Managing Turbulent Business Environments in Nigeria: A Model Approach

Abstract

The thrust of the study is to examine the nature, character and constraints the Nigerian business environment poses to enterprises operating in it with a view to proffering solutions strategies on how to overcome environmental turbulence within the economy. Methodologically the study adopts an analytical and qualitative approach by perusing extant literature on the nature and types of environmental forces at issue in the economy. The J.D. Thompson model was adopted to drive the study and its components which exist in four-quadrants were used for analysis with regards to enterprises operating in various industries in the environment. Each quadrant aligns with specific environment type and pinpoints exact techniques to adopt as solution-strategies in coping with the environment for survival. In addition to the model, a template of strategic marketing plan was adopted as a programme and roadmap which enterprises in the environment can adopt to help them analyse and diagnose their target markets to reveal its true nature and potentials for effective targeting. Recommendations made are to the effect that enterprises in this increasingly turbulent and insecure environment should adopt a combinational approach instead of a ‘one-best strategy’ for survival. This is in addition to employing smarter environmental scanning techniques. It is further suggested that enterprises should establish R&D and intelligence gathering units and the creation of an MIS infrastructure to help it track essential and diverse sets of information if they ever hope to survive and succeed.