| dc.description.abstract | Strategy implementation is so critical in creating and sustaining competitive advantage in
the business environment. In today’s turbulent and competitive environment, there is an
increasing recognition of the need for more dynamic approaches to formulating as well as
implementing strategies. Implementing strategy is tougher and more time-consuming
than strategy-making. Each implementation situation occurs in a different context,
affected by different factors such as business practices and competitive situations, work
environments and cultures. Strategic management process is divided into three
phases/segments, that is, formulation, implementation and control. The main critical
phase of strategic management process is the implementation stage, (translating strategic
thought into organizational action). Strategy implementation is concerned with how the
choices will be put into effect and how to manage changes required in the process.
Strategy implementation therefore is a crucial phase because it unites the organization
between formulation and evaluation. The study was investigating the strategy
implementation at Madison Insurance Company Kenya Limited to establish the Focus
Strategy and determine challenges encountered by Madison in implementing its
strategies. The findings of this study will contribute to building the existing body of
knowledge in strategic management and specifically on strategy implementation. A case
study of Madison was carried out. It involved an in-depth investigation of the
phenomenon of strategy implementation. To obtain primary data, which was qualitative
in nature, four senior managers and two departmental heads were interviewed by use of
interview guides administered through interview and discussions. Secondary data was
obtained from management information system, internet and printed records. Data was
analyzed in accordance with the objectives of the study using content analysis method.
The results revealed the company’s Focus strategy and challenges of strategy
implementation at Madison. It is recommended that all employees need to be
stakeholders in the future direction of the organization. Their daily performance and
activities should be measured along the specific milestones and core values identified by
the business plan. In addition, Madison should link the performance management system
to the strategy that needs to be developed for the company. There were limitations of the
study. First, some of the responses were likely to be biased due to the fact that the
informants who were interviewed were the actual people involved in strategy
implementation. This is like asking for a self-evaluation. Second, there was a constraint
of availability of informants due to engagements such as leave of absence, training, or
fieldwork. Some potential informants, being busy top level executives, were not available
within the time frame of the research work. Further research is suggested to survey
strategy implementation across several insurance firms to support strategy
implementation. | en_US |
