INNOVATIVE STRATEGIES AND THEIR IMPACT ON IMPROVING THE EFFICIENCY OF CONFECTIONERY ENTERPRISES

Juliia Ushkarenko; Alona Sorokina

doi:10.32999/ksu2307-8030/2024-53-4

Juliia Ushkarenko https://orcid.org/0000-0002-7231-5277
Alona Sorokina https://orcid.org/0000-0003-1811-5116

DOI: https://doi.org/10.32999/ksu2307-8030/2024-53-4

Keywords: confectionery industry, innovation strategies, technological advancements, sustainable packaging, digital marketing, business model innovation, consumer engagement, operational efficiency, market expansion, economic impact

Abstract

This research paper explores the impact of innovative strategies on the efficiency and market performance of confectionery enterprises. Focusing on key areas such as production, packaging, marketing, and business model implementation, the study employs a comprehensive methodology, including surveys, in-depth interviews, case studies, and data analytics to gather insights across various levels of the industry. The findings highlight the significant role of technological advancements in production, such as automation and AI, which enhance operational efficiency and product consistency. In packaging, the shift towards sustainable materials not only meets environmental standards but also caters to the growing consumer demand for eco-friendly products, influencing purchasing decisions and brand loyalty. Marketing innovations, particularly through digital and social media platforms, have shown to effectively increase consumer engagement and expand market reach with targeted, data-driven campaigns. Moreover, the adoption of novel business models like direct-to-consumer and subscription services has demonstrated substantial benefits in increasing sales and customer retention by providing personalized experiences and conveniences to consumers. The paper discusses the economic implications of these innovations, detailing how they contribute to cost management, revenue enhancement, and market expansion. It also addresses the challenges faced by companies, including the initial high investment costs and the need for continuous adaptation to consumer preferences and technological advancements. The study concludes that for confectionery enterprises, embracing a culture of innovation is crucial for sustaining competitiveness and achieving growth in a rapidly evolving marketplace. By integrating innovative practices across multiple facets of operations, companies can enhance their efficiency, engage more effectively with consumers, and navigate the complexities of the modern economic landscape.

References

1. Bay M., and U. Çil (2016) How well do companies manage innovation? An analysis on low-tech industries. Procedia-Social and Behavioral Sciences, no. 235, pp. 709–718.
2. Caldwell D. G. (ed.) (2012) Robotics and Automation in the Food Industry: Current and Future Technologies. Elsevier.
3. de Avelar M. H. M., G. de Castilho Queiroz, and P. Efraim (2020) Sustainable performance of cold-set gelation in the confectionery manufacturing and its effects on perception of sensory quality of jelly candies. Cleaner Engineering and Technologym, no. 1.
4. Ibrahim H. O., Ohida I. Y., and Okeke C. I. (2023) Effect of innovation on performance of confectionary firms in Fct-Abuja. FUW-International Journal of Management and Social Sciences, no. 8 (1), pp. 17–17.
5. Misevic P., Volarevic H., and Peric M. (2020) The trend analysis of less sugar chocolate confectionery markets. In Economic and Social Development (Book of Proceedings), 52nd International Scientific Conference on Economic and Social Development, p. 654.
6. Nosachenko A. (2020) The attraction of innovations in order to identify reserves that can increase competitiveness in Ukrainian and Polish food industry enterprises. Selected Issues Of Socio-Economic Development In Poland And Ukraine, no. 97.
7. Piwowar-Sulej K., Kwil I., and Podsiadły K. (2019) Barriers to technological innovation for small local confectionery companies. In European Conference on Innovation and Entrepreneurship, pp. 795-XXIV. Academic Conferences International Limited.
8. Piwowar-Sulej K., and Podsiadły K. (2022) Technological innovation and the labor market: The two-way non-reciprocal relationships with a focus on the confectionery industry in Poland.
9. Pozdnyakova O. G., Egushova E. A., and Tyshchenko E. A. (2018) Functional confectionery products: development of production process.
10. Purba H. H., Maarif M. S., Yuliasih I., and Hermawan A. (2018) Innovation typology in food industry sector: A literature review. International Journal of Modern Research in Engineering and Technology, no. 3 (2), pp. 8–19.
11. Šeremet D., Mandura A., Cebin A. V., Martinić A., Galić K., and Komes D. (2020) Challenges in confectionery industry: Development and storage stability of innovative white tea-based candies. Journal of Food Science, no. 85 (7), pp. 2060–2068.
12. Semerun L., Puchkova S., Ivanchuk K., Brahyna O., and Nosova T. (2023) Methodical approach to managing the efficiency of the confectionery sector enterprise structures activity.
13. Umut Ç. İ. L., and Bay M. Innovation Management in Low-Tech Industries: An Innovation Audit of Confectionery Industry."
14. Yermak S. O., and Plotnitskaya V. V. (2016) The innovation aspects of development of the confectionery market of Ukraine. Business Inform, no. (11), pp. 398–403.