Adoption of Diversification and Innovation Strategies by the Nation Media Group, Kenya

Abstract

Diversification and innovation are some of the most useful tools in ensuring that organizations survive the turbulent and competitive environment in today’s business arena. Due to high competition and demand for products and services that meet the changing customer’s needs, organizations have no choice than to remain innovative as well as diversify their operations through generation of new ideas, processes and products as well as expand internally and externally. Media industry in Kenya and globally is no exception and hence this research was conducted to establish how Nation Media Group has adopted diversification and innovation strategies to remain competitive and to continue growing in light of the changing environment facing media industry. The research was conducted through a case study and data analyzed through content analysis. The data was collected from respondents drawn from supervisory and management level and cutting across the various departments within the organization. The study observed that Nation Media Group had embraced the diversification and innovation within its objective, mission and vision and this has made it the biggest media house in east and central Africa. It has continued to grow its product lines as well as expand its reach in the region. The study at the same time recommends that the company need to continue venturing in innovative projects that will add value to all stakeholders. This is the only way that Nation Media can sustain its lead in the media industry in the region and at the same time serve its customers with relevant products and services while growing shareholders wealth. The study however cautions the management against adopting projects that are half baked thereby contributing unwarranted costs and exposing the organization to risks that may deter achievement of its vision.