WAYS OF INCREASING THE COMPETITIVENESS OF FOOD INDUSTRY ENTERPRISES

Keywords: Competitiveness, Food Industry, Strategies, Market Analysis, Innovation

Abstract

Purpose. The purpose of this study is to provide food industry professionals, entrepreneurs, and stakeholders with valuable insights and actionable strategies to enhance the competitiveness of their enterprises. By exploring various approaches and methods, we aim to empower individuals and organizations within the food industry to thrive in a highly dynamic and competitive environment. Through this study, readers will gain a deeper understanding of the critical factors influencing competitiveness and learn practical ways to stay ahead, adapt to consumer trends, optimize operations, and foster innovation within their food businesses. Ultimately, our goal is to facilitate the growth and sustainability of food industry enterprises in an ever-evolving market landscape.

Results. In the dynamic food industry, competitiveness is pivotal for survival and success. It goes beyond mere participation; it's about thriving amidst intense competition, meeting consumer expectations, and outperforming rivals. Competitiveness is defined as a food enterprise's ability to strategically position itself, surpass competitors, and consistently exceed consumer expectations. Key factors in competitiveness include maintaining stringent quality and safety standards, ensuring operational efficiency and cost management throughout the supply chain, continuous innovation and product development, understanding evolving consumer preferences through market research, and fostering efficient supply chain management through strong supplier relationships, inventory optimization, and logistics. To bolster competitiveness, companies invest in improving product quality and safety through Quality Assurance programs and adherence to regulatory requirements. They also prioritize cost efficiency strategies such as lean manufacturing, supply chain optimization, and sustainability initiatives. Additionally, innovation and product development efforts focus on consumer-centric design, R&D investments, and strategic new product launches.

Scientific novelty. The scientific novelty of this study lies in the comprehensive synthesis and application of multidisciplinary strategies for increasing the competitiveness of food industry enterprises. While previous research has explored individual aspects of competitiveness, such as quality control, cost efficiency, or market analysis, this article uniquely integrates these facets into a holistic framework. By doing so, it offers a novel perspective on how food businesses can thrive in a complex and ever-changing environment.

Practical value. The practical value of this study is twofold: it empowers food industry professionals with actionable strategies to enhance competitiveness, helping them stay ahead in a rapidly changing market. Additionally, it provides insights into risk mitigation and resource optimization, enabling businesses to navigate challenges effectively and maximize profitability.

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Published
2023-11-04
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How to Cite
Babayev, F., & Balajayeva, T. (2023). WAYS OF INCREASING THE COMPETITIVENESS OF FOOD INDUSTRY ENTERPRISES. International Journal of Innovative Technologies in Economy, (4(44). https://doi.org/10.31435/rsglobal_ijite/30122023/8069