Application of strategic management tools in justifying regional development strategies

Nowadays the criteria for the effectiveness of regional policy have significantly changed. Now it is not only effective mechanism for the distribution of financial flows for smoothing the differentiation in the levels of regional development. The main task is to implement an active policy of employment, to maintain an acceptable level of income and competitiveness. Rating methodologies for assessing the potential of the regions do not allow to identify key areas of economic activity. Matrix methods of strategic management for corporations can match with the latest objectives of regional policy. Country (region) can be regarded as a diversified business-structure and matrix methods can be used to identify the most important activities. Strategic management techniques are adapted for research purposes and can be used for the justification of the regional strategy. Ranking of the economic activities is implemented for the Republic of Belarus and Vitebsk region.