Pages: (131-148 )
Abstract
The Nigerian foods and beverages manufacturing industry is a Tmajor driver of the economy and dynamic capabilities are major resources that contain competition. However,the high level of competition, constant changes in customer taste and preferences, and brand consciousness of consumers have endangered the survival and growth of many of the firms in the industry. The study thus evaluated the relationship between dynamic capabilities and firm performance of selected quoted foods and beverages manufacturing companies in Lagos State,Nigeria. The study adopted a survey research design. The population was 692 middle and top level managers of the quoted firms. Total enumeration method was adopted. A questionnaire was adapted and validated for the study.The Cronbach's Alpha coefficients for the constructs ranged between 0.81 and 0.96.The response rate was 92.9% out of 692 copies of the questionnaire administered.The data were analyzed using descriptive and inferential (Pearson Product Moment correlation) statistics.Findings revealed that there is a significant relationship between product innovation capability and sales growth (r = 0.790; p<0.05) and a significant relationship exist between strategic flexibility and competitive advantage (r = 0.769; p<0.05).The study concluded that dynamic capabilities had a strong positive relationship with the performance of the food and beverages manufacturing companies in Lagos State, Nigeria. The adoption of dynamic capabilities is critical for the manufacturing companies. It sustains and enables them survive and grow consistently in the midst of intense competition.The study recommended that manufacturing firms need to monitor closely the level of competition in their industry in order to maintain their market share. For firms to consistently sustain their competitive advantage, they need to adopt the identified components of dynamic capabilities.
Keywords: Compensation management practice, Employee retention,Extrinsic compensation,Intrinsic compensation,