DOI: 10.33917/mic-5.100.2021.36-43

The notion of competitiveness has a key value in strategic management. The issues of determining competitive advantage and its usage for reaching company’s goals attract significant attention from business, management, economists, which has led over the past four decades to a gradual conceptualization and an increase in the desire to understand competitiveness at the level of business, regions, nations. Numerous studies have been carried out to study competitiveness theoretically and to test it in practice. This article discusses the ways of forming approaches to study the company’s competitiveness.

DOI: 10.33917/mic-4.99.2021.63-70

Many companies continue to consider value creation too unilaterally, aiming to maximize short-term financial results and ignoring the influence of a wider set of factors, which determine long-term competitiveness. Recognition of the need for a new paradigm of competitiveness, based on the complex approach, taking into account financial and non-financial goals, already exists among strategic thinkers and successful business-leaders, there are promising elements of the new model emerging in practice. Still for many companies the issues of social responsibility remain optional, dispensable to be included in strategic agenda. Efforts in this direction remain on the periphery, not in the center of managers’ attention. This article considers the relation between social responsibility, competitiveness of a company and value creation.