Strategic Management Practices and Competitive Advantage of Small and Medium-Sized Enterprises in Osun State, Nigeria

Abstract

The aim of this study is to investigate the effect of strategic management practices on competitive advantage of small and medium size enterprise in Osun State. Tthe study examine the effect of environmental scanning on competitive advantage of small and medium size enterprise in Osun State; examine the effect of strategy formulation on competitive advantage of small and medium size enterprise in Osun State; examine the effect of strategy implementation on competitive advantage of small and medium size enterprise in Osun State. This research adopted the survey research design. The population of the study comprised of all 2,273 registered Small and Medium Enterprises (SMEs) owners in Osun State, Nigeria (SMEDAN, 2022). Convenient sampling procedure was adopted to sample 155 SMEs. A total of 149 participants responded and completed the survey giving a response rate of 96.1%. The use of strategic management practices by SMEs has the potential of enhancing their competitive advantage. The result of this study showed that that strategic management practices has a positive and significant effect on competitive advantage of Small and Medium Size Enterprise in Osun State, Nigeria. Therefore, the study concluded that strategic management practices significantly impact competitive advantage of Small and Medium Size Enterprise in Osun State, Nigeria.