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International Journal of Arts and Entrepreneurship Vol.4, Issue 3, 2015

 

 

DETERMINANTS OF STRATEGY IMPLEMENTATION SUCCESS IN THE INSURANCE INDUSTRY: A SURVEY OF INSURANCE COMPANIES IN KENYA

Paul Mwangi Kibicho

Jomo Kenyatta University of Agriculture and Technology

Kenya

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Dr. Mike A. Iravo (PhD)

Jomo Kenyatta University of Agriculture and Technology

Dr. Kabare Karanja (PhD)

Jomo Kenyatta University of Agriculture and Technology

CITATION: Kibicho, M. P. Iravo, M. A & Karanja, K (2015). Determinants of Strategy Implementation Success in the Insurance Industry: A Survey of Insurance Companies In Kenya. International Journal of Arts and Entrepreneurship 4 (3), 209-235.

 


ABSTRACT

The fundamental importance of strategic management is that the world keeps changing. Strategy implementation is a series of actions aimed at putting a selected strategy at work by planning how the chosen strategy can be put into effect and managing the changes required. Many studies have been carried out on various issues on strategic management but none has focused on the strategy implementation in a locally incorporated insurance company. This study was meant to evaluate how competitive strategy implementation affects the performance of insurance industry in Kenya. The study used mixed methods research design to collect and analyse the data, collected using questionnaires. The target population of the study was the entire 51 registered insurance companies operating in Kenya. The data collected was checked for completeness and thoroughly edited before being coded and entered into a computer software SPSS version 21 for analysis. The variables of the study were analysed using both descriptive and inferential statistics. A multiple regression model was adopted to examine the effect of the variables of the performance of the firms. The study found out that to a very great extent Choice of strategies on advertising and promotion affects the strategic decisions of company while to a great extent Choice of Staff; Product development and Choice of branch networks affects the strategic decisions of company.The study concluded that to a very great extent, Choice of branch networks affects the strategic decisions of company while Choice of Staff; Choice of strategies on advertising and Product development affects the strategic decisions of company. Further the study recommends that managerial competences be implemented since they are key ingredients in organizational success. It has been found out that minor competence developments are unlikely to have any impact on improvement of firms performance.


 

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