An Evaluation of the Role of Strategic Decision-Making in Enhancing Firm Performance in Nigeria
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Background of the Study
Strategic decision-making is central to achieving sustainable competitive advantage and improved firm performance. In Nigeria, where market conditions are often volatile and competitive pressures are high, the ability of firms to make effective strategic decisions is critical for survival and growth (Chinwe, 2023). Strategic decisions encompass choices related to market positioning, resource allocation, innovation, and risk management. Recent studies have shown that firms that adopt a systematic and proactive approach to strategic decision-making tend to outperform their peers in terms of profitability, market share, and operational efficiency (Adeniyi, 2024). In an environment characterized by rapid technological change and evolving consumer preferences, Nigerian firms must continuously evaluate and adjust their strategies to remain competitive. This study explores the role of strategic decision-making in enhancing firm performance by examining how different decision-making processes, tools, and managerial competencies contribute to better outcomes. The research draws on both quantitative performance data and qualitative insights from managerial interviews, aiming to identify best practices that can be disseminated across industries to improve strategic effectiveness (Ibrahim, 2023).
Statement of the Problem
Despite the recognized importance of strategic decision-making, many Nigerian firms struggle with inefficiencies and inconsistencies in their decision-making processes. Poor strategic choices, often driven by limited data and reactive management practices, contribute to suboptimal performance and a lack of competitive differentiation (Ogunleye, 2023). Additionally, external pressures such as economic instability and regulatory uncertainties compound internal challenges, making it difficult for firms to formulate and implement effective strategies. The gap between ideal strategic planning and actual managerial practices raises questions about the factors that inhibit effective decision-making and the subsequent impact on firm performance. This study seeks to identify these barriers and to evaluate how strategic decision-making processes can be optimized to enhance overall firm performance in Nigeria.
Objectives of the Study:
• To evaluate the impact of strategic decision-making on firm performance in Nigeria.
• To identify challenges that hinder effective strategic planning and execution.
• To propose recommendations for improving decision-making processes in Nigerian firms.
Research Questions:
• How does strategic decision-making affect firm performance in Nigeria?
• What are the main obstacles to effective strategic decision-making?
• Which decision-making practices lead to improved firm performance?
Research Hypotheses:
• H1: Effective strategic decision-making is positively correlated with enhanced firm performance.
• H2: Inadequate data and reactive management practices hinder strategic outcomes.
• H3: Implementing structured decision-making frameworks improves overall firm performance.
Scope and Limitations of the Study:
This study focuses on medium-to-large firms across various industries in Nigeria. Limitations include differences in managerial styles and challenges in measuring the quality of decision-making processes.
Definitions of Terms:
• Strategic Decision-Making: The process by which firms formulate and implement strategies to achieve competitive advantage.
• Firm Performance: Metrics such as profitability, market share, and operational efficiency.
• Decision-Making Framework: A structured approach to making informed managerial decisions.
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