Continuous innovation of strategy as a key to the success of enterprises: Intensification of strategic orientations

Abstract

The success of companies in today’s fairly dynamic and uncertain business environment is largely determined by the capacity of organizations to respond to changes in the environment and to constantly work on innovation of their strategic orientation. In the future, development and long-lasting preservation of competitive advantages can be expected by companies that can quickly adapt to changes or create and foster change. The theoretical framework is based on generic strategies and styles of coping with environmental changes as basis for innovation of the strategy. A particular challenge of the presented empirical research is the analysis of reaction model by top managers in Bosnian–Herzegovinian business entities in relation to changes in the environment as well as the identification of their capability and willingness to constantly innovate strategies. Aim of the study is to highlight the significance of strategic orientation intensification in companies in order to strengthen existing and build new market positions. The research results can help managers to find answers about ways to react to changes in the environment and improve the strategic competence which is derived from the ability of their visionary and creative thinking and knowledge of all employees in the company. Therefore, a continuous development of existing and construction of new core competencies is highly advised, or simply said, a development of learning organizations.