THE IMPACT OF STRATEGIC COST MANAGEMENT IN GLOBAL BUSINESS ENVIRONMENTS
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Abstract:
This research explores the impact of strategic cost management in global business environments with a focus on companies in Lagos State, Nigeria. The objectives are to: (1) assess how strategic cost management enhances global competitiveness, (2) evaluate its impact on cost efficiency and profitability, and (3) analyze the challenges of implementing strategic cost management in international operations. A survey design was employed to collect data from financial managers and corporate strategists. The sample size, determined using Taro Yamane's formula, ensures statistical validity. Unilever Nigeria Plc was chosen as the case study due to its global presence and strategic cost management practices. The reliability coefficient score of the survey was 0.92. Findings reveal that strategic cost management significantly enhances global competitiveness, cost efficiency, and profitability. However, implementation challenges such as cross-cultural differences and regulatory compliance were noted. It is recommended that companies in Lagos State adopt strategic cost management practices to improve global competitiveness and profitability.
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