Title: Entrepreneurial Orientation And Organizational Cost Reduction In Food And Confectionary Firms In Rivers State
Authors: Ogu, Kingsley Obinna and Onuoha, B. Chima
Volume: 8
Issue: 9
Pages: 141-153
Publication Date: 2024/09/28
Abstract:
This study aims to explore the correlation between entrepreneurial orientation and the reduction of organizational costs within food and confectionery firms in Rivers State. Entrepreneurial orientation is assessed through three dimensions: entrepreneurial risk-taking, entrepreneurial pro-activeness, and entrepreneurial innovativeness, while organizational cost reduction serves as the primary measure. The study population encompasses 120 food and confectionery firms distributed across two Local Government Areas (Port Harcourt and Obio/Akpor) in Rivers State. The sample size comprises 72 owners and 86 managers, totaling 158 respondents, selected via convenience sampling. The Taro Yamane formula was utilized to determine the sample size, resulting in 113 respondents. Data collection employed a meticulously designed questionnaire. Hypotheses were analyzed using descriptive and inferential statistics, specifically the Pearson Correlation Coefficient. Results revealed a significant and positive correlation between the dimensions of entrepreneurial orientation and organizational cost reduction among food and confectionery firms in Rivers State. Consequently, the study concludes that entrepreneurial orientation serves as a vital strategy in facilitating organizational cost reduction efforts.