INFLUENCE OF STRATEGIC MANAGEMENT PROCESS ON PERFORMANCE OF OIL MARKETING COMPANIES IN KENYA
Abstract
The study was grounded on resource-based view theory, knowledge-based view theory, dynamic capabilities theory and Stakeholders theory as it sought to establish the influence of strategic management process on performance of oil marketing companies in Kenya. The study sought to bridge the knowledge gap and sought to establish the influence of strategic management process on performance of oil marketing companies in Kenya. The study adopted a descriptive survey design aimed at establishing the influence of strategic management process on performance of oil marketing companies in Kenya. The study population comprised of 31 Oil Marketing Companies in Kenya. The target population for this study was management employees of 31 Oil marketing companies in Kenya. The study selected a sample size of 143 respondents who were served with the questionnaire. Primary data was collected using pre-determined questionnaires. The study used both primary and secondary data. Quantitative data collected was analyzed by the use of descriptive statistics using Statistical Package for Social Sciences (SPSS) computer software version 21 which allowed the researcher to follow clear set of quantitative data analysis procedures that lead to increased data validity and reliability and demonstrates the relationship between the research variables. Inferential statistics through multiple regression analysis was used. Regression results reveal that strategic planning had a positive and significant relationship on the performance of oil marketing companies in Kenya, strategy formulation had a positive and significant relationship on the performance of oil marketing companies in Kenya, strategic implementation had a positive and significant relationship on performance of oil marketing companies in Kenya and finally, the results revealed that monitoring and evaluation had a positive and significant relationship in the performance of oil marketing companies in Kenya. The study recommends that communication of the strategic vision, mission should be clear and should use exciting terms that arouses organization wide commitment. The strategic planning must include written plans which cover more than a year of activity for all the employees to relate with and have it ingrained in them.
Key terms: Strategic Planning, Strategy Formulation, Strategic Implementation, Monitoring And Evaluation, Marketing Companies
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DOI: http://dx.doi.org/10.61426/sjbcm.v5i2.692
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