Market oriented strategic flexibility and market performance of the furniture industry in Southwest Nigeria under fierce competitive environment

Ibidunni, O. S. and Inelo, Fred (2015) Market oriented strategic flexibility and market performance of the furniture industry in Southwest Nigeria under fierce competitive environment. Sky Journal of Business Administration and Management, 3 (1). pp. 8-16. ISSN 2315-8778

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Abstract

The paper examined the relationship between market-oriented strategic flexibility and market performance of the furniture industry in the South west under fierce competitive environment. This study was developed around resource based view and capability theories. Copies of well-structured questionnaire were administered to the members of the furniture industry in Lagos and Ogun States only. Validity and reliability of the instruments were measured by Cronbach’s alpha at 0.93. Pearson product moment correlation analysis was used in analyzing the data collected for the study. The finding revealed that there was a relationship between resource portfolio and firm’s profit; deployment of resources and market share; and the greater the demand uncertainty, the stronger will be the positive relationship between strategic flexibility and market performance. The conclusion showed that firms were unable to compete favorably because of lack of exposure to cutting edge information and limited financial and intellectual resources. It recommended that conscious efforts be made by the Centre for Management Development (CMD) to encourage members of the furniture industry; as a matter of necessity; to incorporate strategic flexibility into the routine of the firms. Also, the engagement of strategic planning professional will place at the disposal of furniture industry; relevant skills and experience required to attain their business goals. The government should also give incentives, such as tax relief and establishment of special intervention funds to local manufacturers of furniture.

Item Type:	Article
Uncontrolled Keywords:	Market-oriented strategic flexibility, customer-orientation, market-orientation, competitor orientation.
Subjects:	UNSPECIFIED
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	23 Feb 2018 11:30
Last Modified:	23 Feb 2018 11:30
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/10251

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