Marketing strategies adopted by deposit-taking Savings and Credit Co-operative Socieites (SACCOS) in Kenya
Ambwaya, Jamhuri M
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The general objective of this study was to determine the marketing strategies that have been adopted by Deposit-Taking SACCOs and what has influenced their formulation and implementation. This was broken down into specific objectives which were to examine the extent to which Deposit-Taking SACCOs in Kenya have adopted marketing strategies and to identify factors that have influenced Deposit-Taking SACCOs to adopt marketing strategies. The study used a descriptive census study as the research design. The population of interest comprised of Deposit-Taking SACCO Societies in Kenya as licensed by the SACCO Societies Regulatory Authority. A list of the 96 licensed SACCOs as at 2nd February, 2012 was obtained. The data collected was first edited for completeness and consistency. Quantitative analysis was carried out for the purpose of showing the relationship among various variables by applying descriptive statistics. Data on section one was analyzed using frequencies and percentages. Sections two and three was analyzed using frequencies, percentages, mean scores, and standard deviation. The results were summarized using tables. The study found out that majority of the respondents indicated that a marketing plan was not necessary. The study found out that majority of the respondents among the SACCOs indicated that their position in the competitive market was the challenger. The study also found out that to a large extent the competitive market position influenced the pursuit of adoption of the SACCO's marketing strategy. The study found out that majority of the respondents indicated that customer satisfaction was to a very great extent influenced by marketing strategy. The study concluded that a marketing plan was important in an organization because it was part of the SACCO strategic management practice. The study also concluded that marketing strategy is formulated at the functional level and set within the context of the overall corporate strategy. The study recommended that more studies should be carried out to determine the application of marketing strategy by other financial services providers.