Strategic management of companies' adaptive behavior

Abstract

The modern stage of economic growth is accompanied by sophisticated, multifaceted, and diverse processes, including globalization, the evolution of a new technological paradigm, the growing scarcity of available resources, and changing consumer demands and preferences. In this context, the ability of businesses to quickly and adequately adapt to changes, induced by the external environment, is crucial to their long‐term success. Awareness of these circumstances has led to increased research interest to the issues of managing the adaptability of businesses. The paper quantifies the major dependencies and controversies between the adaptability assessment methods and strategic development of entrepreneurship. The research findings provide an understanding of the overall trend of adaptability management and its impact on the business performance and management strategies that can be used to increase resistance to the extrinsic factors. The main methods of analysis include matrix‐based approaches to selecting the best strategic decisions. A methodical approach was proposed for a reasoned choice of retailers' strategic adaptation areas, which makes it possible to determine the optimal type of adaptation strategy and opens opportunities for determining the company's strategic pathway in its adaptation context. This paper addresses the current market‐driven settings of economic management and the issues of managing the retailers' adaptability in China, as well as the need to change the methods of their strategic management in order to develop a strong competitive position in today's fast‐paced environment and promote economic growth. The research findings can be applied in various types of businesses, regardless of the scale thereof.

Strategic management: a review of scientific literature using the conceptual bibliographic method

“…The external environment is a phenomenon that appears in practically all studies related to strategic management, representing spaces and everything that is contained beyond organizational boundaries, as can be seen from the studies by Sitepu et al (2023), Kovbatiuk et al, 2023Yin, 2023). Every organization is not only surrounded by the external environment but permeated by it, as shown in the study by Nascimento-e-Silva (2019), since the people who make up organizations are also part of the external environment and its various forms of manifestation.…”