Strategic Management Practices at Taj Mahal Properties, Kenya

Abstract

Profit maximization is key to stability, growth and excelling of any profit making organization. It is a dream for such an organization to be in a situation where by its profitability is not compromised regardless of the many challenges that are faced in a day to day operations. Due to lack of strategic planning with in the ranks of many small enterprises in the country, a stagnated survival kind of tendency has been witnessed in their midst. This is caused by the only strategy know to many of such enterprises of price undercutting to attract more clientele hence demeaning their earnings in the process. The Kenyan economy relies largely on the small and medium enterprises. The growth of this sector will therefore translate to the growth of the economy at large. The growth of a small enterprise, to a medium enterprise and more so to a flourishing giant corporation is never a walk in the park. Strategic management practice among the small enterprises is tauted as one of the ways to steer them to prosperity amongst other factors as sound financial management policy and government supportive policies. Taj Mahal properties, a medium enterprise, and its strategic management practices is under focus here. Being the young organization it is. the study sought to establish the upper hand it enjoys amongst its peers by adopting strategic management practices. The study sought to establish the challenges lately faced by Taj mahal and the industry at large and how they felt the practicing of strategic management helped them out. An indepth interview of top management to come up with qualitative data with the aid of a well crafted interview guide. This way an indepth information about the Taj mahal strategic management practices and established bow it has aided in its survival and or growth amidst the recent challenges experienced in the industry. The research findings indicated the Organization Taj Mahal Properties practice strategic management processes actively.This has helped define its both short term and long term objectives and thus has handed it a clear cut advantage over peers in the industry yet to start formal management practices save for strategic management practices.