Influence of Strategic Management Process on Performance of Small and Medium-Sized Enterprises in Eldoret Town
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 07
Abstract
A company that wants to surpass its rivals employs a constant culture of appraisal as part of its strategic management process. Developing the organization's broad vision for its present and future goals is a challenging process. This study's objective is to find out the influence of strategic management process on performance of Small and medium-sized enterprises in Eldoret Town. This project was guided by the following objectives, establish the impact of environmental scanning on performance of Small and medium-sized enterprises in Eldoret Town and to find out the impact of strategy formulation on performance of Small and medium-sized enterprises in Eldoret Town. The research relied on the principle of resource-based learning. This study used mixed method both quantitative and qualitative approaches design. 160 responders was study's target population. The respondents were obtained using sample size using Yamane formulae and sample size of 40 was utilized. Every participant in a basic random sample has an equal chance of being chosen, and the entire data set is represented by a tiny, random subset of the population. The gathered data will be analyzed, coded, sorted to remove outliers, and statistically produced using the Statistical Package for Social Science (SPSS). The study findings indicated that the environmental scanning had a positive and statistically significant impact on performance of Small and medium-sized enterprises in Eldoret Town Likewise, strategy formulation exhibited a positive and statistically significant effect on performance of small and medium-sized enterprises in Eldoret Town. In conclusion environmental scanning was essential for SMEs to be innovative, also, strategy formulation empowered SMEs to take a proactive stance in managing their business, enabling them to anticipate, plan for, and respond to changes in their operating environment effectively.
Authors and Affiliations
Evans Wanjala Munyakho ,Dr. Evans Orina,
Keywords
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- EP ID EP740173
- DOI 10.47191/jefms/v7-i7-23
- Views 60
- Downloads 0
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