CONCEPTUAL PRINCIPLES OF INNOVATIVE DEVELOPMENT OF THE ENTERPRISE

Aspects of strategic planning for innovative development are crucial to ensuring sustainable growth and a competitive position for the enterprise. Employing these conceptual principles helps enterprises create innovative products and services, optimize business processes, and expand markets, thus ensuring a stable competitive advantage. However, it is important to recognize that innovative development is an ongoing process, and enterprises need to constantly update their strategy and implement new ideas to adapt to changes in the internal and external environment. Highlighting the conceptual aspects of innovative development in the article aims to assist enterprises in achieving stable economic growth and success by creating and implementing innovative solutions and strategies. Focusing on these aspects, the article aims to provide clear information and understanding of the enterprise's innovation development process and its importance in achieving success in the market. The main results of the analysis of conceptual foundations of enterprise innovation development indicate its significance for sustainable growth and success. Taking these conceptual foundations into account enables enterprises to effectively create new products and services, optimize business processes, and expand their market presence. Understanding the concepts, principles, strategic aspects, stimulation methods, and success factors of innovation development contributes to enterprises achieving a sustainable competitive advantage. The article examines the definition of the concept of «enterprise innovation development.» It summarizes the main types of innovations. Key aspects of enterprise innovation development are considered. Proposed classifications of conceptual foundations of innovation development can be implemented to ensure the success of the enterprise in the contemporary competitive business environment.