Designing a model of innovation strategies effective on the development of the cosmetics industry with an emphasis on international entrepreneurship (Case study: Sehat Industrial and Trading Company)

Today, organizations recognize innovation as a crucial necessity in a constantly changing world. The researcher’s objective is to create a model of effective innovation strategies specifically for the cosmetics and health industry, focusing on international entrepreneurship. This research employs both qualitative and quantitative methods and falls under the category of applied research. The qualitative part involves 7 managers and officials from Sehat Industrial and Trading Company, as well as 3 academic experts. The quantitative part includes 75 experts and employees from the same company. To assess the normality of data distribution, we utilized the Kolmogorov-Smirnov test. Hypothesis testing was conducted using structural equations (SEM), and interpretive structural modeling (ISM) was employed to prioritize innovation strategies. Based on the results obtained, there are different types of innovation strategies: aggressive innovative strategies, innovative strategies focused on knowledge absorption capacity, pioneering innovative strategies, and risky innovative strategies. Among these, risky innovative strategies were given the highest priority, while innovative strategies focused on knowledge absorption capacity were given the lowest priority based on their prioritization. The hypotheses tested to examine the impact of aggressive innovative strategies, innovative strategies, pioneer innovative strategies, and risky innovative strategies on the development of the cosmetics industry, specifically in terms of international entrepreneurship, were all confirmed. Therefore, it is recommended that managers and officials in the cosmetics industry contribute to its development by employing innovative strategies that involve taking risks.