It also introduces the vision, mission and objectives along with the strategic levels in organizations. The study concludes that adopting a combination of cost based strategies and differentiation was more beneficial to firm performance as opposed to solo adoption of either strategy. 2 Business Policy and Strategic Management BASIC CONCEPTS The chapter attempts to broadly explain the basic concepts of strategic management, generic strategic alternatives and its process. It represents a framework for improved coordination and control of activities. It provides an objective view of management problems. It allows for identification, prioritization, and exploitation of opportunities. Results of regression analysis indicated that competitive strategies significantly influenced performance of large manufacturing firms. of 1 Benefits of Strategic Management Greenley stated that strategic management offers the following benefits: 1. Focus strategy contributes a significant contribution to the performance of large manufacturing firms in Kenya. Cost leadership strategy was also a key competitive pathway to performance in the large manufacturing sector. Descriptive results indicate that differentiation strategy was displayed through high quality products, brand reputation management, distinctive products. Data obtained were analyzed using descriptive statistics and linear regression. The paper finally addresses the benefits and challenges. A response rate of 75 questionnaires which represent 54% was obtained. local economic development and the linkage between strategic management and economic development. Structured questionnaire was emailed to senior managers in a sample of 139 firms spread across 13 sub-sectors. The target population was large scale manufacturing firms in Kenya. A descriptive cross-sectional survey design was adopted. The study aimed to test the influence of competitive strategies on performance.
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