Influence of Strategic Formulation on the Performance of Small and Medium Manufacturing Enterprises in Kenya
Keywords:Strategic Formulation, Performance, Small and Medium, Manufacturing Enterprises in Kenya
This study addressed the influence of strategic formulation on the performance of Small and Medium Manufacturing Enterprises in Kenya. Methodically, the study was guided by the positivist research philosophy and applied cross-sectional descriptive research design. The population of the study targeted was 622 Small and Medium Manufacturing Enterprises registered under the Kenya Association of Manufacturers membership, based in Kenya. Stratified random sampling technique was adopted to select 243 managers and business owners. Primary data was collected using a structured questionnaire based on the research objectives. Data collection was conducted in a structured inexpensive and minimal time-consuming manner, assisting in answering the when, who, where, what, and how questions and also to determine whether a relationship exists between the dependent and independent variables. Both descriptive and inferential analysis were employed for analysis. The descriptive statistics revealed that mission had the highest average mean of 4.19, while vision, goals, and policies had an average mean of 4.12 each. Regression analysis found that strategic formulation significantly predicted performance, ꞵ = .300, t =7.292, p = .000, hence the null hypothesis was rejected. The study concluded that strategic formulation substantially influences the performance of Small and Medium Manufacturing Enterprises in Kenya. the study therefore recommends that the management should also review the mission, vision, goals, and policies of the firms frequently and accordingly as it helps in performance improvement.
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Copyright (c) 2023 Karimi Sekere, Peter Kiriri, Kepha Njenga
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