MARKETING INNOVATION STRATEGY AND PERFORMANCE OF BRITAM INSURANCE COMPANY LIMITED IN NAIROBI CITY COUNTY, KENYA
Abstract
The insurance sector operates in a dynamic business climate, so the organization must be able to develop strategies that can change as needed. The purpose of this study was to investigate the effect of Marketing innovation strategies and performance of Britam, Kenya. The study was guided by the following objectives: to determine the effect of process innovation, product innovation, technology innovation and marketing innovation on performance of Britam Kenya in Nairobi County. The study was based on three theories: the Resource-based view theory, the Dynamic capabilities theory and the Market-based view theory. Descriptive research design was used in the study to ascertain the relationship between variables. The study's target population consisted of 96 workers who held management and supervisory roles at Britam, Nairobi, Kenya. The Britam, Kenya headquarters is located in Nairobi, Kenya, and this research pilot was carried out there. Ten participants who participated in the pilot testing process made up the study sample size. This represented 10% of the intended audience. In essence, the study was a census. The research instrument's validity and reliability were evaluated using a pilot study. The validity of the study was evaluated using both construct and content validity. The reliability threshold of 0.70 was applied. Primary data were used in the study. Using structured questionnaires, primary data were collected by dropping them off and then collecting them up. These surveys had both closed- and open-ended questions to allow for a wide variety of answers.. Each measurable variable had its descriptive statistics, like standard deviations and percentages, calculated. Using tables and figures, multiple regression analysis was used to determine the relationship between independent and dependent variables during data analysis and presentation. The results of the study showed that Britam Insurance Company Kenya's performance was significantly improved by Marketing Innovation Strategy. The study comes to the conclusion that creative methods could make a company's decision-making processes simpler. Improvements in marketing lead to modifications in the nature of customer relationships, adjustments in distribution strategies, and improvements in buyer satisfaction and value, all of which improve an organization's financial performance. According to the study, coming up with a number of ideas is the first step in beginning an innovation journey in order to find possibilities for innovation. The organization needs to have a laser-focused commitment to these goals in order to make sure that everyone in the organization is helping to achieve the organization's key business objectives.
Key Words: Marketing Innovation Strategy, Organizational Performance
CITATION: Sifuna, L. N., & Kamau, S. (2024). Marketing innovation strategy and performance of Britam Insurance Company Limited in Nairobi City County, Kenya. The Strategic Journal of Business & Change Management, 11 (3), 594 – 605. http://dx.doi.org/10.61426/sjbcm.v11i3.3047
Full Text:
PDFReferences
Agyapong, A., & Muntaka, A. S. (2012). Strategic planning and performance of businesses in Ghana: A comparative study of micro, small, and large firms. The International Business & Economics Research Journal (Online), 11(11), 1261.
Dess, G.G. & Robinson, R.B Jr. (2016). Measuring organizational performance in the absence of objective measures: The case of the privately held firm and conglomerate business unit. Strategic Management Journal, 5, 265- 273.
Fowinkel, T. (2016). Human Resource Management Systems in New Business Creation: An Exploratory Study.New York: Springer.
Ansoff H. I. (1999). Implementing Strategic Management, Prentice Hall Cambridge, United Kingdom.
Aosa, E. (1992). An Empirical Investigation of Aspects of Strategy Formulation and Implementation within Large, Private Manufacturing Companies in Kenya. Unpublished PhD Thesis, University of Strathclyde.
Beer, M., Eisenstat, R. (2000). The silent killers of strategy implementation and learning. Sloan Management Review, 41 (4), 29-40.
Burugo, V.M. & Owour, D. (2017). Influence of strategic management practices on business profitability in Kenya. (A case study of Chai trading company limited). Imperial Journal of Interdisciplinary Research (IJIR), 3(9), 923-947.
Hollanders, H. & Evangelista, R. (2016). Organisational and Marketing Innovation – Promises and Pitfalls, Final Report Prepared for European Commision.
Kang, G. D. & James, J. (2015). Service quality dimensions: an examination of Gro¨nroos’s service quality model”, Managing Service Quality, 14(4), 266-77.
Kinuthia, B. W. (2010). An analysis of financial innovations in the Kenyan Banking sector: Unpublished PhD thesis, Nairobi: University of Nairobi.
Kinyumu, B. M. (2016). Innovation processes within the insurance industry in Kenya (Doctoral dissertation, University of Nairobi, Kenya). Krishnan, G. (2017). The impact of marketing capability, operations capability, and diversification strategy on performance: A Resource-Based View, Industrial Marketing management, 39(2):317–329
Kyalo, R. (2016). Innovation Strategies and Performance of Large Oil Companies in Kenya (Master). University of Nairobi.
Filatotchev, I., Su, Z., & Bruton, G. D. (2017). Market orientation, growth strategy, and firm performance: the moderating effects of external connections. Management and Organization Review, 13(3), 575-601.
Gavrea, C., Ilieş, L., Stegerean, R., (2011). Determinants of Organizational Performance: The Case of Romania Management & Marketing Challenges for the Knowledge Society (2011) 6, (2), 285-300.
Grant, R. M. (1991). The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation. California Management Review, 33(Spring), 114-135.
Greenlley, G. (2011). The mind of the Strategist. New York: McGraw Hill.
Helfat, C. E., (2013). The Impact of Dynamic Capabilities on Resource Access and Development. Organization science, 24(6), 1782-1804.
Irukwu, J. O. (1977). Insurance management in Africa. Ibadan, Nigeria: Caxton Press.
Iravo, M., Ongori, J. and Munene, C. (2013). Factors Affecting the Performance of Hotels and Restaurants in Kenya. A case of Kisii County. Interdisciplinary Journal of Contemporary Research in Business. 4(12), 897-928.
Johnson, G., Devinney, T., Yip, G., & Richard, P. (2009). Measuring Organizational Performance: Towards Methodological Best Practice. Journal of Management, 35(3).
Karemu, C. (2003). The State of Strategic Management Practices in the Retail Sector: The Case of Supermarkets in Nairobi: Unpublished MBA Thesis, Nairobi: University of Nairobi.
Kotler, P. (2003). Marketing Management, Eleventh Edition. Prentice Hall International.
Mugenda, O., & Mugenda, A. (2008). Research methods Quantitative and Qualitative approaches. African Centre for Technology Studies Nairobi.
Ndung’u, N. (2013). Developments in Kenya’s Insurance Industry Sector. Paper session presented at the Launch of Continental Reinsurance brand and products, Nairobi.
Oakland, H. (1999). Organizational Strategy, Structure and Process; 5th Edition Boston: McGraw Hill.
Priem, R. L., Butler, J. E. (2001a), Is the Resource- Based Theory a Useful Perspective for Strategic Management Research? Academy of Management Review, 26, (1), pp.22-40.
Quinn, J. B. (1980). Strategies for Change. Logical Incrementalism. Homewood IL: Irwin.
Rajendra, C.K. (2008). Research Methodology. New Delhi, India.
Saunders, M., Thornhill, A. and Lewis, P. (2009). Research Methods for Business students. (5th ed.). Harlow: Financial Time prentice-Hall.
DOI: http://dx.doi.org/10.61426/sjbcm.v11i3.3047
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 3.0 License.
PAST ISSUES:
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.