Marketing Innovation Strategy and Performance of Britam Insurance Company Limited in Nairobi City County, Kenya
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Date
2024-08
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Strategic Journals
Abstract
The insurance sector operates in a dynamic business climate, so the organization must be able to develop strategies that
can change as needed. The purpose of this study was to investigate the effect of Marketing innovation strategies and
performance of Britam, Kenya. The study was guided by the following objectives: to determine the effect of process
innovation, product innovation, technology innovation and marketing innovation on performance of Britam Kenya in
Nairobi County. The study was based on three theories: the Resource-based view theory, the Dynamic capabilities theory
and the Market-based view theory. Descriptive research design was used in the study to ascertain the relationship
between variables. The study's target population consisted of 96 workers who held management and supervisory roles
at Britam, Nairobi, Kenya. The Britam, Kenya headquarters is located in Nairobi, Kenya, and this research pilot was
carried out there. Ten participants who participated in the pilot testing process made up the study sample size. This
represented 10% of the intended audience. In essence, the study was a census. The research instrument's validity and
reliability were evaluated using a pilot study. The validity of the study was evaluated using both construct and content
validity. The reliability threshold of 0.70 was applied. Primary data were used in the study. Using structured
questionnaires, primary data were collected by dropping them off and then collecting them up. These surveys had both
closed- and open-ended questions to allow for a wide variety of answers.. Each measurable variable had its descriptive
statistics, like standard deviations and percentages, calculated. Using tables and figures, multiple regression analysis
was used to determine the relationship between independent and dependent variables during data analysis and
presentation. The results of the study showed that Britam Insurance Company Kenya's performance was significantly
improved by Marketing Innovation Strategy. The study comes to the conclusion that creative methods could make a
company's decision-making processes simpler. Improvements in marketing lead to modifications in the nature of
customer relationships, adjustments in distribution strategies, and improvements in buyer satisfaction and value, all of
which improve an organization's financial performance. According to the study, coming up with a number of ideas is the
first step in beginning an innovation journey in order to find possibilities for innovation. The organization needs to have a
laser-focused commitment to these goals in order to make sure that everyone in the organization is helping to achieve
the organization's key business objectives.
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Citation
Sifuna, L. N., & Kamau, S. (2024). Marketing innovation strategy and performance of Britam Insurance Company Limited in Nairobi City County, Kenya. The Strategic Journal of Business & Change Management, 11 (3), 594 – 605. http://dx.doi.org/10.61426/sjbcm.v11i3.3047