DESCRIPTIVE ANALYSIS OF COMPETITION AND THE ADOPTION OF GAME THEORY IN BUSINESS GAME AMONG SMALL SCALE CAFETERIAS IN NIGERIA
Abstract
This study focused on competitive situation and business game among small scale cafeterias in Nigeria. Thus, the study investigated factors influencing competitive situation among small scale cafeteria businesses in Nigeria, and the adoption of games theory in business game and its effect on the overall performance of small scale cafeterias in Nigeria. The study was conducted on selected cafeteria businesses from ten areas in Ogun State, Nigeria. This study analyzed the data collected in table with descriptive method and applied Chi-square and ANOVA statistical method. Findings show that price, service quality and customer’s value influence competitive situation among small scale cafeterias, and that the adoption of games theory in business game has effect on the overall performance of small scale cafeterias in Nigeria. Though, empirical result proves the effect to be insignificant. The study concluded that factors (such as price, service quality and customer’s value) account for the outlook of competitive situation among small scale cafeterias in Nigeria, and that cafeteria owners can grow competitive advantage by applying the assumption of games theory. This study therefore recommends that cafeteria owner-managers should pay close attention to prices; service quality and customer’s value to enable them enhance viable competitive position in the business game.
Keywords
Full Text:
PDFReferences
Amoako, P.M. (2012). The Role Employees Play in Service Delivery to Achieve Customer Satisfaction at the Imperial Perkin Fast Food Restaurant. MBA Thesis, Kwame Nkrumah University of Science and Technology.
Andersen, M.L. and Taylor, H.F. (2009). Sociology: The Essentials. In: A. Crossman (Ed.), Game Theory: An Overview. Retrieved from: sociology.about.com/od/Sociological-Theory/a/Game-Theory.htm. Accessed on: 29 March 2015.
Backović, M., Popović, Z. & Stamenković, M. (2016). Reflexive Game Theory Approach to Mutual Insurance Problem. Montenegrin Journal of Economics, 12(3), 87-100.
Bergen, K.B. (1962). Application of Game Theory to Some Problems in Automobile Insurance, The Juan-les-Pins Colloquium., 208-221.
Bitner, M.J. (1990). Evaluating service encounters: the effects of physical surrounding and employee response. In: Amoako, P.M. (Ed.). The Role Employees Play in ServiceDelivery to Achieve Customer Satisfaction at the Imperial Perkin Fast Food Restaurant. MBA Thesis, Kwame Nkrumah University of Science and Technology.
Camerer, C.F. (2003). Behavioural Studies of Strategic Thinking In Games, Trends in Cognitive Sciences. 7(5), 24-36.
Coomas, M. (2005). Fair Play or Loyalty and Coherence: A Source of Performance and Value Creation through Business Ethics. In: Firescu, I. (Ed.). Cooperation In Business - An Application Of Game Theory, Project, International Management Aarhus School of Business and Social Sciences
Duffy, J. (2010). Lecture Notes: Elements of a Game. In A. Crossman (eds.), Game Theory: An Overview. Retrieved from:
sociology.about.com/od/Sociological-Theory/a/Game- Theory.htm. Accessed on: 29 March 2015.
Firescu, I. (2012). Cooperation In Business - An Application Of Game Theory. Project, International Management Aarhus School of Business and Social Sciences
Gerdeman, D. (2012). Location, Location, Location: The Strategy of Place. Harvard Business School Working Knowledge: Business Research for Business Leaders. Retrieved from:
http://hbswk.hbs.edu/item/location-location-location-the-strategy-of-place. Accessed on: 29 March 2015.
Goluch, T. (2012). The use of Game Theory in Small Business, Thesis, Gdansk University of Technology.
Igben, R.O. (2007), Financial Accounting Made Simple, 2nd Edition, Lagos: ROI Publishers
Jhingan, M.L. (2006). Advance Economic Theory: Micro and Macro-economics, 12th Edition, Delhi: Vrinda Publications.
Lindstädt, H & Müller, J. (2009), Making Game Theory Work for Managers, Insights and Publications.
Nik, H. & Nik, M. (2008). Strategies Of Game Theory In The Marketing Of Marine Catch For Small, Medium And Large Fishermen. IIFET: Vietnam Proceedings.
Parasuraman, A, Zeithaml, V.A. et al. (1988), SERVQUAL: A multiple item scale for measuring consumer perceptions of service quality. In: Amoako, P.M. (Ed.). The Role Employees Play in Service Delivery to Achieve Customer Satisfaction at the Imperial Perkin Fast Food Restaurant. MBA Thesis, Kwame Nkrumah University of Science and Technology.
Pinkasovitch, A. (2014), Why Is Game Theory Useful In Business, Investopedia. Retrieved from: www.investopedia.com/ask/answers/09/game-theory-business.asp. Accessed on: 29 March 2015.
Porter, M. (1980). Competitive Advantage: Creating and Sustaining Superior Performance. In: Recklies, D. (Ed.). Porter’s Five Forces- Content, Application and Critique. Retrieved from: www.themanager.org. Accessed on: 29 March 2015.
Porter, M. (1985). Competitive Advantage, New York: The Free Press.
Porter, M. (1998). Competitive Strategy. New York: Free Press.
QuickMBA (n.d), Game Theory. Retrieved from: www.quickmba.com/econ/micro/gametheory/. Accessed on: 29 March 2015.
Shanker, A. (2012). What Is Customer Value and How Do You Deliver It? Technology Innovation Management Review, 2(2), 32-33.
Smith, J.B. & Colgate, M. (2007). Customer Value Creation: A Practical Framework. Journal of Marketing Theory and Practice.15(1), 7-23.
Wikipedia (2014), Competition: Economics. Retrieved on 15 July, 2014 from: en.m.wikip edia.org/wiki/Business_competition. Accessed on: 29 March 2015.
Zeithaml, V.A. (1988). Consumer Perceptions of Price, Quality, and Value: A Means-End Model and Synthesis of Evidence. Journal of Marketing, 52(3), 2-22.
DOI: https://doi.org/10.22190/FUEO1703203A
Refbacks
- There are currently no refbacks.
© University of Niš, Serbia
Creative Commons License CC BY-NC-ND
ISSN 0354-4699 (Print)
ISSN 2406-050X (Online)