Effect of Innovation Strategies on Performance of Real Estates Firms in Mavoko Sub-County, Kenya

Abstract

The two main aims that every business organization must endeavour to achieve are achieving a point of economic gain as well as improving company's performance comparative to its players. An innovative executed approach is able to have a noteworthy influence on realization of viable improvement status. The Real estate industry in Kenya is competitive and thus, having a competitive advantage is key for survival. This research sought to evaluate results of innovation strategies on the overall performance of firms that work in the real estate sector in Mavoko Sub-County. Explicitly, the research wanted to; define how Process Innovation Strategy, Product Differentiation Strategy, Technology Strategy, and Innovative Customer Service Strategy influences performance of real estate firms in Mavoko. The research used census method since the population was small and the firms were easily accessible. For the study, the requisite primary data was collected by the use of a questionnaire as its key instrument. SPSS version 25 then aided in analysing data as it was most apposite and user-friendly for analysing attitudinal responses that are management related. Descriptive and inferential statistics were the models used in the research to do the data analysis of the data collected and presented through frequency distribution tables and figures. Results revealed that 90.3% of the entire discrepancy in the dependent variable (Performance of Real Estate Firms) could be significantly explained by combined independent variables (Process Innovation Strategy, Product Differentiation Strategy, Technology Strategy, and Innovative Customer Service Strategy). The study therefore concluded that Process Innovation, Product Differentiation, Technology, and Innovative Customer Service Strategies had significant positive effect on performances of real estate companies in Mavoko. Therefore, the study recommended that the firms should make use of this strategies so as to increase their performance.