Evaluating the Impact of Strategic Decision-Making Processes on Firm Competitiveness in Nigeria
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Background of the Study
Strategic decision-making processes are critical for sustaining competitive advantage and driving firm performance. In Nigeria, where market conditions are volatile and competition is fierce, the quality of strategic decisions can determine a firm's ability to navigate challenges and seize opportunities (Ibrahim, 2024). Effective decision-making involves gathering accurate market intelligence, analyzing competitive dynamics, and aligning organizational resources with strategic objectives. Recent studies (Ogunleye, 2023) have shown that firms employing structured decision-making frameworks—such as scenario planning and balanced scorecards—tend to outperform those with ad hoc strategies. However, many Nigerian firms face obstacles such as inadequate data, managerial inertia, and risk aversion, which impede their strategic agility. This study evaluates the impact of strategic decision-making processes on firm competitiveness by comparing performance metrics across firms with varying decision-making practices. It examines how the integration of digital analytics, stakeholder input, and flexible planning contributes to better strategic outcomes. The research aims to provide empirical evidence on the link between decision quality and competitive performance, offering recommendations for enhancing decision-making frameworks to improve overall firm competitiveness.
Statement of the Problem
Despite the acknowledged importance of strategic decision-making, many Nigerian firms exhibit inconsistent performance due to suboptimal decision processes. Poor data management, reactive rather than proactive planning, and limited integration of market intelligence contribute to strategic missteps that weaken competitive positioning (Chinwe, 2023). This gap between optimal and actual decision-making practices leads to missed opportunities, reduced innovation, and diminished market share. The challenges are compounded by external pressures such as economic uncertainty and rapid technological change, which demand agile and informed strategic responses. This study seeks to identify the deficiencies in current decision-making processes and to assess their impact on firm competitiveness. The goal is to provide actionable insights into how Nigerian firms can refine their strategic frameworks to better respond to market dynamics and enhance performance.
Objectives of the Study:
• To assess the impact of strategic decision-making processes on firm competitiveness.
• To identify key shortcomings in current decision-making practices.
• To propose improvements for enhancing strategic agility and competitiveness.
Research Questions:
• How do strategic decision-making processes influence firm competitiveness in Nigeria?
• What are the main deficiencies in current decision-making frameworks?
• Which improvements can enhance strategic outcomes and market performance?
Research Hypotheses:
• H1: Effective strategic decision-making processes positively impact firm competitiveness.
• H2: Poor data integration and reactive planning hinder competitive performance.
• H3: Structured decision-making frameworks improve overall firm performance.
Scope and Limitations of the Study:
Focuses on medium-to-large firms across competitive sectors in Nigeria. Limitations include differences in managerial styles and difficulties in measuring decision quality.
Definitions of Terms:
• Strategic Decision-Making Processes: Structured approaches to formulating and executing long-term strategies.
• Firm Competitiveness: The ability of a firm to achieve superior market performance.
• Decision-Making Framework: Tools and methodologies used to guide strategic choices.
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