Institutional and conceptual foundations of modern strategic management

Abstract

The article is devoted to a comprehensive study of the institutional and conceptual foundations of modern strategic management in the context of globalization and the digital transformation of the economy. The evolution of theoretical approaches to strategic management is analyzed, from classical concepts to modern paradigms that consider the dynamism of the external environment and the need for organizations to adapt to rapidly changing operational conditions. The study explores the key institutional factors influencing the formation and implementation of organizational strategies, including regulatory frameworks, corporate governance, organizational culture, and stakeholder relationship systems. Particular attention is given to the analysis of the impact of digitalization on the transformation of traditional models of strategic planning and management, especially the adoption of agile approaches, design thinking, and the concept of sustainable development. The conceptual foundations for the formation of adaptive strategies capable of ensuring organizational competitiveness in conditions of uncertainty and high market volatility are examined. The role of innovation as a key driver of strategic development is analyzed, including technological, product, process, and organizational innovations. Special emphasis is placed on the study of institutional mechanisms for coordinating strategic initiatives at various management levels, including corporate, business, and functional levels. The article investigates methodological approaches to evaluating the effectiveness of strategic management, including balanced scorecard systems and the stakeholder value creation concept. The necessity of integrating the principles of sustainable development and social responsibility into the strategic management system of modern organizations is substantiated. The research findings provide a comprehensive understanding of current trends in the development of strategic management and identify promising directions for further scientific inquiry in this area, particularly in the context of organizational adaptation to the challenges of the Fourth Industrial Revolution and post-pandemic economic recovery.