MARKET DEVELOPMENT AND MARKET EFFICIENCY OF SELECTED FOOD AND BEVERAGE FIRMS IN LAGOS STATE, NIGERIA
Abstract
Food and Beverage (F&B) industry is a paradox box of innovation and creativity. The Nigerian Food and Beverage firms are experiencing challenges of intense competition and growth and development as a result of poor implementation of growth strategies especially market development which have led to poor market efficiency. Despite the importance of market development strategies, it is not clear on how market development strategies affect the market efficiency of firms in the Nigerian Food and Beverage (F&B) firms sub sector. This study, therefore, focused on the effect of market development on market efficiency of selected food and beverage firms in Lagos State, Nigeria. The study adopted a survey design, the population is given as 12, 495 regular employees of six selected F&B firms in Lagos State, Nigeria. The research advisor sampling table was used to select a sample size of 491 from the population while data was collected using a valid and reliable questionnaire with a Cronbach alpha value greater than 0.7. The data were analyzed using descriptive and inferential tools. Multiple Regression Analysis was used to determine the impact of the variables using the Statistical Package for Science Solutions (SPSS) version 24. Market development had significant effect on market efficiency of selected F&B firms (β = 0.921, t = 48.870, R2 = 0.845, p-value = 0.001). The study concludes that market development has a significant effect on market efficiency of selected F&B firms in Lagos State, Nigeria. It is therefore encouraged that market development strategies such as marketing research, feasibility studies, and other related efforts must be ensured by the concerned persons in the Food and Beverage (F&B) firms to ensure that the level of efficiency of these firms is maintained and improved in line with current practices and changing trends.
Keywords: Market Development, Market Efficiency, Food and Beverage Companies
CITATION: Okegbemiro, S. A., & Akinlabi, B. H. (2023). Market development and market efficiency of selected food and beverage firms in Lagos State, Nigeria. The Strategic Journal of Business & Change Management, 10 (1), 687 – 698.
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DOI: http://dx.doi.org/10.61426/sjbcm.v10i1.2570
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