COMPETITIVE DYNAMICS AND CORPORATE PERFORMANCE OF SELECTED FLOUR MILLING COMPANIES IN NIGERIA
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COMPETITIVE DYNAMICS AND CORPORATE PERFORMANCE OF SELECTED FLOUR MILLING COMPANIES IN NIGERIA
ABSTRACT
The fierce competition among firms in Nigeria’s flour milling industry demanded the development of a business strategy to outperform one another and attain the necessary level of performance. As a result, these companies frequently used competitive pricing strategies.
Less attention was devoted to competition conduct, people management techniques, supply chain strategy, the external business environment, and product offerings, all of which could help establish competitive strengths and improve performance.
As a result of the negative effects of competitive pricing, operations are being shrunk, resulting in staff redundancy, job losses, and a continual reduction in financial outcomes for all industry participants. This study examined the competitive dynamics and corporate performance of selected Nigerian flour milling enterprises.
The study used a survey research design. The study’s population comprised of 3,424 employees from selected flour milling enterprises in Nigeria. Respondents were divided into two groups: management and senior personnel.
A sample size of 500 was picked at random from the population. A validated questionnaire was tailored for the investigation. The Cronbach’s Alpha coefficient for the constructs ranged from 0.78 to 0.86.
A total of 500 copies of the questionnaire were distributed, with 91.4% response rate. Data were analysed using descriptive and inferential statistics (Pearson Product Moment Correlation and Hierarchical Regression).
Significant relationships were found between Competitive Behaviour and Corporate Performance (r=0.599; p = 0.05), People Management Practice and Corporate Performance (r = 0.697; p 0.05)
Supply Chain Strategy and Corporate Performance (r = 0.633; p 0.05), External Business Environment and Corporate Performance (r = 0.647; p 0.05), and Product Offering and Corporate Performance (r = 0.733; p 0.05).
The study found that Competitive Capability had a significant moderating effect on the relationship between Competitive Behaviour and Corporate Performance (F = 83.635; R2 =.440; R2 Change =.087; p 0.05), People Management Practice and Corporate Performance (F = 44.669; R2 = 0.500; R2 Change = 0.045; p = 0.05)
Supply Chain Strategy and Corporate Performance (F = 66.230; R2 = 0.474; R2 Change = 0.067; p 0.05), and External Business Environment and Corporate Performance (F = However, Competitive Capability did not substantially influence the association between Product Offering and Corporate Performance (F = 2.296; R2 = 0.598; R2 Change = 0.002; p = 0.130 > 0.05).
The study concluded that competitive behaviour, people management techniques, supply chain strategy, product offering, and the external business environment all have a major impact on competitive capabilities and desired corporate performance.
It proposed that flour milling enterprises strategically capitalise on possibilities in competitive dynamics to increase their competitive capacity and achieve desired corporate performance.
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