The article is dedicated to the analysis of the production diversification strategy based on the implementation of the innovative approaches to management of aerospace corporations and enterprises, including the organizational design, project management, cost management, personnel management etc. The article demonstrates the absence of a common strategy to optimize the performance and achieve competitive production costs.The leading world corporations perform a comparative analysis of the diversification policy. This analysis demonstrates the obstacles of implementing such approaches at the vertically-integrated enterprises of the Russian Federation’s aerospace industry.The article is aimed at thw scholars researching the aerospace companies’ economy, competitiveness of corporations and enterprises on the world markets, organizational design and project management.