AN EXAMINATION OF COST MANAGEMENT TECHNIQUES AS A COMPETITIVE ADVANTAGE STRATEGY
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Abstract:
This research explores the use of cost management techniques for achieving competitive advantage in Lagos State, Nigeria. The objectives are to: (1) assess how various cost management techniques improve cost efficiency and profitability, (2) evaluate their impact on market competitiveness, and (3) analyze the challenges of implementing cost management techniques. A survey design was employed to collect data from financial managers and business strategists. The sample size, determined using Taro Yamane's formula, ensures statistical validity. Nigerian Breweries Plc was chosen as the case study due to its application of diverse cost management techniques. The reliability coefficient score of the survey was 0.92. Findings reveal that effective cost management techniques significantly enhance cost efficiency, profitability, and market competitiveness. However, challenges such as method selection and implementation complexity were noted. It is recommended that companies in Lagos State adopt a range of cost management techniques and provide training to improve competitiveness and profitability.
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