Impact of competitive intelligence on performance of old mutual Kenya
The study sought to establish the competitive intelligence practices adopted by Old Mutual Kenya. Competitive intelligence is the act of gathering, analyzing, and applying information about products, domain constituents, customers, and competitors for the short term and long term planning needs of an organization. Competitive Intelligence (CI) is both a process and a product. The study used an interview guide to collect primary data. The interview guide was administered to the respondents who are middle level managers in the organization. This study sought to identify the link between best practices of competitive intelligence and performance for greater profitability of Old Mutual Kenya. The study found out that Old Mutual Kenya employs new market intelligence, product differentiation intelligence, technological intelligence and strategic alliances intelligence as competitive intelligence practices. In the findings, it was established that new market intelligence applied in the firm concentrated on the 4Ps (price, place promotion and product). The study also found out that Old Mutual Kenya involves its clients in the process of designing new products in order to come up with products that can be well consumed by the market. It was also found out that technology is the most integral part of their business and having a smart system ensures efficiency, cost reduction and increases profitability in their firm. In the study, it was also found out that Old Mutual Kenya has acquired some financial institutions and merged with other providers to spread the risks and maximize profitability. This study concludes that the competitive intelligence practices adopted by Old Mutual Kenya go hand in hand in improving efficiency, increasing the market share and there after increasing the profitability of the firm. This study recommends the adoption of competitive intelligence practices in the financial sector.