Strategic Marketing as a Determinant of Sustainable Business Development

Abstract

The article develops recommendations for improving the methodological platform of strategic marketing as a determinant of sustainable business development. It is proved that sustainability is a concept that includes economic, environmental and social dimensions of activity at the company level. It is stated that the study examines the influence of two concepts of strategic marketing - market orientation and innovation orientation on sustainable business. The constructed model of the relationship of the hypotheses of the study: H1. 1: strategic market orientation has a positive attitude to the sustainability of environmental indicators; H1.2: strategic market orientation has a positive relationship with the sustainability of economic indicators; H1.3: strategic market orientation has a positive attitude to the sustainability of social activities; H2.1: strategic innovation orientation has a positive attitude to sustainability in environmental performance; H2.2: strategic innovation orientation has a positive relationship with sustainability in economic indicators; H2.3: Strategic innovation orientation has a positive attitude to the sustainability of social activities. The survey was conducted using structured questionnaires received from various employees, managers, agents, representatives and intermediaries of various pharmaceutical companies in Ukraine. Convergent validity and the Cronbach's alpha coefficient demonstrated convergent validity and internal consistency. It is reasonable that the research results show a significant relationship between strategic market orientation and innovation orientation with the sustainability of environmental, economic and social indicators of the pharmaceutical industry. The focus on strategic innovation with the desire to create and offer quality products and services, innovative solutions, waste control and resource use, will allow the company to achieve sustainability in productivity, as confirmed by H2.1 (0.59) and H2.2 (0.37). Strategic innovation orientation does not significantly affect the sustainability of social activities, which may be due to the fact that innovations have a greater tendency to improve environmental and economic indicators. It has been proven that effective market orientation and innovation orientation can provide a competitive advantage to pharmaceutical companies.