Blue Ocean Strategy and Non-financial Performance of BN Ceramics Company in Kogi State, Nigeria

Abstract

The business environment is perpetually becoming more dynamic and unpredictable owing to the influence of globalization; hence this is becoming more challenge to strive profitably amidst this scenario. The study examined the impact of Blue Ocean Strategy on Non-financial Performance of BN Ceramics Company in Kogi State. The objectives of the study were to examine the nature of relationship that exists between uncontested market space strategy and customer satisfaction and to determine the relationship between cost focus strategy and customer loyalty. To achieve these objectives, survey research design was adopted and data were collected through a 20 items structured questionnaire designed in a five-point Likert scale. The respondents for the study were the employees and customers of Boron Nitride (BN) Company in Kogi State. The respondents numbering 573 were reached but only 467 completed and returned questionnaire giving a retrieval rate of 82. The data collected were analyzed using tables, percentages and mean scores. The hypotheses of the study were tested using linear regression to determine the nature of relationships that exist between the decomposed independent and dependent variables.  Findings revealed a positive significance relationship between uncontested market space strategy and customer satisfaction and between cost focus strategy and customer loyalty. The regression results showed [R²=0.86] for uncontested market space strategy and [R²=0.80] for cost focus strategy respectively. Therefore, the study concludes that Blue Ocean strategies are pivotal in not only to dominating the market but sustaining it. Customer satisfaction and loyalty are also critical to surviving the market. Based on the findings, the study therefore recommends that uncontested market space and price focus strategies should be vigorously pursued by BN ceramics with the view to sustaining customer satisfaction and loyalty.