Effect of Strategic Management Practices on the Performance of Commercial Banks in Makueni County
DOI:
https://doi.org/10.55077/edithcowanjournalofstrategicmanagement.v6i1.113Keywords:
Commercial Banks. Performance, Strategy Evaluation, Strategic Customer Relationship Management, Strategic Partnerships, Organization CultureAbstract
traditional and non-bank players. Their ability to navigate this competitive landscape and remain competitive depends on their adoption of appropriate strategies and partnerships with peers to leverage complementary resources and innovation capabilities The aim of this study was to assess the effect of strategic management practices on the performance of commercial banks in Makueni County. The specific objectives of this study were to determine the effect of strategy evaluation, customer relationship management, strategic partnerships and organization culture on the performance of commercial banks in Makueni County.
Methodology: This research used descriptive research design. The target population of this study constituted the six commercial banks currently operating in Makueni County. From this target population, the unit of observation was the managerial staff from each of the banks’ branches. These were; branch managers, operations managers, credit managers and customer relationship departmental heads, branch credit administrators and accounts opening supervisors in all the commercial bank branches in Makueni County. The target population were ninety respondents. The study used census survey data collection method and utilized primary data obtained from semi-structured questionnaires. The questionnaires were administered to respondents using the drop and pick later method. Quantitative data analysis was done using descriptive and inferential analysis while qualitative data was analysed using content analysis. Regression analysis used the model of fitness measured by R Squared, ANOVA. Qualitative data analyzed using common themes. the study found that customer relationship management, strategic partnerships and organization culture have a positive significant relationship with the performance of commercial banks in Makueni County.
Results: It was confirmed that strategy evaluation, customer relationship management, strategic partnerships and organization culture have a positive and significant relationship with organizational performance in Makueni County Kenya.
Contribution to policy and practice: Banks in Makueni County should consider investing in talent development programs to enhance the skills and knowledge of their employees. This could include initiatives such as continuing education, professional certifications, and leadership development programs. Banks in Makueni County should consider implementing strategies to retain experienced employees and provide opportunities for career growth and development. This can help create a strong talent pipeline and ensure the continuity of institutional knowledge
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