dc.description.abstract | Companies need to have effective strategies in order to cope with today’s ever changing
environment. 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. Strategy formulation, important as it may be, needs to be
followed by proper strategy execution; otherwise, the strategy formulated will not be
realized. With the accelerating dynamics of competition, the key to competitiveness no
longer lies in employing strategies, which have been successful in the past or in
emulating strategies of successful competitors. Real competitive advantage results from
developing strategies that will differentiate the organization from its competitors in the
eyes of the customers. This study analyzed the strategy implementation procedure of
Gateway insurance company Kenya, and the challenges it incurred when implementing
the strategies. Gateway Insurance Company began transacting business in Kenya in 1982.
Today it has a total of fifteen branches nationwide and many general insurance products
to satisfy the needs of its target customers. Over the years, the company has been
implementing various strategies to cope with the harsh competitive environment in order
to survive. The study unraveled the various implementation procedures, citing its
strengths and weaknesses, the study utilized a case study design in which an interview
guide was used on five senior managers of the company based in Nairobi County.
Qualitative analysis on the data was done using content analysis. The study found out that
there needs to be integration of strategy in accordance with the core competencies of an
organization putting into perspective the various changing trends in market forces. Thus
if strategy puts the above into consideration with good top down communication then
most definitely successful implementation would be achieved. Currently most insurance
companies have implied their course in implementation of their strategic plans and thus
this study should act as a bench mark in the industry for results and quality assurance
across the sector. This will thereby promote comparability of challenges among the
insurance companies in Kenya and particularly during implementation of their respective Strategic plans. | en_US |