Strategic decision speed and firm performance of the two major firms in photography industry in Nairobi, Kenya

Abstract

The driving forces of globalization and technological developments have increased the intensity of competition and led to a more turbulent and more dynamic environment which has forced firms to speed their decision-making and operating processes for survival and growth (Zehir and Ozsahin, 2008). Thus, the issue of the strategic decision-making process and its speed has captured the attention of business managers and researchers. This study sought to assess the relationship between strategic decision speed and firm performance. This study was designed as a cross-sectional survey. Two main firms in the photography industry formed the population from which a sample of 10 respondents was drawn. The sample was selected using non-probabilistic purposive sampling method. Primary data was collected in this study using structured questionnaires. Data was analysed using descriptive analysis, correlation analysis and regression analysis. The study found that industrial sophistication was a significant determinant of strategic speed and that strategic decision speed does not have a significant effect on firm performance. The study concludes that the major determinant of strategic speed in the photography industry in Kenya is the level of technological sophistication of the industry. The study also concludes that firm performance is not influenced by strategic decision speed. The study recommends that firms should employ decision speed as a strategic advantage especially in those industries that are highly technologically sophisticated