Adaptation of domestic enterprises to global business conditions

Orlenko Olha
Candidate of Economic Sciences, Associate Professor of the Department of Business Economics and Business Organization, Odesa National University of Economics, Odesa, Ukraine, E-mail: orlenko20022015@gmail.com, ORCID ID: https://orcid.org/0000-0002-8814-4476

Yakovlieva Viktoriia
higher education student, Faculty of Economics and Business Management, Odesa National Economic University, Odesa, Ukraine, E-mail:vikirina66@gmail.com, ORCID ID:

Cite this article:

Orlenko O., Yakovlieva V. (2024) Adaptation of domestic enterprises to global business conditions. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Adaptacija vitchyznjanyh pidpryjemstv do globalnyh umov vedennja biznesu; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 11 (324), pp.83-90.

Abstract

This article is dedicated to analyzing the factors influencing the success of enterprise internationalization in a globalize world. The research is highly relevant due to the rapid growth of globalization and business internationalization, which pose new and complex challenges for companies. On the one hand, this opens up broad opportunities for market expansion and increased competitiveness, while on the other hand, it requires adaptation to diverse cultural, economic, and political contexts. The aim of the research is to identify key factors of successful internationalization, analyze the current challenges faced by companies in the internationalization process, and develop practical recommendations for overcoming these challenges and achieving success in a globalize environment. The research was conducted using a systematic analysis, which allowed for the identification of key factors for enterprise adaptation to the conditions of globalization. Secondary data analysis and comparative analysis methods were used to collect and analyze the data. The research results will contribute to increasing the competitiveness of Ukrainian enterprises on the global market, strengthening Ukraine's position in the global economy, and expanding the opportunities for Ukrainian companies to attract foreign investment. Companies that manage to navigate international markets effectively can gain significant advantages such as access to new customers, diversified revenue streams, and increased brand recognition. Additionally, internationalization helps businesses form strategic alliances, allowing them to leverage local expertise in foreign markets. Companies must adapt quickly to global trends, as failure to do so may put them at a serious disadvantage. For Ukrainian companies, internationalization is crucial, as it opens doors for integrating with global economic systems. It requires improving infrastructure, legal frameworks, and institutional support to operate globally. Challenges include complex trade regulations and cultural differences. To remain competitive, Ukrainian companies must innovate and enhance their technological capabilities. Adopting digital solutions is vital for entering new markets and streamlining international operations. Technological progress drives efficiency, reduces costs, and aligns businesses with international clients' expectations. Furthermore, businesses must focus on understanding local markets and cultural nuances to meet customer preferences. Successful internationalization also involves managing risks like geopolitical uncertainty and fluctuating exchange rates. Risk management strategies are essential for ensuring business continuity, even during crises. Strong leadership is key in deciding which markets to enter and in developing cross-cultural competence, which is necessary for navigating global markets. The research results will contribute to increasing the competitiveness of Ukrainian enterprises on the global market, strengthening Ukraine's position in the global economy, and expanding the opportunities for Ukrainian companies to attract foreign investment.

Keywords

internationalization of business, international expansion, international market, globalization, market expansion.

JEL classification:M210; L320;DOI: https://doi.org/10.32680/10.32680/2409-9260-2024-11-324-83-90

UD classification:334.722:658(477)

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