Year: 2024 | Month: February | Volume 69 | Issue 1Special
Strategy for Developing Competitive Advantages of Market Entities in the Era of Digitalization
Olha Kibik1*
Olha Slobodianiuk
Kateryna Belous
Yevheniia Redina
Olesia Kornilova and Ivan Prymachenko
DOI:10.46852/0424-2513.1.2024.16
Abstract:
The issue of forming competitive advantages for market actors in the context of sustainable development priority and current challenges of globalized digitalization is highly relevant. The article aims to develop a methodological platform and practical tools for the strategic development of market competitiveness through digital optimization. The study was conducted using general scientific methods of cognition: logical and structural analysis, comparison, theoretical modeling, abstraction, induction, and deduction. The authors also applied the following methods: specification, generalization, formalization, tabular, and graphical interpretation of theoretical information. During the study, the authors investigated the current state of digitalization processes in the economic sector, as well as the infrastructure and information support of market players. It is determined that the effective use of digitalization opportunities is an essential prerequisite for intensifying the productivity and competitiveness of market players. The article highlighted the priority vectors of digital optimization of the economic potential of market actors that form their competitive advantages. The authors have developed a standard model of effective digitalization of market players’ activities as part of the strategy for developing their competitive advantages. The practical significance of the research findings is seen in the possibility of their application during the development of corresponding programs. These programs aim to improve the efficiency of managing functional economic processes and increase production productivity and competitiveness of market players. Such programs also seek to form a stable and effective model of digital optimization for economic processes.
Highlights
- The study concludes that effective digital optimization is crucial for enhancing the productivity and competitiveness of market entities, emphasizing the need for a comprehensive approach that integrates digital tools, communication quality improvement, and management system optimization.
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