Business Strategies and Competitive Advantage: Evidence from Flour Mill Companies in Lagos State, Nigeria
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.
Alkasim, S. B., Hilman, H., bin Bohari, A. M., Abdullah, S. S. & Sallehddin, M. R. (2018). The mediating effect of cost leadership on the relationship between market penetration, market development, and firm performance. Journal of Business and Retail Management Research, 12(3).
Anyanwu, A. & Umeh, C. (2019). Salesforce recruitment and commercial banks’ sales growth: a study of fidelity bank plc. International Journal of Economics and Business Management, 5(1), 64-76.
Araghi, N., Nikoomaram, H. & Ghaffari, F. (2019). Optimized? p?ricing decisions in a multi-level supply chain with various power and channel structures?:? A game-theoretic approach?. International Journal of Industrial Mathematics, 11(2), 99-109.
Ariguzo, V. A., Egwakhe, A. J. & Adefulu, A. (2019). Does Experience matter on export-preneurial bahaviours and business performance. International Journal of Research Science and Management, 6(3).
Aslam, H., Blome, C., Roscoe, S. & Azhar, T. M. (2018). Dynamic supply chain capabilities: How market sensing, supply chain agility and adaptability affect supply chain.
Ahmad, N., Li, H. Z. & Tian, X. L. (2019). Increased firm profitability under a nationwide environmental information disclosure program? Evidence from China. Journal of Cleaner Production, 230, 1176-1187.
Anwar, M. (2018). Business model innovation and SMEs performance—does competitive advantage mediate? International Journal of Innovation Management, 22(07), 185-357.
Axenbeck, J. (2019). Environmental innovation and firm profitability–An analysis with respect to firm size. ZEW-Centre for European Economic Research Discussion Paper, 19-033.
Bailey, B., Benson, A. J. & Bruner, M. W. (2019). Investigating the organisational culture of CrossFit. International Journal of Sport and Exercise Psychology, 17(3), 197-211.
Bala, S. A. & Alhassan, A. (2018). Structural effect of oil price shocks and food importation on economic growth in Nigeria using SVAR model. International Business and Accounting Research Journal, 2(1), 34-46.
Bryksina, N., Golovina, A. & Legotin, F. (2018). Implementation of Cost Leadership Strategy by Russian Medical Companies of Laboratory Diagnostics Leadership for the Future Sustainable Development of Business and Education: Springer, 7(8), 189-198.
Bodhanwala, S. & Bodhanwala, R. (2018). Does corporate sustainability impact firm profitability? Evidence from India. Management Decision, 56(8), 1734-1747.
Boddy, D., McCalman, J. & Buchanan, D. A. (2018). The new management challenge: information systems for improved performance: Routledge, 7(6), 89-67.
Borda, A., Geleilate, J. M. G., Newburry, W. & Kundu, S. K. (2017). Firm internationalization, business group diversification and firm performance: The case of Latin American firms. Journal of Business Research, 72, 104-113.
Bui, B. & De Villiers, C. (2017). Business strategies and management accounting in response to climate change risk exposure and regulatory uncertainty. The British Accounting Review, 49(1), 4-24.
Camba-Mendez, G. & Werner, T. (2017). The inflation risk premium in the post-Lehman period: ECB Working Paper, 56-98.
Cegarra-Navarro, J. G., Jiménez-Jiménez, D. & Garcia-Perez, A. (2019). An integrative view of knowledge processes and a learning culture for ambidexterity: Towards improved organisational performance in the banking sector. IEEE Transactions on Engineering Management, (In-press), 67-89.
Cassia, F. & Magno, F. (2019). A framework to manage business-to-business branding strategies. EuroMed Journal of Business, 8(6), 45-92.
Chiou, T. Y., Chan, H. K., Lettice, F. & Chung, S. H. (2011). The influence of greening the suppliers and green innovation on environmental performance and competitive advantage in Taiwan. Transp. Res. Part E Logist, 47, 822-836.
Distanont, A. & Khongmalai, O. (2018). The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Sciences, 9(5), 68-92.
Egbo, P. (2018). Rentierism and Nigeria's Agricultural Sector: Southern Illinois University at Carbondale. Economics Research Journal, 4(8), 67-98.
Farzin, F., Yaghubipoor, A. & Nekoui, M. H. (2017). Effects of the Manufacturing Execution Systems (MES) on Cost Leadership. Journal of Economic & Management Perspectives, 11(3), 566-577.
FMN. (2019). Annaul Report 2019 Feeding the Nation Everyday. Lagos, Nigeria.
Gakuya, R. W. & Mbugua, D. (2018). Effects of cost leadership strategy on customer loyalty among pharmaceutical companies in nairobi county, kenya. European Journal of Social Sciences Studies, 4(7), 56-88.
Ghiyasi, M. (2017). Inverse DEA based on cost and revenue efficiency. Computers & Industrial Engineering, 114, 258-263.
Gregson, A. (2008). Pricing Strategies for Small Business Self Counsel Press.
Guzman, M., Ocampo, J. A. & Stiglitz, J. E. (2018). Real exchange rate policies for economic development. World Development, 110, 51-62.
González-Rodríguez, M. R., Jiménez-Caballero, J. L., Martín-Samper, R. C., Köseoglu, M. A. & Okumus, F. (2018). Revisiting the link between business strategy and performance: Evidence from hotels. International Journal of Hospitality Management, 72, 21-31.
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.
Groves, R. M., Fowler, F. J., Couper, M. P., Lepkowski, J. M., Singer, E. & Tourangeau, R. (2004). Survey Methodology. New York: Wiley.
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.
Nuryakin, U. M. Y. (2018). Competitive advantage and product innovation: Key success of Batik SMEs marketing performance in Indonesia. Academy of Strategic Management Journal, 17(2), 56-78.
Noe, R. A., Hollenbeck, J. R., Gerhart, B. & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage: McGraw-Hill Education New York, 225-667.
Nakatani, R. (2019). Firm performance and corporate finance in New Zealand. Applied Economics Letters, 26(13), 1118-1124.
Ngwakwe, C. & Sebola, M. (2019). Differential effects of politically-driven policy uncertainty on exchange rate performance. African Journal of Public Affairs, 11(1), 34-47.
Nithisathian, K., Wall, W. P., Thanitnan, C. & Ponwiritthon, R. (2018). Maintaining Indispensable Competitive Advantage: Corporate Strategy for 21st Century. RMUTL Journal of Business Administration and Liberal Arts, 6(1), 11-24.
Nyaucho, M. J. & Nyamweya, I. N. (2015). Assessment of the effect of Cost Leadership Strategy on the performance of Liquefied Petroleum Gas Companies in Eldoret town, Uasin Gishu County, Kenya. International Journal of Business and Management Invention, 4(4), 1-7.
Obasaju, B. O., Olayiwola, W. K., Okodua, H. & Adekunle, B. S. (2019). Regional economic integration and the backward integration of ECOWAS sub-region into global value chains. International Journal of Economic Policy in Emerging Economies, 12(3), 243-263.
Opolot, J. & Mpagi, A. (2017). Inflation Dynamics in Uganda: The role of disequilibria in the money and traded goods markets. Journal of Statistical and Econometric Methods, 6(1), 45-74.
Olatunji, O. C. & Oluwatoyin, A. E. (2019). Effect of Corporate Taxation on the Profitability of Firms in Nigeria. Journal of Economics and Behavioral Studies, 11(1(J)), 191-201.
Ordonez, M. S., Entrena, M. R., Cabrera, E. R. & Henseler, J. (2018). Understanding product differentiation failures in agri-food markets: The role of product knowledge and brand credence in olive oil markets. Food quality and preference, 68, 146-155.
Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.
Porter, M. E. (1985). Competitive advantage: Creating and sustaining superior performance. New York: Free Press.
Pereira, E., Loureiro, I., Ribeiro, P., Costa, S., Costa, N. & Arezes, P. M. (2019). Sustainable Business Strategies: What You Think Is What You Do? Occupational and Environmental Safety and Health, 747-755.
Pervan, M., Curak, M. & Pavic Kramaric, T. (2018). The Influence of Industry Characteristics and Dynamic Capabilities on Firms’ Profitability. International Journal of Financial Studies, 6(1), 4.
Qamri, G. M., Haq, M. A. U. & Akram, F. (2015). The Impact of Inflation on Stock Prices: Evidence from Pakistan, 45-56.
Raj, K. (2018). A Critical Study on Business Strategies of 3i Infotech Ltd. International Journal of Case Studies in Business, IT and Education (IJCSBE), 2(1), 13-21.
Salazar-Ordóñez, M., Rodríguez-Entrena, M., Cabrera, E. R. & Henseler, J. (2018). Understanding product differentiation failures: The role of product knowledge and brand credence in olive oil markets. Food quality and preference, 68, 146-155.
Sharma, A. & Syam, N. (2018). Sales and customer development: An agenda for inquiry. Industrial Marketing Management, 69, 133-134.
Szymanski, E. M., Linkowski, D. C., Leahy, M. J., Diamond, E. E. & Thoreson, R. W. (2019). Human resource development: An examination of perceived training needs of certified rehabilitation counselors. Journal of Applied Rehabilitation Counseling, 24(4), 58-70.
Tincani, M. & Travers, J. (2018). Publishing single-case research design studies that do not demonstrate experimental control. Remedial and Special Education, 39(2), 118-128.
Wen, F., Xiao, J., Huang, C. & Xia, X. (2018). Interaction between oil and US dollar exchange rate: nonlinear causality, time-varying influence and structural breaks in volatility. Applied Economics, 50(3), 319-334.
Wijaya, A. J. (2018). Evaluasi Sistem Pengendalian Manajemen Berbasis Levers of Control untuk Menunjang Strategi Cost Leadership pada CV. BMT Surabaya, 78-97.
Wahal, S. (2019). The profitability and investment premium: Pre-1963 evidence. Journal of Financial Economics, 131(2), 362-377.
Yoo, C. S. (2019). Intellectual property and the economics of product differentiation Research Handbook on the Economics of Intellectual Property Law: Edward Elgar Publishing, 67-89.
Zhou, P. & Wen, W. (2019). Carbon-constrained firm decisions: From business strategies to operations modeling. European Journal of Operational Research, 8(4),67-92.
Zikria, V., Takahashi, K. & Maeda, K. (2019). International Competitiveness of Indonesia’s Cocoa Sector: From the Viewpoint of Product Differentiation, Faculty of Agriculture Bulletin, Kyushu University, 8(5), 67-95.
Copyright (c) 2020 Egwakhe, A. J., Falana, R. B., Asikhia, O. O., Magaji, N.
This work is licensed under a Creative Commons Attribution 4.0 International License.
Author (s) should affirm that the material has not been published previously. It has not been submitted and it is not under consideration by any other journal. At the same time author (s) need to execute a publication permission agreement to assume the responsibility of the submitted content and any omissions and errors therein. After submission of a revised paper in the light of suggestions of the reviewers, editorial team edits and formats manuscripts to bring uniformity and standardization in published material.
This work will be licensed under Creative Commons Attribution 4.0 International (CC BY 4.0) and under condition of the license, users are free to read, copy, remix, transform, redistribute, download, print, search or link to the full texts of articles and even build upon their work as long as they credit the author for the original work. Moreover, as per journal policy author (s) hold and retain copyrights without any restrictions.