BUSINESS ADAPTATION STRATEGIES IN A TURBULENT MARKET ENVIRONMENT DURING WARTIME IN UKRAINE
DOI:
https://doi.org/10.17721/1728-2667.2023/223-2/14Keywords:
strategy, adaptation, business resilience, market threats, wartimeAbstract
Background. In February 2022, Ukrainian businesses faced significant challenges due to a full-scale war that led to an unprecedented crisis. The research examines the specifics of business adaptation in the conditions of war in Ukraine, analyzing the risks and threats that enterprises encounter in times of turbulence. The object of research is the market activities of Ukrainian economic entities during the war, while the subject of the study is the strategies for adapting their operations to the turbulent market environment.
Methods. In line with the research objectives, methods of analogy, abstraction, analysis, and synthesis were used to summarize the theoretical foundations of the concept of business resilience. An expert survey was conducted to examine strategies and methods for adapting businesses to unpredictable conditions.
Results. The research examined the challenges faced by Ukrainian companies in the turbulent market environment during the war. The results show the importance of strategic management for the successful adaptation of enterprises to the extraordinary conditions of the business environment characterized by uncertainty and a high degree of risk associated with the war. Business adaptation strategies should focus on implementing measures that reduce uncertainty, minimize potential losses, and increase security.
Conclusions. By conducting thorough monitoring of market threats and developing adaptation and response strategies to external challenges, businesses in Ukraine can increase their chances of survival in complex and unpredictable economic conditions during times of war. In such circumstances, the primary focus should be on continuous monitoring of the market environment and risk assessment. Possible strategies for increasing business resilience include improving security, supporting employees, expanding product offerings, adapting production to reduced demand and customer needs, diversifying suppliers, monitoring competitors' actions, market development, and using innovation to improve operational efficiency, reduce dependence on human resources, and optimize business processes.
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