The study was conducted to find out the effect of population demographics on strategic planning in insurance companies in Nakuru CBD. A Correlational survey research design was adopted for the study. The target population was all the 21 insurance companies in Nakuru CBD. Census study was conducted for all the 21 Insurance Companies. Primary data was collected using questionnaires. The respondents were managers who are involved in strategic planning in the insurance companies. Data collected was analyzed using descriptive statistics and Pearson product moment correlation. The study finding reveals that according to 58% of the respondents, the insurance company staffs were oftenly involved in the planning process. According to 73% of the respondents strategic plan was oftenly reviewed and lastly according to 82% of the respondents, planning was oftenly used to show the right path for the company’s future. The results show that there was a positive correlation (0.377) between population demographics and strategic planning. The study recommends that strategic planning managers need to align their strategic planning to the population demographical factors. Successful strategic planning implementation requires effective communication, employee involvement, thorough organizational planning and competitive analysis, and widespread perceived need for the strategic planning.
Aldridge, S. (2004). Life chances and Social Mobility. Oxford University: Oxford Press.
Johnson, L.K. (2004), “Execute your strategy-without killing it”, Harvard Management Update, December, pp. 3-5.
Kaplan, R. S., & Norton, D. P. (2005). The office of strategy management. Harvard Business Review, 83(10), 72—80.
KIR (2012). Kenya Insurance Report Q1 2012. Business Monitor International Ltd.
Mugenda, M.O. & Mugenda, G .A. (1999). Research Methods: Quantitative and Qualitative Approaches. Nairobi: Central Graphics Services.
Municipal Council of Nakuru (2012). Report on the list of insurance companies in Nakuru Nakuru Municipality.
Myers, D. & Menifee, L. (2000). Population Analysis: The Practice of Local Government Planning ed. Charles J. H. Washington, D.C: International City/County Management Association.
Picard, R.G. (2004). Impact of External and Internal Changes on Loss of Value on Products. New York: Fordham University Press.
Porter, M.E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.
Porter, M.E. (1998). Competitive Forces on Existing Firms. New York: Free Press.
Rahimnia. Fariborz, Polychronakis, Yiannis and Sharp, John M. (2009). A conceptual framework of impeders to strategy implementation from an exploratory case study in an Iranian university, Contemporary Middle Eastern Issues. Vol. 2 No. 4, pp. 246-261.
Richard, K.T. (1994). Using Demographic analysis in Health Services Planning; A case book for Business and Government (eds) Haille.J. Kinter,Thomas W. Merrick, Peter A. Morrison and Paul R. Voss. Boulder West view Press.
Waza, D. (2005). Impact of Strategic Planning On a Business’ Success. Unpublished MBA Thesis: Jomo Kenyatta University of Agriculture and Technology.
Copyright: © 2014 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
