1Osagie Leslie Uwabor Ph.D, & 2Ordu, Blessing Chinwe Nchelem
1Department of Marketing, Faculty of Management Sciences, Federal University Otuoke (FUO), Bayelsa State. Nigeria
2Department of Marketing, School of Business Education, Federal College of Education (Technical), Omoku. Nigeria.
Corresspondence email address: [email protected], [email protected]
ORCID ID: 0009-0001-4812-6417
Abstract
One of the best management techniques for improving organizational performance is strategic management, which involves methodical strategic formulation and execution as well as efficient decision-making. Consequently, the study investigated the business performance and strategic management implementation of small and medium-sized enterprises in Bayelsa State, Nigeria. The study was guided by three research questions and objectives. Resource-based theory served as the theoretical framework for the investigation. The analysis implemented a quasi-experimental research design. 382 administrators of small and medium enterprises in Yenagoa, Bayelsa State, Nigeria comprised the population size. A five-point Likert scale questionnaire was used to gather data. In order to address research enquiries, the study implemented frequency and percentages, pie, and bar charts to represent respondents’ demographic data. A 0.05 level of significance was employed to assess the hypotheses formulated for the study using a T-test associated with simple regression. The statistical analysis found a substantial correlation between the profitability of SMEs and the formulation, implementation, and evaluation of their strategies. It was concluded that, by noting the idea that strategy formulation and profitability in SMEs are positively connected is continuously supported by the examined research. This implies that the degree of this link is influenced by variables like industry type, strategy orientation, and environmental dynamism. It was therefore recommended among others that, by implementing strong evaluation frameworks SMEs will be enhanced to stay competitive and achieve long-term sustainability.
Keywords: Strategic Management Application, Business Profitability, SMEs long Term Sustainability