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Effect of Cultural Factors on Strategic Planning in Insurance Industry in Kenya: A study of Insurance Companies in Nakuru CBD

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  • Phyllis Njeri
  • Henry Kombo

Abstract

The study was conducted to find out the effect of cultural factors on strategic planning in insurance companies in Nakuru CBD. A Correlation 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 closeended questionnaires. The respondents were managers who are involved in strategic planning in the insurance companies. Data collected was analyzed using descriptive statistics, Pearson correlation analysis and multiple regression analysis. The results of the analysis were presented using charts and tables. The results revealed that perception of Cultural factors affects strategic planning in the firms. Since the results revealed that there is a positive relationship between cultural factors and strategic planning, the strategic planning managers need to align their strategic planning to Cultural factors.

Suggested Citation

  • Phyllis Njeri & Henry Kombo, 2015. "Effect of Cultural Factors 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. 5(11), pages 186-195, November.
    • Handle: RePEc:hur:ijarbs:v:5:y:2015:i:11:p:186-195
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