Assessment of Business Development Strategies in the Nigerian Construction Industry

Abstract

Business continuity is bravery for the survival of any business. This paper examines the business development strategies in the Nigerian construction with a view to enhance the sustainability of firms of professionals and contracting organizations in the industry. Set of a well structured questionnaire was distributed to professionals in both the consulting and contracting organizations in Abuja, the Nigeria federal capital territory. Data collected were analysed using mean score to rank the responses of the professionals on the usage and level of effectiveness of business strategies and One-Way Analysis of Variance (ANOVA) was employed to test the level of significance of strategies identified by this study. The study established that the widely used strategies by the professionals for business development in Nigeria included market penetration and organization/internal development. Moreover, the most effective strategies was organization/internal development followed by products/services branding and packaging, financial partnership, market penetration and merger and acquisition. The most significant strategies was market penetration followed by products/services branding and packaging, people/staff/personnel development, financial partnership, diversification and strategies alliance which were equally ranked high. The study concluded that market penetration, firm’s internal development, financial partnership, diversification and strategic alliance are significant and essential strategies for firms of professionals and organizations to survive in the Nigeria competitive construction markets.