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Journal of Economics Finance and Management Studies
Article . 2024 . Peer-reviewed
Data sources: Crossref
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ZENODO
Article . 2024
License: CC BY
Data sources: ZENODO
ZENODO
Article . 2024
License: CC BY
Data sources: Datacite
ZENODO
Article . 2024
License: CC BY
Data sources: Datacite
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Influence of Strategic Management Process on Performance of Small and Medium-Sized Enterprises in Eldoret Town

Authors: Evans Wanjala Munyakho; Dr. Evans Orina;

Influence of Strategic Management Process on Performance of Small and Medium-Sized Enterprises in Eldoret Town

Abstract

A company that wants to surpass its rivals employs a constant culture of appraisal as part of its strategic management process. Developing the organization's broad vision for its present and future goals is a challenging process. This study's objective is to find out the influence of strategic management process on performance of Small and medium-sized enterprises in Eldoret Town. This project was guided by the following objectives, establish the impact of environmental scanning on performance of Small and medium-sized enterprises in Eldoret Town and to find out the impact of strategy formulation on performance of Small and medium-sized enterprises in Eldoret Town. The research relied on the principle of resource-based learning. This study used mixed method both quantitative and qualitative approaches design. 160 responders was study's target population. The respondents were obtained using sample size using Yamane formulae and sample size of 40 was utilized. Every participant in a basic random sample has an equal chance of being chosen, and the entire data set is represented by a tiny, random subset of the population. The gathered data will be analyzed, coded, sorted to remove outliers, and statistically produced using the Statistical Package for Social Science (SPSS). The study findings indicated that the environmental scanning had a positive and statistically significant impact on performance of Small and medium-sized enterprises in Eldoret Town Likewise, strategy formulation exhibited a positive and statistically significant effect on performance of small and medium-sized enterprises in Eldoret Town. In conclusion environmental scanning was essential for SMEs to be innovative, also, strategy formulation empowered SMEs to take a proactive stance in managing their business, enabling them to anticipate, plan for, and respond to changes in their operating environment effectively.

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Keywords

Strategic management, strategy formulation, environmental sscanning & performance of SMEs, Strategic management, strategy formulation, environmental sscanning & performance of SMEs

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    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average
gold