ENTREPRENEURIAL MARKETING RISK MANAGEMENT AND ORGANIZATIONAL COMPETITIVENESS OF QUOTED INDUSTRIAL GOODS MANUFACTURING FIRMS IN NIGERIA

Abstract

This study investigated the impact of entrepreneurial marketing risk management on organizational competitiveness in the context of quoted industrial goods manufacturing firms in Nigeria. The study adopted a cross sectional survey research design with the use of explanatory research design and with a causal investigation. The population of the study was the ten (10) quoted industrial goods manufacturing firms in Nigeria. This population was fully sampled. Six (6) managers from marketing, production, finance, human resources sales and the general manager in each firm constituted the respondents of the study. Hence, sixty (60) managers, made up the respondents of the study. The study employed primary  data. Primary data was used with a thirty nine item questionnaire covering the dimensions and measures of entrepreneurial marketing orientation and organizational competitiveness respectively. Sixty copies of the questionnaire were distributed and forty nine (49) copies returned and after editing forty four (44) copies were finally used for the study representing 73% of the total number of questionnaire distributed.  The study employed both univariate descriptive statistics and bivariate inferential statistics. The univariate descriptive statistics that were used are frequencies, percentages, mean, standard deviation, the variance and the bar chart. The bivariate statistics that was used for the study is the simple regression analysis. These statistics were used with the aid of the statistical package for social sciences (SPSS) version 22.0. The findings of the study indicates that entrepreneurial marketing innovativeness has positive and significant impact on the measures of organizational competitiveness; productivity, value creation and new market exploration. We therefore conclude that, entrepreneurial marketing risk management significantly improves organizational innovativeness. The study recommends that, the quoted industrial good manufacturing firms in Nigeria should adopt a risk management framework that should mitigate potential losses in the market. This will enhance their competitiveness in the industry. The companies should embark on calculated risk management in their value delivery chain. This will enhance the firs competitiveness in the market. The industrial goods manufacturing firms which are quoted should always carryout risk analysis and decision making in project/market selection, product development etc. This will enhance the firms competitiveness both in the domestic market and the global market space.