ADEBISI Sunday Abayomi
Department of Business Administration,
Faculty of Management Science, University of Lagos, Nigeria
OKONJI Patrick Sunday
Department of Business Administration,
Faculty of Management Science, University of Lagos, Nigeria
OSOBU Olufemi Ebenezer
Department of Business Administration,
Faculty of Management Science, University of Lagos, Nigeria
E-mail: osofavor@yahoo.com
JAJI Serifat Olasumbo
Department of Business Administration,
Faculty of Management Science, University of Lagos, Nigeria
ABSTRACT
This study investigated the link between business strategies and non-financial performance of food and beverage manufacturing firms (Chi Nigeria Ltd., Nestle Nigeria Plc and Cadbury Nigeria Plc) in Lagos Nigeria. The purpose of the study was to examine how business strategies such as: competitive aggression, public relations, voluntary actions, diversification and merger and acquisition affect non-financial performance. The study adopted a descriptive research design and used questionnaire to elicit primary data from 380 respondents. Similarly, the study adopted quota sampling and purposive sampling to arrive at sample elements. Descriptive statistics were employed for describing the demographic features of respondents while correlation and multiple regressions were used to test the hypotheses formulated for the study. The study found that independents strategies significantly influence non-financial performance of the firms surveyed while diversification and merger and acquisition did not improve their non-financial performance. Thus, the study concludes that independent strategies have more effect on non-financial performance of food and beverage manufacturing firms than merger and acquisition; and recommends that food and beverage manufacturing firms should deploy more of independent strategies while keeping abreast of market dynamics; and also leverage the merits of merger and acquisition to increase their customer base, enhance sales performance, increase skilled manpower, if they intend to improve their non-financial performance.
Keywords: Business strategies, competitive aggression, non-financial performance, voluntary actions