Effect of Strategic Planning Practices on Organizational Performance of Firms in Pharmaceutical Industry in Kenya: A Case of Cosmos Limited
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Date
2022-10
Authors
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Volume Title
Publisher
Daystar University School of Business and Economics
Abstract
The study investigated the effect of strategic planning on organizational performance of firms in the Kenyan pharmaceutical industry, the case of Cosmos Limited. The objectives were to determine the strategic planning practices adopted by the company, its organizational performance, and the effect of strategic planning on its performance. The study was mainly grounded on the resource-based view theory. The target population consisted of 33 senior and middle-level managers at Cosmos Limited, Nairobi, Kenya. The research adopted a census research design method as all of the population was under study. Semi-structured questionnaires were used in data collection, which was analyzed using Statistical Package for the Social Sciences (SPSS), statistics 26.0. The effect of strategic planning on organizational performance was analyzed using Pearson’s Product Moment Correlation. The findings revealed that mission, vision, and value statement, Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, strategy implementation, and strategic control are important practices used by the company in strategic planning. Furthermore, strategic planning had a significant effect on organizational performance. There was a moderately positive and significant correlation between SWOT analysis, strategy implementation, strategic control, and organizational performance, with a low positive correlation with mission, vision, and values. Environmental factors and organizational structure also affected the relationship between strategic planning and organizational performance. The study recommends the need for managers to establish proximity with their subordinates and effectively communicate the process of strategic planning. It concluded that strategic planning is an essential management tool that, when properly implemented, enhances organizational performance.
Description
MASTER OF BUSINESS ADMINISTRATION
in Strategic Management
Keywords
Strategic Planning, Organizational Performance, Firms, Pharmaceutical Industry, Cosmos Limited
Citation
Asewe.J.A.(2022).Effect of Strategic Planning Practices on Organizational Performance of Firms in Pharmaceutical Industry in Kenya: A Case of Cosmos Limited:Daystar University School of Business and Economics(Thesis)