STRATEGIC ORIENTATION AND PERFORMANCE OF MANUFACTURING FIRMS IN NIGERIA
Keywords:Strategic orientation, performance, manufacturing firms, Nigeria
The general objective of the study is to determine the effect of strategic orientation on performance of selected manufacturing firms in Nigeria. The study adopted survey research design method. The sampling frame for the study was created from management staff of Ten (10) selected manufacturing firms listed in Nigerian Stock Exchange (Multi-Trex Food, Nigeria Breweries, Flour Mills Of Nigeria, Dangote Sugar, Nestle Nig, Guinness Nig, Tiger Branded, Honywell Flour Mill, Pz Cussons and Unilever Nig) with population of 1520 with sample size of 316, which was derived using Taro Yamani’s formula.. The validated questionnaire was distributed to management staff of selected manufacturing firms. Multiple regression was employed to test the hypotheses was the statistical tool used with the aid of Stata version 13 software. The result shows that Market orientation adoption has significant positive effect on organizational performance (β = 0.215(0.000)), Customer Orientation adoption has positive significant effect on organizational performance (Β = 0.144 (0.002)), Competitors Orientation adoption has significant positive effect on organizational performance (Β = 0.193 (0.000)), Technology Orientation adoption has significant positive effect on organizational performance (Β = 0.351 (0.000)). The study concludes that technology orientation (being the highest predictor) has a positive and significant effect on firm performance. It is therefore necessary for manufacturing firms to allocate resources for investments in latest technologies and future forecasted technological changes. Also, manufacturing firms need to use the technology they utilize to attain competitive advantage. The study recommended that managers of manufacturing firms should use the concept of strategic orientation in building relational capabilities that will enhance customers’satisfaction, gain full knowledge of the market environment and acquire the needed technology in the industry.