Research and improvement of the strategy of new types of goods development at APC Obhiv during the implementation of foreign economic activity

Students Name: Sukholeister Viktor Viktorovych
Qualification Level: magister
Speciality: Management of Foreign Economic Activity
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2024-2025 н.р.
Language of Defence: ukrainian
Abstract: Modern globalisation and market integration require companies to update their product portfolio to ensure international competitiveness constantly. The development of new types of products is becoming a strategically important activity, as it allows businesses to adapt to changing environmental conditions, consider the specific needs of foreign consumers and meet the requirements of regulatory standards in different countries. These actions provide access to new markets, reduce the risks of dependence on one segment and strengthen positions in the global competitive environment. The object of the study is APC Obhiv. The subject of the study is the strategy of developing new types of goods of the APC Obhiv in the implementation of foreign economic activity. The study aims to develop measures to improve the strategy for developing new types of goods of the APC Obhiv in implementing foreign economic activity. APC Obhiv is one of the leading agricultural organisations in the Rivne region, and it is engaged in the production, processing, and sale of agricultural products. The company mainly specialises in cultivating cereals, legumes and oilseeds (corn, wheat, soybeans, rapeseed, peas, etc.). Based on the results of the work, we have identified the problems of the strategy for developing new types of goods of the APC Obhiv in the implementation of foreign economic activity, namely: 1. Insufficient consideration of competitors’ actions in forming a strategy for developing new types of goods of the APC Obhiv in implementing foreign economic activity. 2. The low level of implementation of the strategy for developing new types of goods of the APC Obhiv in implementing foreign economic activity in the operational processes of the cooperative. In this paper, we have proposed a measure to improve the strategy for developing new types of goods of the APC Obhiv in the implementation of foreign economic activity, namely: 1. Use the benchmarking tool to better consider competitors’ actions when forming a strategy for developing new types of goods of the APC Obhiv in implementing foreign economic activity. 2. A balanced scorecard is applied to strengthen the strategy for developing new types of goods of the APC Obhiv in implementing foreign economic activity in the operational processes of the cooperative. As the first project activity for APC Obhiv, we propose using a benchmarking tool to consider better competitors’ actions when formulating a strategy for developing new types of goods in foreign trade. As you know, benchmarking compares a company’s activities, products or processes with benchmarks set by other organisations or industry standards. Benchmarking aims to identify best practices that help improve a company’s efficiency, product quality or competitiveness. This tool allows you to learn from the experience of other organisations, adapt it to your own needs and improve your business processes. The benchmarking tool allows APC Obhiv to effectively adapt the best international practices to its operations, significantly improving the strategy for developing new types of products. In particular, it will enable us to compare the methods of growing, storing and processing products with those of industry leaders who have already succeeded in international markets. These actions make it possible to identify the most promising approaches, such as using high-quality seeds and introducing modern precision farming technologies or innovations in grain storage that reduce crop losses and improve quality. The second project measure for APC ObhivC is using a balanced scorecard to strengthen the implementation of the strategy for developing new types of goods in foreign trade in the cooperative’s operational processes. As is well known, the balanced scorecard (BSC) is a strategic management tool that combines financial and non-financial aspects of activities to implement the company’s goals effectively. For APC Obhiv, applying the BSC in the context of developing new types of products helps integrate strategic plans into daily operational processes. It will help identify key performance indicators (KPIs) that consider the specifics of agricultural activities, the needs of foreign markets and the cooperative’s innovation priorities. As a result of implementing the measures, APC Obhiv managed to increase the return on assets by 7.4% in relative terms, which is in line with the target. Keywords – benchmarking, balanced scorecard, foreign economic activity, strategy, product. References 1. 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