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Corresponding author:
1 State University of Intellectual Technologies and Communications, Ukraine.
E-mail: sveta_novickaya@ukr.net 
ORCID: https://orcid.org/0000-0003-2355-4949

DOI: https://doi.org/10.30525/2661-5150/2020-4-4

STRATEGIC DEVELOPMENT AS A FACTOR  
IN ENSURING THE ECONOMIC STABILITY  

OF A MODERN MARKET ENTERPRISE
Svitlana Birbirenko1

Abstract. The purpose of the paper is to analyse theoretical and methodological aspects of the formation of 
strategic development as a factor in ensuring the economic stability of a modern market enterprise. Methodology. 
The study has been carried out based on studying the theoretical and methodological aspects of the formation of 
strategic planning as a basis for strategic development of the enterprise; types of strategies for the development 
of a modern market enterprise; analysis of strategic development in the context of economic stability of the 
enterprise. Results of the research. In the course of research, it has been established that strategic development 
of the enterprise is impossible without premature drawing up of systematic process of strategic planning of 
the enterprise. Each individual component of economic stability of the enterprise has been characterized by its 
options for the use of development strategies. Practical implications. The practical significance lies in obtaining 
a synergistic effect due to a combination of several development strategies that will help to obtain the desired 
positive result. Conclusions. Strategic development should be aimed at ensuring the ability of the enterprise to 
achieve strategic development goals and economic sustainability in particular.

Key words: economic stability, strategic development, strategic planning, strategic management, modern market 
enterprise.

JEL Classification: L25, L26, O12, O21, O40

1. Introduction
Modern conditions of entrepreneurial functioning 

have been characterized by transformational changes 
and instability of the external environment due to 
the processes of globalization and international 
integration. This contributes to the formation of 
certain difficulties in the formation and provision 
of conditions for effective management of business 
entities and requires business managers to constantly 
adjust the system of strategic management for further 
development of enterprises and making scientifically 
sound, effective management decisions in particular. 
That is why the need to reorient the activities of 
economic entities to the vector of a qualitatively new 
direction of economic growth with the concentration 
of management’s influence on improving the 
efficiency of enterprises and ensuring strategic 
development is rapidly gaining urgency. Thus, there 
is an objective need to create a management system 
for strategic development of the enterprise as a factor 
in ensuring its economic stability in modern market 
conditions. The purpose of the study is to analyze 
the theoretical and methodological aspects of the 

formation of strategic development as a factor in 
ensuring the economic stability of a modern market 
enterprise.

2. Strategic planning as a basis for strategic 
development

The versatility of the external environment of the 
enterprise and its dynamism necessitate the creation of 
a comprehensive system of mechanisms for managing 
the development of the enterprise. This orientation 
allows you to adequately and timely respond to 
operating conditions characterized by rapid variability. 
Given this, the introduction and testing of the theory of 
sustainable development was an important aspect in the 
management of economic systems at the micro, meso– 
and macro levels, which allows: “…to systematically 
approach the solution of diverse and controversial 
problems of economic development; to justify the 
effective strategy of development of the enterprise taking 
into account features of a condition and possibilities 
of development of its providing systems; ensure 
consistency of interaction and balance of interests of 
stakeholders” (Afonichkin, Zhurova, 2015).



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Implementation of strategic development of the 

enterprise becomes possible only in the presence of 
strategic orientation. Strategically oriented enterprise 
is an economic system, in which the staff has strategic 
thinking, the company uses a system of strategic 
planning, which allows you to develop and use an 
integrated system of strategic plans, and current 
activities are subject to achieving strategic goals (Muliar, 
2013; Fedko, 2000).

Currently, the subject of close attention of foreign 
and domestic scientists is the concept of strategic 
development of the enterprise in modern crisis 
conditions. Theoretical, and methodological, and 
practical principles of problems of development, 
strategic orientation and achievement of successful, 
competitive positions of the enterprise in the market 
in the western countries have sufficiently covered 
in scientific achievements of foreign scientists. 
However, the specific conditions of operation of the 
Ukrainian enterprises require a more detailed study 
of theoretical and practical aspects of the concept of 
strategic development of domestic business (Novytska, 
Dincheva, 2011).

Defining strategic advantages in setting benchmarks 
for enterprise development provides a good basis 
for building a reasonable sequence of actions to 
implement the concept and form a system of strategic 
management of the enterprise, which will increase 
the efficiency of its activities, commercial success and 
sustainable development of the business entity.

Strategic development of any system is impossible 
without predetermined stages of strategic planning 
(Novytska, Orlov, 2015). Modern development 
of market systems has characterized by different 
approaches to this task: both classical and modern.

An example of a modern concept is the concept 
proposed by prof. Kuzmin O.Ye. (Kuzmin, Melnyk, 
2002), in which he and his co-author identify nine 
stages of strategic planning, which are clearly presented 
in Table 1.

After examining the scientific achievements on the 
topic of strategic planning, we have drawn conclusions 
that an acceptable sequence, in our opinion, would be 
as follows.

Stage I. Formulation of the mission of the enterprise. 
This stage is important and responsible in the process 
of developing strategic planning and development. 
The development of the mission in the future will be 
crucial for the future of the enterprise, as well as its 
perception as the external environment and directly 
by employees (Dovbnia, Naidovska, Khytko, 2011; 
Sklabinska, 2009).

Stage II. Analysis of the external environment. 
At this stage, an assessment of external factors over 
which the company has no direct influence is carried 
out. External analysis is characterized by three areas: 
the definition of favourable opportunities, i.e. factors 
that will help to achieve the goals of the enterprise; 
identification of threats and identification of danger 
to the enterprise, i.e. a set of external conditions 
that create certain obstacles to the expansion of the 
enterprise in the process of achieving the goal, identify 
key success factors in the selected business segment 
(Kuzmin, Melnyk, 2002; Kindratska, 2003).

Stage III. Analysis of the internal environment. 
At this stage, the assessment of factors that can be 
managed and controlled by the company, namely 
the factors that form the company and which are the 
result of the activities or inaction of its management, is 
carried out (Volder, 2001).

Stage IV. Defining and formulating the goals of 
the enterprise. The mission, as a rule, determines 
the general guidelines of development, the target 
areas of the enterprise, which together represent the 
meaning of its existence. At the same time, clearly 
defined, specific endpoints, which the company aims 
at and to which it aspires, had fixed in the form of 
its goals. Goals are the specific state of the individual 
characteristics of the enterprise, the achievement 
of which is desirable for him or her and to achieve 

Table 1
Systematic process of strategic planning of a market enterprise

Stages of strategic 
planning

Characteristics of the stages of strategic planning

І Information support
ІІ Establishing the mission and goals of the enterprise
ІІІ Choice of methods of analysis of internal and external factors
IV Assessment and analysis of environmental factors

V
Assessment and analysis of factors of the internal environment, which makes it possible to identify the strengths and 
weaknesses of the enterprise

VI
Forecasting of operating conditions and results of production and economic activity of the enterprise, i.e. prediction of 
probable changes in external and internal environment and possible influence on activity of the enterprise

VII Use of calculations, substantiation of the most important indicators that most fully characterize the expected strategies
VIII Choosing the optimal strategy
IX Evaluation of the strategy, i.e. establishing compliance with the latter goals and mission of the enterprise

Source: (Kuzmin, Melnyk, 2002)



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that his or her activities are aimed (Lepeiko, 
Khvastovskaia, 2006).

Stage V. Analysis of strategic alternatives and choice 
of strategy. At this stage, the definition of key strategic 
economic elements, analysis of the strategic portfolio 
of the enterprise in order to form an alternative set of 
strategies for each individual economic element and 
select the most optimal, are presented (Shevchenko, 
2009). The key aspect is the purposeful focus on the use 
of their advantages.

At the final stage of strategic planning, the company 
implements the strategy into day-to-day operation by 
developing a system of current plans.

Strategic planning is characterized as a guiding 
and coordinating vector in determining the strategic 
development of the enterprise, helps to focus on 
solving problems that occur during its operation and 
directs activities to achieve the intended economic 
goals to achieve the ultimate overall strategic goal, 
while having a significant impact on the performance of 
the enterprise and its efficiency (Dovbnia, Naidovska, 
Khytko, 2011; Dolan, Lindsey, 1992).

3. Strategies of enterprise development 
In the modern scientific literature, three variants of 

strategic development are defined.
Option I. Unchanged. Such a strategy is typical of 

enterprises that are not characterized by significant 
dependence on the external environment. These 
are usually companies with a long product life cycle 
(aircraft, cars, etc.), health care, education, judicial 
systems, self-government, etc. However, this strategy is 
not recommended for long-term use, as the company 
may lose the ability to self-preservation and survival in 
competition (Martynenko, Ihnatieva, 2006).

Option II. Internal growth. These strategies 
are based on market development or product 
development, either sequentially or simultaneously 
due to the internal capabilities of the enterprise. All 
types of internal growth strategies are interconnected 
and implemented through modification changes in 
products (innovative transformations/modifications), 
market system (expansion and development), 
organizational aspects (restructuring, reconstruction, 
modernization), changes in technology (innovation, 
reengineering), personnel policy (advanced training 
through training, motivation) (Korenitsyna, 2012). 
This set of strategies has been based on the assertion 
that the company correctly implements its planned 
activities and this activity should be developed and 
expanded.

Scientists Martynenko M.M. and Ihnatieva I.A. 
suggest that there are four strategies that every 
enterprise focused on internal growth has to implement: 
concentration, market development, product 
development, renewal (Figure 1).

Option III. External growth. According to Otenko 
(Otenko, 2013), the main types of external growth 
include: horizontal integration, vertical integration, 
concentric and conglomerate diversification, which 
is realized due to organizational changes, which are 
reflected in various forms of mergers, acquisitions 
and agreements, i.e. distribution of personnel 
capacity and investment between different activities, 
the financial results of which are not directly related 
(Martynenko, Ihnatieva, 2006). 

External growth strategies has been implemented 
based on attracting external sources of funding and 
resources (joint ventures, mergers, acquisitions) and 
may contain contractual aspects with enterprises that 
are at the initial or final stage of creating the value of 
this enterprise.

A typical means of implementing external growth 
strategies is reorganization or its forms – transformation 
and restructuring (Otenko, 2013).

Most often, the results of the analysis of the 
external environment push it to external growth: the 
environment creates organizational conditions that 
lead to a combination of strengths and opportunities 
to increase activity in managing the components  
of the external environment until some of them are 
included in the enterprise.

Let us define the essence of external growth strategies 
in more detail (on the basis of elaboration (Otenko, 
2013; Sharko, Advokatova, 2013; Dziuba, 2010; 
Sheleheda, Kasianova, Bersutskii, 2006).

1. Horizontal integration is an association of 
enterprises that are producers of homogeneous 
products. Efficiency in this case is achieved due to the 
scale, which allows to obtain additional competitive 
advantages, replacement of those products on the 
market that are a close substitute, an analogue of the 
products, respectively, as a consequence, to displace 
competitors.

2. Vertical integration takes place when merging 
enterprises that produce raw materials, process them, 
and then independently sell products on the market. 
In other words, vertical integration is characterized 
as the process of combining enterprises that carry out 
successive stages of a single, single production cycle 
of any product, from extraction of raw materials or 
materials (resources), their processing (production 
of finished samples) and selling products to the 
consumer. In this situation, the efficiency and growth 
of the enterprise increases due to increased control 
over suppliers (feedback) or distribution channels of 
products and services (direct integration). 

3. Concentric diversification occurs when merging 
companies that produce similar products or provide 
similar services. Concentric diversification companies 
are actively searching for companies that are largely 
connected to them through sales channels, markets, 
resource and technology needs, and so on. Thus, the 



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existing production continues to be in the center 
of attention, and the new one emerges from the 
opportunities that arise in the developed market.

In the implementation of concentric diversification, 
the company expects that synergistic effect can be 
achieved due to the presence of several types of activities. 
The financial benefits of concentric diversification are 
formed within 2-5 years (Dziuba, 2010).

4. Conglomerate diversification occurs when there 
is an acquisition of an enterprise that produces such 
products or provides services that are not related to the 
products or services of the purchasing enterprise.

Conglomerate diversification provides significant 
financial synergies. The synergetic effect is manifested in 
the form of advantages in taxation, greater opportunities 
for professional development of the enterprise, better 
use of financial resources, etc. (Dereza, Zhudenko, 
2010).

Option IV. Entering the international market. It 
is planned to introduce measures to represent the 
commercial interests of domestic businesses in foreign 
markets.

International business practice identifies three main 
strategies for entering the international market (Dereza, 
Zhudenko, 2010):
– Export;
– Creation of a joint venture;
– Direct investment.

Option V. Abbreviation. The decline in activity or 
withdrawal of investments is a characteristic sign of the 
cessation of investment, as a result – the consolidation 
of capital and its subsequent movement.

Reduction strategies take place in crisis situations, 
when the domestic economy is characterized by 
recessions and drastic changes. These strategies are 
always accompanied by losses for the company, but they 

– existing
markets are not
saturated with a
specific product
or service offered
by the company;
– the share of
available
purchases can be
significantly
increased;
– the market
share of the main
competitors is
getting smaller
while sales in the
industry as a
whole are
growing;
– there was
initially a close
relationship
between sales and
marketing costs
in value terms;
– the increased
scale effect
provides the main
competitive
advantages.

– new distribution
channels are
available –
reliable,
inexpensive and
high quality;
– the company is
very successful in
what it does;
– there are new
unopened or
unsaturated
markets;
– the company has
the necessary
capital and
manpower to cope
with the expansion
of production;
– the company has
excessive
production
capacity.

- new distribution
channels are
available –
reliable,
inexpensive and
high quality;
- the company is
very successful in
what it does;
- there are new
unopened or
unsaturated
markets;
- the company has
the necessary
capital and
manpower to cope
with the
expansion of
production;
- the company has
excessive
production
capacity.

This strategy 
involves 
significant 
changes in goods 
or services.
Includes the 
replacement of 
existing goods 
with new ones, 
which means new
product life cycle. 
Such a strategy 
should 
significantly 
increase business 
reputation of the 
enterprise and 
create it a 
competitive
advantage, but 
there is enough
expensive and 
therefore requires 
appropriate 
funding. 

Concentration       Market
development

Product
development      

Renewal

         

Figure 1. Internal strategies of the enterprise

Source: systematized by the author based on (Martynenko, Ihnatieva, 2006)



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are just as necessary as any other strategy. There are four 
types of reduction strategies (Sheleheda, Kasianova, 
Bersutskii, 2006):
– Сost reduction strategy;
– “Harvesting” strategy;
– Reduction strategy;
– Liquidation strategy.

The above strategies are not contradictory,  
companies can use their combinations to achieve  
the ultimate goal and change the order of sequence.

4. Strategic development  
and economic stability of the enterprise

Each individual component of economic stability 
of the enterprise is characterized by its options for the 
use of development strategies. In addition, you can  
get a synergistic effect by combining several 
development strategies, which will help to obtain the 
desired positive result.

According to (Frolova, Korenitsyna, 2012; Dubrova, 
2010), there is the following logical sequence of actions 
to determine and ensure the economic stability of the 
enterprise or the stability of its individual components:
1) diagnosis of the current state of stability of the 
enterprise based on the application of a certain set of 
indicators;
2) factor analysis of the internal and external 
environment in order to establish strategic factors of 
economic stability of the enterprise or its individual 
components; determination of optimal criteria of 
stability and substantiation of expediency of their 
application; determining the level of economic stability 
(or the stability of its components);
3) search, analysis and testing of certain measures 
and sources necessary to return the company to 
equilibrium;
4) development of scientifically sound recommen-
dations for maintaining and increasing the level of 
economic stability, as well as the implementation of 
these measures in the daily life of the business entity; 
control over the process of their implementation.

In the modern scientific community there is an 
opinion that a high level of economic stability is 
easier for large enterprises to achieve, because they 
have sufficient resources and proper ability to quickly 
adapt to market transformations, forecast their future 
development, to reduce business risks through market 
diversification. We fully agree with this opinion 
because ensuring long-term economic stability 
requires a sufficient stock of financial resources, our 
own innovative developments related to production 
technology, an effective personnel management 
system, automation of most management processes 
and control over them.

The key feature of ensuring the economic stability of 
the enterprise at the present stage of development of 

society is strategic management, the implementation of 
which will contribute to the effective functioning of the 
enterprise in the market environment in the long-term 
perspective.

Therefore, strategic management should be a tool 
to ensure the economic stability of the enterprise, the 
system of which includes a set of alternatives for strategic 
decision-making depending on the situation at a given 
time (Tur, 2016).

Strategic management of economic stability of 
the enterprise should take into account the specific 
features of each individual production or service 
sector, as they have significant differences in the levels 
of concentration of stability in both domestic and 
foreign markets.

5. Conclusions
Ensuring strategic development requires a modern 

market enterprise to change the profile of activity 
in the direction of a qualitatively new direction 
of economic growth, increase the efficiency of its 
activities. Thus, a necessary condition for ensuring 
the economic stability of the enterprise is the 
effective management of its strategic development. 
Implementation of strategic development of the 
enterprise takes place only in the presence of strategic 
orientation.

It is extremely necessary for a modern market 
enterprise to determine strategic advantages in the 
formation of directions of development, which will 
help later in compiling a reasonable sequence of 
actions for the implementation of the concept and 
the formation of a strategic management system. 
All this will increase the efficiency of the enterprise, 
its commercial success and ensure sustainable 
development in the future.

Strategic development of any system is impossible 
without predetermined stages of strategic planning. 
Strategic planning is a guide and coordinator in the 
formation of strategic development of the enterprise, 
allows you to focus on solving tasks and directs activities 
towards achieving goals.

As an open economic system, the company is 
characterized by dynamism and operates in conditions 
of uncertainty (often with a high level) and instability 
of the market environment. As a result, enterprises 
are constantly forced to face the negative impact 
of external factors, which leads to a decrease in its 
economic stability. That is why the issues of ensuring 
economic stability have recently been most often 
considered through the prism of strategic development. 
However, without ensuring the economic stability 
of the enterprise to achieve strategic development is 
impossible. Strategic development should be aimed 
at ensuring the company’s ability to achieve strategic 
development goals and economic stability in particular.



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