STRATEGY ROLE FOR MANUFACTURING INDUSTRY

Abstract

The objective of this paper is to analyse the role of the strategic management for manufacturing industry in Latvia. Paper explains current strategic approaches and shows strategic management development, describing it based on the technological evolution approach. Firstly, authors use exploratory research to determine current behaviour of the industry. At present manufacturing industry have been missing proper strategies and the necessary orientation for export promotion for the products. The growth of the export of manufacturing products depends on identification the proper strategy, by analysing the present market factors. In order to compete in international markets well-defined strategy, establishing sustainable development for the industry is necessary. The development of strategic management in industry as breakthrough innovations or technological standard of the industry are observed. Once the standard is clear and market demand is growing, competition starts as “economy of scale” for efficient process and lower costs. This paper is analytical study of different aspects of export for manufacturing industry in Latvia.

DOI: http://dx.doi.org/10.5755/j01.em.17.1.2271