Innovative approaches to the formation of the international product strategy of the enterprise

Abstract

The article examines how enterprises form a product strategy when they work not only within one country, but enter international markets. The focus is on how the approach to product creation is changing under the influence of digital technologies and innovation. The purpose of the study is to understand which approaches work better in modern conditions and how they affect the results of companies. In the process of work, scientific sources, modern research and analytical reports of international companies were analyzed. Different options for forming a product strategy were compared, in particular approaches that are based on the same product for all markets, and those that involve changing it for each country. As a result, it has become clear that none of these approaches individually produces the best possible outcome. The results obtained show that enterprises are increasingly moving towards a combination of different approaches. They leave part of the product standard and change part depending on the market. Innovations, especially digital tools, play an important role in this process, helping to better understand customers, respond more quickly to changes and make more accurate decisions. It has also been established that the use of data analytics and modern technologies allows companies to bring the product to the market faster and increase its compliance with consumer expectations. Within the scope of the study, an own approach to product strategy formation is proposed, which is based on a combination of forecasting, flexible product construction and constant communication with the client. Its essence is that the company not only reacts to changes, but tries to predict them in advance and prepare the product for these changes. Using this approach is expected to help businesses operate more sustainably, reduce adjustment costs and improve their competitiveness in the international market. As a result, we can say that an effective product strategy today is impossible without innovation and digital tools. In the future, their role will only grow, so enterprises should actively implement new approaches in their activities.