Growth Strategies Adopted by Top Fast Growing Medium Size Companies in Kenya

Abstract

The motivation behind this study was the fact that fast growing medium size companies in Kenya play a critical role in the economic development of the nation. However, according to the researcher, there seems to be limited if any studies on the growth strategies which have been adopted by these companies and the extent of such strategies towards their growth. The study aimed at establishing the strategies adopted by fast growing medium size companies in Kenya by focusing on the top fast growing medium size companies in Kenya. The study focused on the top ten fast growing medium size companies in Kenya as per the latest ranking conducted by KPMG and Nation Media Group. The data of the study was collected using a structured questionnaire comprising both the open – ended and close-ended questions. The questionnaire was administered through drop and pick method. All the ten companies identified for study responded positively apart from one company that did not respond and this according to the researcher has not affected the accuracy of the results. The study found out that top fast growing medium size companies in Kenya have adopted formal growth strategic plans, market development and product development plans. The companies have also adopted the market penetration strategy as well as gone further to ensure they recruit best talents that help them in coming up with such growth strategies. At the same time, the results indicated that there was a great contribution of such adopted strategies towards the growth of medium size companies in Kenya. However, the respondents indicated that the use of such strategies as joint venture was found to be of no significance to the growth of top fast growing medium size companies. The study recommended that more companies be embraced upon to adopt the relevant growth strategies from the macroeconomic level of the government policy making to the organization‟s level since such strategies contribute towards the growth of the companies and subsequently towards the economic development of a nation. To the fellow researchers, the study has recommended that a replicate study be conducted using a case study of any of the top one hundred (100) fast growing companies in Kenya apart from the top ten companies which were the focus of this study in order to compare the results and make appropriate conclusions and further recommendations, hence expand the knowledge in this area.