of industrial
enterprises. The inclusion of this component in the stages
of the formation of an innovation strategy will increase
the efficiency of using the financial support of innovation
activity, as the enterprise management will form a plan of
action under different conditions of the course of innovation
activity. In addition, an innovative strategy, especially in
terms of financial support for innovation, must be integrated
into a system of balanced indicators of the enterprise.

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