Towards Achieving Competitive Advantage through the Management of Strategy: Evidence from Smes in Sokoto State
Keywords:
Competitive Advantage, Strategy formulation, Strategy implementation, Strategy evaluation
Abstract
This study assessed the effect of strategic management on the competitive advantage of SMEs in Sokoto State. The study adopted survey research design. A multi-stage sampling technique was used to choose respondents. The sample size of the study was 206. Data collected for the study was analyzed using both descriptive and inferential statistics. Stepwise Multiple Regression was used. The study found that strategy formulation has a substantial negative linear association with competitive advantage of SMEs in Sokoto State. The implementation aspect of strategy management was found to have significant positive linear relationship with the competitive advantage of SMEs in Sokoto State, and strategy evaluation has a substantial positive linear association with SMEs' competitive advantage. The study concluded that the competitive advantage of SMEs in Sokoto State is influenced by strategic management processes. The study recommends that SME owners and policy makers should review their strategic management processes so as to foster the achievement of competitive advantage in Sokoto State.
References
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2. Camerer, C.F. (2003). Behavioural Studies of Strategic Thinking in Games, Trends in Cognitive Sciences. 7(5), 24-36.
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12. Mohamed, A.O. & Mohamud, S.A. (2021). The Effect Of Strategic Management Practices On Organizational Performance In NGOs In Mogadishu Somalia. EPRA International Journal of Multidisciplinary Research, 7(1), 149-154. DOI: 10.36713/epra2013
13. Nafiu, A.T., Sule, J.G and Orugun, J.J. (2014). The Imperatives of Strategy In Business Games Among Nigerians’ Small Scale Businesses. Business and Management Quarterly Review, University of Technology, Mara Malaysia. 5(3).
14. Nafiu, I.O., Hassan, O.M. and Nafiu, A.T. (2021), adoptable strategies in marketing and market outcomes: examining the performance of Small and Medium Enterprises in Kogi State. KIU Interdisciplinary Journal of Humanities and Social Sciences, 2(2), 65-78
15. Nkemchor, E.M. & Ezeanolue, E.T. (2021). Effect Of Strategic Management On Organizational Performance In Tertiary Institution In Delta State, Nigeria. International Journal of Innovative Social Sciences & Humanities Research, 9(3), 75-87.
16. Olanipekun, W.D., Abioro, M.A., Akanni, L.F., & Rabiu, R.O. (2015). Impact Of Strategic Management On Competitive Advantage And Organisational Performance – Evidence From Nigerian Bottling Company. Journal of Policy and Development Studies, 9(2), 185-198.
17. Omsa, S., Ridwan, M., & Jayadi, M. (2017). The Effect of Strategic Management Practices on SME Performances in Makassar, Indonesia. American Journal of Theoretical and Applied Business. 3(4), 71-80. doi: 10.11648/j.ajtab.20170304.12
18. Otieno, D.O., Namusonge, G.S. and Mugambi, F. (2017). Effect of Strategic Management Process on the Performance Of Small And Medium Size Enterprises In Kenya. International Journal of Arts and Commerce. 6(5), 1-14.
19. Phina, O.N. (2020). Effects of Strategic Management on Organizational Performance in Manufacturing Firms in South-East Nigeria. Asian Journal of Economics, Business and Accounting, 15(2), 24-31. DOI: 10.9734/AJEBA/2020/v15i230211
20. Tourani, N. (2021). Thriving in a shifting landscape: Role of social media in support of business strategy, Asia Pacific Management Review, 1-6. Retrieved from https://doi.org/10.1016/j.apmrv.2021.11.001
2. Camerer, C.F. (2003). Behavioural Studies of Strategic Thinking in Games, Trends in Cognitive Sciences. 7(5), 24-36.
3. Chalchissa, A.K. and Bertrand, S.B. (2017). Competitive Strategy Orientation and Innovative Success: Mediating Market Orientation a Study of Small-Medium Enterprises. Global Journal of Management and Business Research: E Marketing. 17(3), 75-89.
4. Chen, G.Z., & Keung, E.C. (2019). The impact of business strategy on insider trading profitability. Pac. Basin Finance J. 55, 270–282.
5. Institute of Strategic Management Nigeria (2010). Study Pack for Associate Membership Professional Exams. Lagos: D.C.H Printers.
6. Kahan, D. (2012). Entrepreneurship in Processing. Farm Management Extension Guide: Food And Agriculture Organization Of The United Nations.
7. Kazmi, A. (2008). Strategic Management and Business Policy. In: A.J. Adewale (ed). Effect of Strategic Management Process on the Financial Performance of Manufacturing Firms. Nigerian Journal of Management Sciences, 6(2), 55-66.
8. Kutllovci, E. & Shala, V. (2013). The role of strategic management on small business growth in Kosova. International Journal of Business and Social Research (IJBSR), 3(4), 87-92
9. Lee, C., Hoehn‐Weiss, M. N., & Karim, S. (2021). Competing both ways: How combining Porter’s low‐cost and focus strategies hurts firm performance. Strategic Management Journal. 42(12), 1–27. doi:10.1002/smj.3279
10. Makanga, R.O. & Paul, S.N. (2017). Influence of strategic management practices on performance of Kenya power and lighting company ltd, Nairobi County, Kenya. The Strategic Journal of Business & Change Management, 4 (4), 289-306.
11. Makinde, O.G., Akinlabi, B.H. And Ajike, E.O. (2015). Strategic Planning: Effect on Performance of Small And Medium Enterprises In Lagos, Nigeria. International Jour. of Manage. Studies. Statistics & App. Economics. 5(I): 77-94.
12. Mohamed, A.O. & Mohamud, S.A. (2021). The Effect Of Strategic Management Practices On Organizational Performance In NGOs In Mogadishu Somalia. EPRA International Journal of Multidisciplinary Research, 7(1), 149-154. DOI: 10.36713/epra2013
13. Nafiu, A.T., Sule, J.G and Orugun, J.J. (2014). The Imperatives of Strategy In Business Games Among Nigerians’ Small Scale Businesses. Business and Management Quarterly Review, University of Technology, Mara Malaysia. 5(3).
14. Nafiu, I.O., Hassan, O.M. and Nafiu, A.T. (2021), adoptable strategies in marketing and market outcomes: examining the performance of Small and Medium Enterprises in Kogi State. KIU Interdisciplinary Journal of Humanities and Social Sciences, 2(2), 65-78
15. Nkemchor, E.M. & Ezeanolue, E.T. (2021). Effect Of Strategic Management On Organizational Performance In Tertiary Institution In Delta State, Nigeria. International Journal of Innovative Social Sciences & Humanities Research, 9(3), 75-87.
16. Olanipekun, W.D., Abioro, M.A., Akanni, L.F., & Rabiu, R.O. (2015). Impact Of Strategic Management On Competitive Advantage And Organisational Performance – Evidence From Nigerian Bottling Company. Journal of Policy and Development Studies, 9(2), 185-198.
17. Omsa, S., Ridwan, M., & Jayadi, M. (2017). The Effect of Strategic Management Practices on SME Performances in Makassar, Indonesia. American Journal of Theoretical and Applied Business. 3(4), 71-80. doi: 10.11648/j.ajtab.20170304.12
18. Otieno, D.O., Namusonge, G.S. and Mugambi, F. (2017). Effect of Strategic Management Process on the Performance Of Small And Medium Size Enterprises In Kenya. International Journal of Arts and Commerce. 6(5), 1-14.
19. Phina, O.N. (2020). Effects of Strategic Management on Organizational Performance in Manufacturing Firms in South-East Nigeria. Asian Journal of Economics, Business and Accounting, 15(2), 24-31. DOI: 10.9734/AJEBA/2020/v15i230211
20. Tourani, N. (2021). Thriving in a shifting landscape: Role of social media in support of business strategy, Asia Pacific Management Review, 1-6. Retrieved from https://doi.org/10.1016/j.apmrv.2021.11.001
Published
2022-10-20
How to Cite
Agbo, P. O., Otohinoyi , O., & Tobias, E. (2022). Towards Achieving Competitive Advantage through the Management of Strategy: Evidence from Smes in Sokoto State. International Journal on Economics, Finance and Sustainable Development, 4(10), 90-97. https://doi.org/10.31149/ijefsd.v4i10.3569
Section
Articles
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