Innovation Strategies and Performance of Tea Firms: A Case Study of James Finlay (Kenya) Limited
DOI:
https://doi.org/10.47941/jbsm.1739Keywords:
Process Innovation Strategies, Product Innovation Strategies, Technological Innovation Strategies, Market Innovation Strategies, and Firm PerformanceAbstract
Purpose: A business must endeavor to achieve a certain level of economic gain and at the same time improve organizational performance to be able to compete with similar players in the industry. An innovative approach is guaranteed to have a positive and huge influence on realization of organizational improvement. An innovation strategy helps the leadership of an organization to come up with systems that can match their competitive needs. This study purposed to investigate the influence that innovation strategies have on the performance of Tea firms in Kenya. The study aimed to assess the following specific research objectives; to determine the influence of process innovation strategies on the performance of James Finlay Kenya Limited; to establish the influence of product innovation strategies on the performance of James Finlay Kenya Limited; to establish the influence of technological innovation strategies on the performance of James Finlay Kenya Limited; to determine the influence of market innovation strategies on the performance of James Finlay Kenya Limited.
Methodology: The study used descriptive research design in tandem with correlational research design. The management, senior and junior staff of four departments at James Finlay (Kenya) Limited that are a total of 150 staff members formed the population size for this study while the sample size was a total of 109 staff. Primary data was collected using a questionnaire. SPSS software was then used to analyze the data because it was appropriate and easy to use in analyzing the responses submitted by respondents. Descriptive and inferential statistics models were used in the research for data analysis and the findings were presented through tables and figures.
Findings: The study ascertained the existence of a positive relationship between innovation strategies and the performance of tea firms in Kenya. Innovation strategies account for 77.4% of the total variance in the tea firms' performance. Since innovation strategies account for such a huge percentage of the tea firm performance in Kenya, it was recommended that tea firms should utilize Process Innovation, Product Innovation, Technological Innovation, and Market Innovation Strategies in their operations, since this would assure their performance up to 77.4%.
Unique contribution to theory, practice and policy: The study thus recommended that tea firms should employ these strategies to ensure their overall improved performance.
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Copyright (c) 2024 Lewis Kimutai Cheruiyot, Dr. Rose Litunya, PhD
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