Akademik Məlumat İdarəetmə Sistemi
70th International Scientific Conference on Economic and Social Development, no.1, pp.339-345, 2021 (Conference Book)
The rapid changes in the globalized world, the intensification of market competition, the deepening of market segmentation with a substantial increase in consumer demand and taste, the need to shorten the period of adoption of new production technologies have led to radical changes in the activities of enterprises and, consequently, in the content and strategic management systems. The main purpose of this study is to analyze the categorical characteristics of uncertainty and risk from an international practice and consider international practices to understand Azerbaijan's economic stability field. This consists of exploring the use of techniques to guarantee security. The research was carried out on the basis of research methods such as scientific abstraction, logical generalization and systematic analysis. The study found that strategic flexibility, competitive positioning, strategic segmentation, synergetic, diversification and other components of the strategic management system enable businesses to operate in a complex and changing external environment. The presence of uncertainties complicates the process of selecting optimal decisions. Innovative changes in the modern world require risky decisions, accompanied by uncertainty in the economic sphere. The limitations of the study are the need for more practical information. The practical significance of the research is to ensure the continuity of economic entities against the background of modern economic processes and determine that their development is impossible without financial stability. From this point of view, the practical significance of the work is to make certain proposals and recommendations to increase the effectiveness of decisions made in the long run in conditions of uncertainty. The originality and scientific novelty of the research is that the proposed approaches allow business entities operating in the economy to better understand the existing system of relations related to the development and implementation of strategy and, accordingly, to develop effective measures in strategic management.