PERCEPTIONS OF CO-OPERATIVE INSURANCE GROUP MANAGERS TOWARDS STRATEGIC ALLIANCES AND COMPETITIVE ADVANTAGE
DOI:
https://doi.org/10.47941/jbsm.147Keywords:
competitive advantage, strategic allianceAbstract
Purpose: The Study sought to determine the perceptions of co-operative insurance group managers towards strategic alliances and competitive advantage
Methodology: A survey research design was used in this study. The study populations are all Headquarter office managers of the Co-operative Insurance group of Kenya. The respondents were twenty three heads of departments for the various subsidiaries of CIC insurance group. The collected data was analyzed using quantitative procedures. Quantitative data was analyzed using descriptive statistics and inferential statistics.
Results: Results indicate that strategic alliance has led to Large market share, Huge profitability, Enhanced and stronger customer loyalty, Strong technological capability, Superior Portfolio of products, Stronger financial capability, Stronger, solid anchor shareholder base, Strong distribution network, Stronger supplier loyalty, Stronger brand name ,Modern technological infrastructure, Stronger capital base and Stronger and wider interconnected branch Network. Results also indicated that female rated highly that various strategic alliances has led to competitive advantage compared to males. Results also revealed that those respondents who were above 50 years of age rated strategic competitive advantage perceptions highly compared to respondents aged between 18-30 years and 31-50 years. Result findings revealed that those respondents who had long experience in the company rated strategic competitive advantage perceptions highly compared to respondents who had less experience. The findings indicate that the ability to form and manage strategic alliances more effectively than competitors can become an important source of competitive advantage.
Unique contribution to theory, practice and policy: The study recommends that Managers at CIC Group can use the results to craft strategies on which areas to improve and which areas to excel at. It is also suggested that since the managerial perceptions were that formation of strategic alliances have brought about competitive advantages, it may be important to consider investing in the area of strategic alliances with a hope of building and enjoying further competitive advantages.
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