Application features of conceptual models in processes of strategic decision-making

Purpose - The main purpose of this paper is a review of potential application of conceptual models to support the main stages of strategic management: strategy formulation, strategy implementation and strategy evaluation. To review the potential application of the conceptual models it is necessary to define basic notions and principles of the strategic management and determine the main challenges relevant to the strategic management at the age of knowledge economy. It is also necessary to define the term conceptual model, to classify existing types of conceptual models and ways of application. Moreover, creation of conceptual models of any object is a way of knowledge creation about this object. It is also applicable at other stages of knowledge management - capturing, codification, transferring and storing. Design/methodology/approach - The research method to achieve this purpose is a literature review focused on three main areas: (1) the main principles, notions and challenges from the field of strategic management; (2) the principles of systems analysis, systems approach and systems modeling; (3) the evolution, classification and application of conceptual modeling methods with subsequent analysis of relevant problems from the field of strategic management. Originality/value - Developments in the field of information science are used successfully in many fields of management such as financial, operations or supply chain management, but in the field of strategic management model-based methods and technologies are used not so widely. Further development of this research will able to integrate different types of conceptual models on the basis of Enterprise Architecture. This synthesis can increase the usage of information systems to support strategic decision-making process. Practical implications - This paper is a starting point for the further research. It is includes a systematic review of the basic notions and principles from the field of strategic management, systems analysis, conceptual modeling and enterprise architecture. Also here is a classification of modeling methods depending on the degree of their formalization: verbal, conceptual and abstract. Further research will allow to develop methods and techniques that can facilitate the process of strategic decision-making.