Influence of Cost Management Strategies on Performance of Selected Multinational Logistics Firms in Kenya
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Date
2023
Authors
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Journal ISSN
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Publisher
Daystar University, School of Business and Economics
Abstract
For any organization to be sustainable over time, it needs to sustain itself through cost management. The service industry has been affected by the economic recession and therefore requires sustainability. This study sought to determine the influence of selected cost management strategies such as outsourcing, restructuring and business process reengineering on performance of selected multinational logistics firms in Kenya. This study employed a descriptive research design to establish the association between cost management strategies and performance. The target population consisted of all the 21 multinational logistics firms operating in Kenya. Questionnaires were used as the data instrument in collecting the primary data. Data was analyzed using SPSS version 23 and presented in form of tables, figures, descriptive means, standards deviations and percentages. The study found that logistics firms had clear management policies that were in line with their cost management strategies. The companies applied cost management strategies and they thought that cost management strategies have a significant influence on organization performance. The study also found that outsourcing and business reengineering influenced the performance of multinational logistics firms in Kenya to a great extent. The study recommended that the management of the logistics firms need to look very cautiously at the effect of cost management strategies in relation to their long-term goals and ensure that they implement the strategies that would be compatible to the organizational missions and objectives. The logistics firms should also ensure that they implement strategies that boost their resilience and also forecast what the standard performance would be in the future.
Description
MASTER OF BUSINESS ADMINISTRATION
in Finance and Strategic Management
Keywords
cost management
Citation
Maina, F. N., (2023). Influence of Cost Management Strategies on Performance of Selected Multinational Logistics Firms in Kenya. Daystar University, School of Business and Economics