Business digital transformation: a strategic approach to market development
Business digital transformation: a strategic approach to market development

Author(s): Anny Atanasova
Subject(s): Economy, Business Economy / Management
Published by: Международно висше бизнес училище
Keywords: transformation; strategic approach; market development; customer relationship; crisis
Summary/Abstract: The crisis caused by Covid 19 has clearly shown that to survive the company must adapt and introduce new strategies to respond to the imposed negative circumstances. Some of the consequences arising from the crises are the shrinking of company markets, a decrease in customers, and, accordingly, in the volume of sales and income. This negative result, in turn, leads to an overall deterioration of the state of the business and its financial and economic indicators. Therefore, to get out of the crisis, it is necessary to make a deep analysis and to develop and implement appropriate strategic approaches. Covid 19 has shown that one of these approaches is the digitization of company activities, which provides many advantages to companies, including advantages related to their positions in domestic and foreign markets. In connection with this, the development examines the impact of digital transformation on the development of markets. The digitalization of company activity is seen as an approach of strategic importance not only for survival in crisis conditions but also for expanding markets. The level of digital transformation of the Bulgarian business and its role in the development of markets and the increase of customers are analyzed. The company's connection with customers, which is carried out with the help of modern digital devices and electronic media, and its role in improving the market positions of the business, are studied. Consequently, it is concluded that during the crisis as a result of Covid 19 enterprises took a step towards digitalization of business and especially towards the expansion of online sales as a situational anti-crisis measure. Today this approach can and should be aimed at taking into account the overall strategic goals, to the perspective in the development and achievement of sustainability in markets and company results. This means moving from reactive to anticipatory planned crisis management.

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