THE ROLE OF COMPETITIVE ANALYSIS IN STRATEGIC MANAGEMENT
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- NGN 3000
Abstract:
This study aims to (1) examine the importance of competitive analysis in strategic management, (2) identify the key tools and techniques used in competitive analysis, and (3) assess the impact of competitive analysis on strategic decision-making. A survey research design was chosen to gather detailed insights from a wide range of industry professionals. The sample size, determined using Taro Yamane's formula, comprised 350 participants, providing a robust dataset for analysis. The research was conducted among telecommunications companies in Abuja, Nigeria, a sector characterized by intense competition and rapid technological advancements. The survey instrument achieved a reliability coefficient score of 0.91. The findings indicate that comprehensive competitive analysis significantly enhances strategic management by providing critical insights into market dynamics, competitor strategies, and potential threats and opportunities. It was recommended that organizations integrate competitive analysis into their strategic management processes and regularly update their competitive intelligence to maintain a competitive edge.
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