Entrepreneurial Orientation Components and Sales Volume of Selected Quoted Consumer Goods Manufacturing Companies in Nigeria

doi:10.7176/jrdm/80-03

Abstract

Organisational performance is of high importance and occupies a central position among other goals and remains a compensation for sustainable and competitive sales volume. Consumer goods manufacturing industry in Nigeria are experiencing decline in sales volume due to poor entrepreneurial orientation. This study examined the interaction between entrepreneurial orientation components and sales volume of selected quoted consumer goods manufacturing companies in Nigeria. The study adopted cross sectional survey design. The population of the study was 1,551. Total enumeration was used to sample the entire population. A structured questionnaire was used for data collection. The Cronbach’s alpha ranges between 0.721 and 0.892. The response rate was 90.5%. Data were analysed using descriptive and inferential statistics. Findings revealed that innovativeness (β = 0.334, t = 4.970, p = 0.000), competitive aggressiveness (β = 0.221, t = 3.715, p = 0.000) and risk taking (β = 0.136, t = 2.044, p = 0.042) have positive and significant effects on sales volume of the selected quoted consumer goods companies in Nigeria. However, proactiveness (β = 0.129, t = 1.733, p = 0.000) and planning flexibility (β = 0.075, t = 1.378, p = 0.169) have a positive but insignificant effect on sales volume of selected quoted consumer goods companies in Nigeria. The study concluded that entrepreneurial orientation (innovativeness, competitive aggressiveness, proactiveness, risk-taking and planning flexibility) had significant effect on sales volume of selected quoted consumer goods companies in Nigeria and recommended that managers should be more aggressive in exploiting opportunities to increase sales volume. Keywords: Entrepreneurial orientation, Sales volume, Consumer goods companies, Nigeria. DOI: 10.7176/JRDM/80-03 Publication date: November 30 th 2021

Highlights

Organizations like manufacturing companies around the globe are experiencing continuous challenges of maintaining stability regarding fundamental performance indicators across different years of business functioning
The study concluded that entrepreneurial orientation had significant effect on sales volume of selected quoted consumer goods companies in Nigeria and recommended that managers should be more aggressive in exploiting opportunities to increase sales volume
Entrepreneurial orientation components have no significant influence on sales volume of selected quoted consumer goods companies in Nigeria

Summary

Introduction

Organizations like manufacturing companies around the globe are experiencing continuous challenges of maintaining stability regarding fundamental performance indicators across different years of business functioning. Consumer goods manufacturing industry managers find it challenging and difficult in constantly and continuously achieving targeted business performance indicators like sales volume, market share, sales growth, and competitive advantage resulting from global economic activities, unstable economic factors and open market competition challenges that are characterized with the consumer goods manufacturing industry. These challenges have created high volatile trend and deterioration in business performance indicators, and capture the interests of scholars and professionals in strategic and entrepreneurship management to investigate the causes of volatility and deterioration in consumer goods industry performance indicators. The consumer goods manufacturing companies in Nigeria are yet to fully apply corporate entrepreneurial orientation techniques in managing unstable economic policies to accomplish a boost in their sales volume. (Egbunike & Okerekeoti, 2018)

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Results

Discussion

Conclusion