STRATEGIC MANAGEMENT PROCESSES AND REVENUE ENHANCEMENT BY PUBLIC UNIVERSITIES IN KENYA
Abstract
Due to the current dynamics being experienced in almost all public universities in Kenya, public Universities are tasked with coming up with sound strategies, implementing them, and ensuring they achieve the set goals. This provoked the researcher to conduct this study on the influence of strategic management processes on Revenue Enhancement by public institutions of higher learning in Kenya. The study was anchored on the following specific objectives; to assess the influence of strategic development, and strategic processes on Revenue Enhancement by public universities in Kenya in Kenya. The study applied a cross-sectional survey design. The study applied Yamane’s (1967) formula in identifying 491 respondents who held information that was deemed helpful for this study. The study sampled a total of 143 academic staff (47 from each university) and 348 non-teaching staff (116 from each. This is based on the fact that the population of the two groups is heterogeneous. Collected data was analyzed using Statistical Packages for Social Science Version 25. Both descriptive statistics and inferential statistics were used in the analysis. Descriptive statistics was limited to frequency, percentage, mean, and standard deviations. Inferential statistics was limited to correlation and regression modeling. The research findings were presented using tables. A multiple regression model was adopted to test the strength of the relationship between variables. The findings of this study shed light on the intricate relationship between strategic practices and revenue enhancement within public universities. Through comprehensive analysis, it is evident that strategic formulation, implementation, and analysis practices significantly influence the institution's financial performance. Notably, the institution demonstrates strengths in stakeholder-centricity, vision articulation, and performance goal setting, fostering a culture of accountability and continuous improvement. However, the study also unveils areas for enhancement, particularly in aligning strategic goals with the overarching mission and benchmarking strategies with industry peers. Addressing these gaps presents opportunities for bolstering strategic coherence and leveraging external insights to drive organizational success. Moreover, the disparities in communication channels and staff participation underscore the importance of fostering a collaborative and inclusive decision-making environment. Moving forward, the institution can leverage these insights to refine its strategic processes, enhance operational efficiency, and drive sustainable revenue growth. By prioritizing strategic alignment, fostering transparent communication, and promoting cross-functional collaboration, the institution can navigate evolving market dynamics and position itself for long-term success. Additionally, continuous monitoring and adaptation of strategic practices are essential to staying agile and responsive in an increasingly competitive educational landscape.
Keywords: Strategic management processes, Strategy formulation, Strategy implementation, Strategy Analysis, Revenue enhancement.
CITATION: Nyaga, J. M., & Kirimi, A. (2024). Strategic management processes and revenue enhancement by public universities in Kenya. The Strategic Journal of Business & Change Management, 11 (2), 1218 – 1235. http://dx.doi.org/10.61426/sjbcm.v11i2.2979
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DOI: http://dx.doi.org/10.61426/sjbcm.v11i2.2979
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