Strategic management practices at Jubilee Insurance compny of Kenya Limited
The practice of strategic management enables companies and organizations to define their strategies which provide a central purpose and direction to its activities to people who work in the firm and often to the outside world. Organizations, in order to achieve their goals of providing quality products, profitability and competitive advantage over their rivals must hold definite strategic management practices. The objective of this study is to establish the strategic management practices at Jubilee insurance Company of Kenya Limited. The study utilized a case study design. An interview guide was used to collect data. Data was analyzed using content analysis. The study found that the vision and mission statement were well placed and internalized by the employees and popularized to the community. On the political front Jubilee Insurance Company of Kenya Limited should judiciously position itself in order to benefit from all the county regions in Kenya. Jubilee insurance pursues strategic management accomplishment fervently due to the competition the industry. The study recommends a wider political, economic, social and technological (PEST) analysis to augment SWOT analysis being pursued at the Jubilee Insurance Company limited. For instance Jubilee Insurance Company of Kenya Limited should involve the surrounding community in strategy formulation. Its input should be incorporated in order to reduce apathy. For the process of managing strategy to work very well, managers must place their imprint on those aspects of the plan to be carried out in their area of responsibility. The study also recommends having a well outlined strategic analysis in the management practices at Jubilee insurance company. Analysis is a key stage because the information gained in this stage will shape the next two stages i.e. strategic planning and implementation. Interviewing needs more time than questionnaires and thus the data collection was time-consuming for the researcher. The nature of qualitative study relied on the researcher‟s judgments of data collection and analysis. The researcher was the main data collection instrument for the unstructured interviews and analysis of the data. However, the possibility of bias was minimized by the assistance of an expert co-coder and the use of strategies such as trustworthiness, reflexivity, bracketing and intuiting throughout the study. This research suggests for further research on the strategic reactions applied by Jubilee insurance company Kenya Limited in the Insurance Industry in Kenya. In addition, to find out how Jubilee Insurance Company of Kenya Limited performs strategic control and evaluations. This study also suggests research on the strategic planning and formulation procedures at Jubilee Insurance Company of Kenya, and also further research should be done to evaluate how the indigenous companies have responded to the competitive environment created by Jubilee Insurance Company.