Theoretical Foundation of Strategic Management and Business Growth in Nigeria

Michael Agbayekhai
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Michael Agbayekhai: School of Management, Department of Business Administration, Veritas University, Bwari, Abuja

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 14, 666-672

Abstract: Strategic management has evolved from a military art and a traditional planning tool into a dynamic framework essential for navigating the complexities of contemporary business environments. This paper examines the theoretical underpinnings of strategic management and their application in fostering business growth, particularly within the Nigerian context. The paper explores how organizations can achieve sustained competitive advantage by integrating classical theories, such as Porter’s five forces, SWOT analysis, and the resource-based view (RBV), with contemporary models like Dynamic Capabilities and Blue Ocean Strategy. The article highlights the importance of strategic alignment with environmental shifts, emphasizing the role of strategic management in addressing market dynamics, resource optimization, and uncertainty management. This paper argues that strategic management when tailored to the unique challenges of emerging markets like Nigeria, serves as a critical mechanism for adaptability, resilience, and long-term growth. The paper contributes to the discourse on strategic management’s role in enabling businesses in Nigeria to be resilient and effectively positioned for success in a competitive environment.

Date: 2024
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