Sustaining organizational competitiveness through strategic management in manufacturing firms

Abstract

The study examined the application of strategic management practices towards the sustenance of organizational competitiveness in selected manufacturing firms in Nigeria. The specific objectives are to assess the effect of strategic planning practices on the organizational competitiveness of selected firms in the manufacturing industry and examine the effect of strategy formulation practices on the organizational competitiveness of selected firms in the manufacturing industry. The research design used for this study was cross-sectional research design. The population of the study was 15, 625 in three categories/sectors/sub-sectors (consumer, industrial and healthcare sector) listed in the Nigeria stock exchange. The sample size was determined, using the Taro Yamani formula to arrive at 390 which consists of senior, middle and lower-level staff. Data analysis was conducted using Stata version 31 while data sources were obtained from interviews and questionnaires. Multiple regression analysis was used to test the formulated hypotheses. The study found that there is a significant and positive effect of the strategic planning practices dimension of strategic management practices on the organizational competitiveness of selected manufacturing firms in Nigeria. (Coef.0.129, P=0.001). There are significant and positive effects of strategy formulation practices on the organizational competitiveness of selected manufacturing firms in Nigeria. (Coef.0.2059, P = 0.000). The study concluded that strategic planning practices are the pathways to or the starting point of marketplace dominance and a strong competitive position over a long period for any organization. The study recommends that policymakers should ensure adequate resource allocation to ensure that the strategic planning practices of the firms are successful.