Title: Dynamic Capabilities and Strategic Renewal of Food, Beverage and Tobacco Companies in Rivers State
Authors: Leesi G. Gborogbosi and B. Chima Onuoha
Volume: 8
Issue: 10
Pages: 225-235
Publication Date: 2024/10/28
Abstract:
The study investigated the relationship between dynamic capabilities and strategic renewal of food, beverage, and tobacco companies in Rivers State. A cross-sectional research design was adopted in the study. The study's population consisted of 76 respondents from 19 food, beverage, and tobacco companies in Rivers State, which was determined using the census method. Data was gathered through a questionnaire. The Pearson coefficient was used for the data analysis. The outcome demonstrates that strategic renewal significantly relates to dynamic capabilities. Consequently, the study concludes that dynamic capabilities are closely tied to strategic renewal of food, beverage, and tobacco companies in Rivers State. The study recommended that Management should actively monitor market trends and shifts in consumer preferences. Recognize changes early to adapt their strategies which enhance their flexibility. By proactively pursuing new market opportunities, managers should align their resources to meet demand as this approach boosts adaptability and increases the chances of success in a competitive landscape. Management should be willing to adjust their resource allocations as necessary as this helps them maintain relevance and achieve a competitive advantage in changing environments. Management should encourage a culture of adaptability within the organization by preparing teams to respond effectively to unforeseen challenges and market shifts. Finally, Management should develop dynamic capabilities, in order to enhance long-term survival in a volatile market.