Business Strategies and Competitive Advantage: Evidence from Flour Mill Companies in Lagos State, Nigeria
Keywords:
Backward integration, Business development, Competitive advantage, Regrouping
Abstract
The authors argued from business strategies perspective to understand competitive advantage among homogenous producers. The population consisted of top and functional managers of flour mill companies in Lagos State, Nigeria. Cross sectional survey research design was adopted and primary data were collated and used. The research instrument was an adapted questionnaire. Its validity and reliability were statistically determined. Six hundred and twenty copies of the questionnaire were administered and 605 retrieved. Econometric equation was formulated and multiple regression analysis was employed for data analysis. Business strategies were found to have significantly affected competitive advantage. The study recommended product differentiation and portfolio diversification in order to achieve competitive advantage.
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References
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Gregson, A. (2008). Pricing Strategies for Small Business Self Counsel Press.
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Giama, E., Mamaloukakis, M. & Papadopoulos, A. M. (2019). Circularity in production process as a tool to reduce energy, environmental impacts and operational cost: The case of insulation materials. Paper presented at the 2019 4th International Conference on Smart and Sustainable Technologies (SpliTech), 6-14.
Geisler, E. & Turchetti, G. (2018). Conduit versus content: a model of the firm's market involvement and organisational competitiveness. International Journal of Technology Management, 76(1-2), 137-162.
Galdeano-Gomez, E., Céspedes-Lorente, J. & Martínez-del-Río, J. (2008). Environmental performance and spillover effects on productivity: Evidence from horticultural firms. Journal of Environmental Management, 88, 1552–1561.
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Haseeb, M., Lis, M., Haouas, I. & WW Mihardjo, L. (2019). The Mediating Role of Business Strategies between Management Control Systems Package and Firms Stability: Evidence from SMEs in Malaysia. Sustainability, 11(17), 4705.
Heeringa, S. G., West, B. T. & Berglund, P. A. (2010). Applied Survey Data Analysis. Boca Raton: Chapman & Hall/CRC.
Hunjra, A. I., Faisal, F. & Gulshion, F. (2018). The Impact of Cost Leadership Strategy and Financial Management Control System on Organizational Performance: An Empirical Investigation of Pakistani Service Sector. The Lahore Journal of Business, Forthcoming, 5(7), 455-667.
Husgafvel, R., Linkosalmi, L., Hughes, M., Kanerva, J. & Dahl, O. (2018). Forest sector circular economy development in Finland: A regional study on sustainability driven competitive advantage and an assessment of the potential for cascading recovered solid wood. Journal of Cleaner Production, 181, 483-497.
Ibidunni, O. S. (2009). Impact of competitive marketing on performance of multinational and Indigenous food and beverage manufacturing companies in Nigeria. A PhD thesis submitted to the Department of Business Studies, College of Business and Social Sciences Covenant University, Ota.
Isiavwe, D. T., Ogbari, M. E., Ogunnaike, O. O. & Ade-Turton, D. (2015). The Role of Business Strategy in Accomplishing Organization Mission in Nigerian Manufacturing Companies. European Journal of Business and Management, 7(32), 120-127.
Jones, T. M., Harrison, J. S. & Felps, W. (2018). How applying instrumental stakeholder theory can provide sustainable competitive advantage. Academy of Management Review, 43(3), 371-391.
Jyoti, J., Arora, H. & Kour, S. (2017). Outsourcing and Organizational Performance: Role of Cost Leadership, Differentiation and Innovation Strategies. Sustainable Competitive Advantage: A Road to Success, 171.
Jensen, J., Rust, E. & Mackool, S. (2018). Inflation, Interest Rates, and Equipment Finance: Anticipating and Adapting to a Changing Economic Environment. The Journal of Equipment Lease Financing (Online), 36(3), 1-5.
Kharub, M., Mor, R. S. & Sharma, R. (2018). The relationship between cost leadership competitive strategy and firm performance: A mediating role of quality management. Journal of Manufacturing Technology Management, 5(7), 6-26.
Knottnerus, P. (2003). Sample Survey Theory. New York: Springer.
Kuik, O., Branger, F. & Quirion, P. (2019). Competitive advantage in the renewable energy industry: Evidence from a gravity model. Renewable energy, 131, 472-481.
Kiprotich, E., Gachunga, H. & Bonuke, R. (2018). Influence of Cost Leadership Procurement Strategy on Performance of Manufacturing Firms In Kenya. European Journal of Business and Strategic Management, 3(1), 32-51.
Kor, Y. Y. & Mahoney, J. T. (2004). Edith Penrose's (1959) contributions to the resource?based view of strategic management. Journal of management studies, 41(1), 183-191.
Kwayu, S., Lal, B. & Abubakre, M. (2018). Enhancing organisational competitiveness via social media-a strategy as practice perspective. Information Systems Frontiers, 20(3), 439-456.
Lantos, G. P. (2001). The boundaries of strategic corporate responsibility. Journal of Consumer Marketing, 18(7), 595-632.
Lawal, F., Thompson, R. & Thompson, E. (2016). Leadership Training at First Bank of Nigeria: A Case Study. Journal of Education and Learning, 5(2), 9-14.
Lawrence, J. M., Crecelius, A. T., Scheer, L. K. & Patil, A. (2019). Multichannel Strategies for Managing the Profitability of Business-to-Business Customers. Journal of Marketing Research, 56(3), 479-497.
Mishra, D., Sharma, R., Gunasekaran, A., Papadopoulos, T. & Dubey, R. (2019). Role of decoupling point in examining manufacturing flexibility: an empirical study for different business strategies. Total Quality Management & Business Excellence, 30(9-10), 1126-1150.
Majid, A., Yasir, M., Yasir, M. & Javed, A. (2019). Nexus of institutional pressures, environmentally friendly business strategies, and environmental performance. Corporate Social Responsibility and Environmental Management, 7(5), 445-667.
Mac Donagh, P., Velazco, S. J. E., Botta, G. F., Schlichter, T. & Cubbage, F. (2019). Logging Contractors’ Growth in the Southern Cone: An Analysis of Contractor Business Strategies, Innovation, and Mechanization. Forests, 10(1), 69.
Mu, L. (2018). On the Application of Overall Cost Leadership in Coal Enterprise Technological Innovation. Paper presented at the 8th International Conference on Social Network, Communication and Education (SNCE 2018).
Muda, I. & Erlina, A. A. (2019). Influence of human resources to the effect of system quality and information quality on the user satisfaction of accrual-based accounting system. Contaduría y administración, 64(2), 10.
McKenney, S. & Reeves, T. C. (2018). Conducting educational design research: Routledge, 6(4), 6-21.
MAN. (2019). Manufacturers can revive nigeria daily nigeria news Retrieved from https://www.manufacturersnigeria.org/ManInDailyNigerianNews.aspx.
Maury, B. (2018). Sustainable competitive advantage and profitability persistence: Sources versus outcomes for assessing advantage. Journal of Business Research, 84, 100-113.
Moravcikova, D., Krizanova, A., Kliestikova, J. & Rypakova, M. (2017). Green Marketing as the Source of the Competitive Advantage of the Business. Sustainability, 9(12), 2218.
Namada, J. M. (2018). Organizational learning and competitive advantage Handbook of Research on Knowledge Management for Contemporary Business Environments, 86-104 IGI Global.
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Published
2020-05-22
How to Cite
A. J., E., R. B., F., O. O., A., & N., M. (2020). Business Strategies and Competitive Advantage: Evidence from Flour Mill Companies in Lagos State, Nigeria. Journal of Economics and Behavioral Studies, 12(2(J), 17-26. https://doi.org/10.22610/jebs.v12i2(J).3028
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Research Paper
Copyright (c) 2020 Egwakhe, A. J., Falana, R. B., Asikhia, O. O., Magaji, N.
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