Growth Strategies and Performance of Bamboo-Related Micro Enterprises in Vihiga County, Kenya
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Date
2024
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The Strategic Journal of Business Change & Management
Abstract
This research work established the performance outcome when bamboo-related micro enterprises in Vihiga County employ growth strategies. Focus was on product development, market penetration, market development and diversification growth strategies. The influence of each strategy on the micro enterprise’s performance was thereafter established. A total of 65 micro enterprises formed the target population from which 65 owners and managers were involved in the process of data collection. The small population compelled use of a census in the collection of data with a questionnaire as the primary instrument of data collection. The questionnaire type was self-administered containing open ended and closed ended questions. Descriptive statistics were used for the analysis of data through the use of an SPSS tool utilizing, frequency, percentage distributions and measures of central tendency. An analysis of variance (ANOVA) and a multiple regression model were constructed to provide a relation between the dependent and independent variables. It was established that there exists a strong interrelationship among market penetration strategies, product development strategies, market development strategies, and diversification strategies, and the performance of bamboo-related micro enterprises. These predictor variables accounted for seventy-two percent of the total variance in performance of bamboo-related enterprises, with each having a positive predictor value. The findings showed that we could use the aforementioned to predict the performance of bamboo-related micro enterprises in Vihiga County. Ultimately, the research work concluded that the application of these strategies had a significant and positive relationship with the micro enterprises performance. As a recommendation, both private and public entities are to engage bamboo-related micro enterprises to develop more strategies in achieving growth performance that will spur expansion beyond their domiciled market. A suggestion for further research was put forward to identify other unique strategies applied by bamboo-related micro enterprises and some of the challenges encountered in implementing them.
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Citation
Horatio, X. M., & Gakobo, J. (2024). Growth strategies and performance of bamboo-related micro enterprises in Vihiga County, Kenya. The Strategic Journal of Business & Change Management, 11 (1), 83 – 114.