Competitive risk strategy and entrepreneurial satisfaction among fast moving consuming goods in Nigeria during covid-19 pandemic using confirmatory factor analysis

Abstract

This study examined the relationship between competitive risk and entrepreneurial satisfaction in fast moving consuming goods (FMCG) firms in Nigeria during covid-19 pandemic era. The study adopted quasi-experimental design and cross sectional design. Data were generated by quantitative and qualitative method. The employed used judgemental sampling techniques and non-proportionate stratified random sampling techniques. A total population of 6000, sample size estimate of 360 was determined using Krejcie and Morgan Table. Also, 360 copies of questionnaire were distributed to the accessible entrepreneurs’, while 329 copies were completed and retrieved. The instruments were validated with reliability above 0.7 Coefficient, using Split-Half Method to determine the internal consistency. Two research questions and two hypotheses were raised which was tested with Pearson Product Moment Correlation and KMO/Barllet’s test for the sampling adequacy for data appropriateness and sphericity respectively via SPSS 25 version. From the findings, the concept of competitive risk creates positive impact on client satisfaction. In conclusion, entrepreneurial risk cost strategy and differentiation risk strategy have significant influence on the entrepreneurial satisfaction of the FMCG firms. Based on the findings and conclusion, this study contributes to the knowledge that entrepreneurial satisfaction could be the sustaining and surviving concept to entrepreneurs if always considered in decision making during covid-19 pandemic era; while the differentiation risk cost strategy could give the FMCG firms a leading edge rather than bleeding if integrated with client satisfaction. It could be recommended that fast moving consuming goods firms should improvise entrepreneurial risk cost as strategy, because during the covid-19 pandemic the income level of client were affected in Nigeria. Hence, the entrepreneurs should employed cost advantage to domicile the FMCG markets to satisfied their client which enable them to gain large proportion of the market share ratio.