CORPORATE MANAGEMENT STRATEGY AND THE DECLINE OF NIGERIAN TEXTILE INDUSTRY: A LITERATURE REVIEW

Abstract

In the contemporary business environment, a good strategy is required for business
enterprise to remain competitive in business cycle. Corporate management strategies
are a necessary tool that guides firms or industries to success and whatever action that
might be taken by enterprise executives nothing affects the success or failure of an
industry more than how well the strategy of the firm is executed. Thus, Porter (1980)
said the essence of strategy is undertaking action different from its competitors
because without a good strategy an enterprise might not progress unless success
happens through luck as buttressed by Durie (2017). Therefore for any organisation
to have effective strategy both the formulation and implementation aspect of the
strategy should be prioritized. Thus, formulating a strategy in a textile industry
involves integrating necessary skills and approaches to avert declining trend.