Industries Wise Differences in Management Strategy and their influence on Performance: A study of Manufacturing and Service Industries in Nigeria

Abstract

This study investigated whether or not there are variations in strategy (managing and non- managing) among small business industries currently operating in Nigeria. In every location in the world, the definition of industries and the sectors that comprise those industries are identical. For the purposes of this study, we have focused on oil companies, consumer durables, industrial products, software developers, pharmaceuticals, telecommunications, banks, automobile manufacturers, and the service industry. The survey was drafted and distributed to the most senior executives of major corporations (the data for which was collected from the databases of those companies). SPSS was performed to analyze the 105 replies in order to determine the efficacy of the various marketing strategies employed by businesses operating in a number of market sectors. The same characteristics were then utilized to investigate the relationship between these strategic parameters and the overall performance of industries. As a performance metric, the organizations and industries were evaluated based on their level of profitability. Then, a cluster analysis was conducted to determine whether or not there is a pattern beyond the industry component that unites the various businesses that comprised the study's sample firms. The findings of the study indicated that there are a large number of strategic parameter differences between industries, and the study also revealed that the performance-influencing factors are unique for each of the various industries. Cluster analysis also showed that the strategic parameters of the different industries are very different.