Effects of Strategic Management Practices on Financial Performance of Small-Scale Pig Farmers in Kiambu County, Kenya
DOI:
https://doi.org/10.53819/81018102t5342Abstract
The study examined how strategic management practices influence the financial performance of small-scale pig farmers in Kiambu County, addressing the underperformance caused by challenges and the lack of well-defined strategies in the pig-production value chain. It explored three key objectives: to assess the effects of strategic planning, strategy implementation, and monitoring and evaluation on the financial performance of small-scale pig farming enterprises. These objectives were designed to provide insights into the role of strategic management in addressing the challenges faced by farmers and to offer practical solutions for improving their competitiveness and financial sustainability. The study was anchored on three key theories: Profit and Value Maximization Theory, the Resource-Based View (RBV) and Porter’s Generic Strategies model. The study employed a survey research design where data was collected in the field from six sub-counties. From a population of 750 pig farmers, a sample of 87 was obtained by stratified random sampling. Data was collected using structured and semi-structured questionnaires with a reliability coefficient value of 0.85. The data collected was analyzed using both descriptive and inferential statistics. The findings revealed that all three independent variables (Strategy Planning, Implementation, Monitoring and Evaluation) had statistically significant effects on financial performance with beta values 0.404, 0.112, and 0.739 (p<0.05). The study concludes that strategic management practices, including planning, implementation, and monitoring and evaluation, significantly improve the financial performance of small-scale pig farmers in Kiambu County. The study recommends that pig farmers should adopt structured strategic planning, invest in modern implementation tools, and conduct regular monitoring and evaluation to enhance financial outcomes. Policymakers should develop supportive policies, provide training, and improve infrastructure to support pig farming enterprises. Stakeholders should collaborate with farmers to implement sustainable practices and offer mentorship programs. Academia should expand research to other regions, explore additional aspects of strategic management, and validate findings using alternative performance measures.
Keywords: Strategic Planning, Strategic Implementation, Strategic Management and Evaluation, Kenya
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