BETWEEN RISK MANAGEMENT STRATEGIES AND BUSINESS SUCCESS OF BOTTLED WATER COMPANIES IN RIVERS STATE, NIGERIA

Abstract

This study investigated the relationship between risk management strategies and business success of bottled water companies in Rivers State, Nigeria. Specifically, it examines how risk identification and risk assessment relate to key indicators of business success such as profitability and market share. The cross sectional survey research design was adopted for the study. The population of this study consisted of Fifteen (15) bottled waters companies registered with the companies and allied matter and licenced by (NAFDAC) National Agency for Food and Drug Administration which has been in operation for over 10 years and above. Using a census approach, a total of 60 managers were selected as key respondents for the study. The instrument for the study was the questionnaire. The Cronbach alpha was adopted in assessing the reliability of the study instrument with coefficient of 0.7. The Spearman Rank Order Correlation was adopted to test the hypotheses at 0.05 degree of significance. The findings reveal a significant positive relationships between dimensions of risk management strategies and measures of business success. The study concludes that effective risk management practices through risk identification and risk assessment are vital for achieving and sustainable business success in terms of profitability and market shares of  bottled water industry. It recommends among others that bottled water companies in Rivers State should institutionalize structured risk identification processes across all levels of operation