IDEAS home Printed from https://ideas.repec.org/a/hur/ijarbs/v4y2014i3p42-49.html
   My bibliography  Save this article

Effect of Population Demographics on Strategic Planning in Insurance Industry in Kenya: A Study of Insurance Companies in Nakuru CBD

Author

Listed:
  • Phyllis Njeri
  • Henry Kombo

Abstract

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.

Suggested Citation

  • Phyllis Njeri & Henry Kombo, 2014. "Effect of Population Demographics on Strategic Planning in Insurance Industry in Kenya: A Study of Insurance Companies in Nakuru CBD," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(3), pages 42-49, March.
  • Handle: RePEc:hur:ijarbs:v:4:y:2014:i:3:p:42-49
    as

    Download full text from publisher

    File URL: http://hrmars.com/hrmars_papers/Effect_of_Population_Demographics_on_Strategic_Planning_in_Insurance_Industry_in_Kenya_A_Study_of_Insurance_Companies_in_Nakuru_CBD.pdf
    Download Restriction: no

    File URL: http://hrmars.com/hrmars_papers/Effect_of_Population_Demographics_on_Strategic_Planning_in_Insurance_Industry_in_Kenya_A_Study_of_Insurance_Companies_in_Nakuru_CBD.pdf
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hur:ijarbs:v:4:y:2014:i:3:p:42-49. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Hassan Danial Aslam (email available below). General contact details of provider: http://hrmars.com/index.php/pages/detail/IJARBSS .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.