Sustaining Organizational Competitiveness through Strategic Focus: A Case Study of Manufacturing Firms

Abstract

The study conducted on selected manufacturing firms in Nigeria focused on the application of strategic management to sustain organizational competitiveness. The study aimed to examine the impact of strategy implementation and evaluation practices on the competitiveness of these firms. The findings revealed that strategy evaluation practices have a significant and positive effect on the organizational competitiveness of selected manufacturing firms in Nigeria. This suggests that regularly evaluating strategies can help firms stay competitive in the manufacturing industry. The study utilized a cross-sectional research design and focused on a population of 15,625 individuals across the consumer, industrial, and healthcare sectors listed in the Nigeria stock exchange. A sample size of 390 was determined using the Taro Yamani formula, and data was collected through interviews and questionnaires. Using Stata version 31 for data analysis, the study found that strategic strategy evaluation practices and strategic decision-making practices have significant positive effects on the organizational competitiveness of selected manufacturing firms in Nigeria. The study revealed that for any organization to maintain a strong competitive position over a long period, it is crucial to have effective strategic implementation and evaluation. To ensure the success of strategic planning practices, policymakers should allocate sufficient resources. This study adds to our understanding by demonstrating that the implementation and evaluation of strategic plans enhance the competitiveness of manufacturing firms in Nigeria.