Strategic Management Process and Corporate Performance of Foods and Beverages Manufacturing Companies in Rivers State, Nigeria

Abstract:  This study aimed to investigate the correlation between the strategic management process and corporate performance within the foods and beverages manufacturing sector in Rivers State, Nigeria. Employing a survey research design, the study targeted fifty-eight respondents from five registered companies affiliated with the Manufacturer Association of Nigeria Rivers Directory. These companies, operational for over fifteen years with a workforce exceeding 20 personnel, constituted the study’s population. Data collection utilized structured questionnaires, and analysis employed mean, standard deviations, and charts to visualize variables. Hypotheses were tested using Spearman’s Rank Order Correlation coefficient via Statistical Package for Social Science version 25.0. Findings from the data analysis demonstrated a significant positive correlation between strategic management processes and corporate performance. Specifically, strategic management processes were shown to positively influence both profitability and market share within the study area. Consequently, the study concludes that effective strategic management processes play a pivotal role in enhancing the performance of foods and beverages manufacturing companies. As a result, it is recommended that these companies allocate necessary resources to support the implementation of strategic initiatives aimed at enhancing performance. This proactive approach is essential for sustaining competitiveness and achieving organizational objectives in the dynamic business environment of Rivers State, Nigeria.

       Keywords: Strategic management process, strategy formulation, strategy implementation, strategy evaluation, corporate performance

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