Strategic Sensitivity and Corporate Responsiveness of Fast Moving Consumer Goods Companies in Rivers State, Nigeria
DOI:
https://doi.org/10.47672/jsm.769Keywords:
Strategic Sensitivity, Corporate Responsiveness, Strategic Foresight, Strategic InsightAbstract
Purpose: This study examined the relationship between strategic sensitivity and corporate responsiveness of fast moving consumer goods companies in Rivers State, Nigeria.
Methodology: The study adopted a cross sectional survey research design. The population of this study was nine (9) fast moving consumer goods companies in Rivers State. Since the unit of analysis was at organizational level, only strategic managers were included. Five managers each were used for each company giving a total of 45 respondents. Census was adopted because the population was small. Primary data was collected using a 5-point Likert scaled questionnaire. The reliability of the instrument was achieved by the use of the Cronbach Alpha coefficient with all the items scoring above 0.70. The hypotheses were tested using the Spearman's Rank Order Correlation Coefficient with the aid of Statistical Package for Social Sciences version 23.0. The tests were carried out at a 95% confidence interval and a 0.05 level of significance. After data cleaning, only data for 38 respondents were used for data analysis.
Findings: The findings revealed that there is a significant positive relationship between strategic sensitivity and corporate responsiveness of fast moving consumer goods companies in Rivers State, Nigeria. Specifically, strategic foresight and strategic insight were significantly and positively correlated with corporate responsiveness of fast moving consumer goods companies in Rivers State, Nigeria.
Recommendation: The study recommends that fast moving consumer goods companies should build its capabilities of strategic foresight in examining the dynamic business environment and should constantly and proactively scan for opportunities and threats, in addition to strategies for lowering or reducing cost of production compare to other competitors.
Downloads
References
Arokodare, M. A., Makinde, G. O., & Fakunmoju, S. K. (2020). Strategic agility and competitive advantage of oil and gas marketing companies: the moderating effect of information technology capability and strategic foresight. Journal of Accounting and Management, 10(3), 97-113
Baskarada, S., Shrimpton, D., Ng, S., Cox, D., & Saritas, O. (2016). Learning through foresight. Foresight, 18(4), 9-27.
Bernardes, E. S., & Hanna, M. D. (2009). A theoretical review of flexibility, agility and responsiveness in the operations management literature: Towards a conceptual definition of customer responsiveness. International Journal of Operations and Production Management, 29(1), 30-53.
Brueller, N. N., Carmeli, A., & Drori, I. (2014). How do different types of mergers and acquisitions facilitate strategic agility? California Management Review, 56(3), 39-57.
Doz, Y., & Kosonen, M. (2008a). The dynamics of strategic agility: Nokia's rollercoaster experience. California Management Review, 50(3), 95-118.
Doz, Y., & Kosonen, M. (2010). Embedding strategic agility. A leadership agenda for accelerating business model renewal. Long Range Planning, 43, 370-382.
Eisenhardt, K., & Martin, J. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10/11), 1105-1121.
Garrett, R.P., Covin, J.G., & Slevin, D.P. (2009). Market responsiveness, top management risk taking, and the role of strategic learning as determinants of market pioneering. Journal of Business Research, 62(8), 782-788.
Gabriel, J. M. O., George, B M., Adim, C. V. (2021). Environmental dynamism and corporate vitality of fast moving consumer goods companies in Rivers State, Nigeria. International Journal of Trend in Scientific Research and Development, 5(3), 522-530.
Georgewill, I.A. (2021). Structural flexibility and corporate responsiveness in the business environment: A theoretical review. European Journal of Economic and Financial Research, 4(4), 169-188
Hou, J. (2008). Toward a research model of market orientation and dynamic capabilities. Social Behaviour and Personality, 39, 1251 -1268.
Inkinen, S., & Kaivo-oja, J. (2009). Understanding innovation dynamics: aspects of creative processes, foresight strategies, innovation media, and innovation ecosystems. Finland Futures Research Centre, Turku.
Inman, R.A., Sale, R.S., Green, K.W. Jr & Whitten, D. (2011). Agile manufacturing: Relation to JIT, operational performance and firm performance. Journal of Operations Management, 29(4), 343-355.
Junni, P., Sarala, R. M., Tarba, S. T., & Weber, Y. (2015). The role of strategic agility in acquisitions. British Journal of Management, 26, 596-616.
Kettunen, P. (2009). Adopting key lessons from agile manufacturing to agile software product development-A comparative study. Tecnovation, 29(6), 408-421.
Kuosa, T. (2016). The evolution of strategic foresight: Navigating public policy making. Routledge
Kuosa, T. (2016). The evolution of strategic foresight: Navigating public policy making. Routledge
Lewis, M. W., Andriopoulos, C., & Smith, W. K. (2014). Paradoxical leadership to enable strategic agility. California Management Review, 56(3), 58-77.
Mavengere, N. B. (2013). Information technology role in supply chain's strategic agility. International Journal of Agile Systems and Management, 6(1),7- 24
Morgan, N. A. (2012). Marketing and business performance. Journal of the Academy of Marketing Science, 40, 102-119.
Overby, E., Bharadwaj, A., & Sambamurthy, V. (2006). Enterprise agility and the enabling role of information technology. European Journal of Information Systems, 15(2), 120-131.
Pascale, R. T., Millemann, M., & Gioja, L. (2000). Surfing the edge of chaos: The laws of nature and the new laws of business. New York: Crown Business
Rohrbeck, R. & Kum, M. E. (2018). Corporate foresight and its impact on firm performance: A longitudinal analysis. Technological Forecasting and Social Change, 129, 105-116.
Rohrbeck, R., & Schwarz, J. O. (2013). The value contribution of strategic foresight: Insights from an empirical study on large European companies. Technological Forecasting and Social Change, 80(8), 1593-1606.
Rohrbeck, R., Battistella, C., & Huizingh, E. (2015). Corporate foresight: An emerging field with a rich tradition. Technological Forecasting and Social Change, 101, 1-9.
Salih, A. A. & Alnaji, L. (2014). Impact of strategic thinking and strategic agility on strategic performance: A case study of Jordanian insurance industry companies. International Review of Management and Business Research, 3(4), 1871.
Sull, D. (2009). How to thrive in turbulent Markets. Harvard Business Review, 87(2), 78-88.
Teece, D. J., & Pisano, G. (1994).The dynamic capabilities of enterprises: An introduction. Industrial and Corporate Change, 3(3), 537-556.
Teece, D. (2007). Explicating dynamic capabilities: The nature and micro foundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-1350.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 537-533.
Teece, D.J. (2007). Explicating dynamic capabilities: the nature and micro-foundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-50
Thongsodsang, C., & Ussahawanitchakit, P. (2011). Dynamic marketing capability, marketing outcomes and marketing growth: evidence from foods and beverages businesses in Thailand. International Journal of Business Strategy, 11, 49-66.
Vecchiato, R. (2012). Strategic foresight and environmental uncertainty: a research agenda. Foresight, 14(5), 387-400.
Vecchiato, R. (2012a). Environmental uncertainty, foresight and strategic decision making: an integrated study. Technological Forecasting and Social Change, 39, 436-47.
Vecchiato, R., & Roveda, C. (2010a). Foresight in corporate organizations. Technology Analysis & Strategic Management, 22(1), 99-112.
Weber, Y., & Tarba, S. Y. (2014). Strategic agility: A state of the art. California Management Review, 56(3), 5-12.
Wei, Y., & Wang, Q. (2011). Making sense of market information system for superior performance: The roles of organizational responsiveness and innovation strategy. Industrial Marketing Management, 40, 267-277.
Wilson, K., & Doz, Y. (2011). Agile innovation. California Management Review, 53, 6-26.
Yu, W., Jacobs, M.A., Salisbury, W.D., & Enns, H. (2013). The effects of supply chain integration on customer satisfaction and financial performance: an organizational learning perspective. International Journal of Production Economics, 146(1), 346-358.
Zahra, S. A., Sapienza, H., & Davidson, P. (2006). Entrepreneurship and dynamic capabilities: A review. Model and Research Agenda. Journal of Management Studies, 43 (4), 911-955
Zhou, K. Z., & Li, C. B. (2010). How strategic orientations influence the building of dynamic capability in emerging economies. Journal of Business Research, 63, 224-231
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 Adim, Chidiebere Victor, Maclayton, Teinbo Isoboye, PhD
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.