Market expansion strategies on performance of deposit taking savings and credit co-operative societies in Kenya.

Abstract

The aim of this study was to assess the relationship between market expansion strategy and performance of deposit taking savings and credit co-operative societies in Kenya. To achieve this goal, the study drew on the resource-based view theory. The study utilized a descriptive research design and a methodology that involved collecting primary data from a target population of 175 respondents. A multi-stage sampling technique was employed to select a sample for the study, including stratified random sampling and simple random sampling. The data collected from a sample of 54 respondents out of 64 sampled were analyzed using descriptive statistics and multiple linear regression. The results led to the conclusion that there is a statistically insignificant negative relationship between market expansion strategy and performance. To enhance Deposit-Taking SACCOs' performance in Kenya despite the observed negligible negative correlation between market expansion and performance, a comprehensive strategy is recommended. This involves diversifying approaches by improving services, innovating products, and focusing on customer experiences. Additionally, conducting detailed market segmentation, implementing robust risk management, leveraging data-driven decisions, forming strategic partnerships, investing in staff training, and ensuring continuous evaluation with stakeholder engagement are key pillars for successful performance enhancement, aligning expansion efforts with organizational objectives.