COMPETITIVE DYNAMICS AND CORPORATE PERFORMANCE OF SELECTED FLOUR MILLING COMPANIES IN NIGERIA
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
In the dynamic landscape of the global economy, industries are constantly subjected to varying degrees of competition, which significantly shape the strategic choices and ultimate performance of companies operating within them. The Nigerian flour milling industry stands as a prime example of such a competitive environment, where companies vie for market share, consumer loyalty, and profitability. This study delves into the intricate interplay between competitive dynamics and corporate performance, focusing specifically on selected flour milling companies operating within Nigeria.
The Nigerian economy has witnessed remarkable growth over the years, accompanied by shifts in consumer preferences, technological advancements, and regulatory changes. As a staple food item, flour holds a crucial position in the daily lives of Nigerians, making the flour milling industry a critical player in the nation's food supply chain. Flour milling companies in Nigeria face a multifaceted competitive landscape, characterized by a blend of domestic and international competitors, evolving consumer demands, and a need for sustainable business practices.
The concept of competitive dynamics encompasses the forces and factors that shape the competitive landscape of an industry. These dynamics encompass the competitive forces framework proposed by Michael Porter, including the bargaining power of suppliers and buyers, threats of new entrants and substitutes, and the intensity of rivalry among existing competitors. Understanding these dynamics is pivotal for firms seeking to not only survive but thrive within a competitive marketplace.
Corporate performance, on the other hand, serves as the ultimate benchmark for a company's success. It is influenced by a myriad of internal and external factors, with competitive dynamics playing a significant role. Flour milling companies in Nigeria, as they engage in strategic maneuvers to outperform rivals, enhance market share, and achieve financial stability, are inevitably impacted by the competitive landscape in which they operate
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