Abstract:
Globally, the development of nations relies on the sustainable performance of the enterprises and their continued creativity. It is therefore important for enterprises to enhance their performance. Presently, enterprises are struggling to acquire methods or plans that can enable them increase their market share, profit or even maintain their current market position. The performance of the Deposit Taking SACCOs in Kenya is threatened by the declining usage of their products and services from 13 percent in 2019 to 9 percent in 2021 and increase of dormant membership by 44 percent. It is still evident even with the enterprise adopting various growth strategies in line with the created regulation facility to curb the increasing license revocation. The purpose of the study was to investigate the relationship between corporate growth strategies and the performance of Deposit Taking SACCOs in Kenya. Specifically, it assessed the impact of market expansion, product development, market penetration, and diversification on performance. The research was grounded in the Resource-Based View and Ansoff Matrix theories. Employing a cross-sectional descriptive research approach, the study utilized multi-stage sampling to select 64 chief executive officers from the 175 Deposit Taking SACCOs in Kenya, representing the target population. Analysis of primary data obtained from a self-administered questionnaire employed descriptive statistics and multiple linear regression. The results were presented in tables. The findings indicated a negative, non-significant correlation between market expansion, product development, diversification, and the performance of deposit-taking SACCOs in Kenya. A positive relationship was observed between market penetration and the performance of these SACCOs. The strategies recommended for Deposit Taking SACCOs in Kenya encompass a holistic approach across market expansion, product development, market penetration, and diversification. Enhancing the online presence through inclusive policies and interactive features while aligning expansion strategies with performance objectives is crucial. Prioritizing tailored product development aligned with member needs, leveraging market research, and fostering innovation aids in distinguishing SACCOs and catering specifically to members. For market penetration, comprehensive market analysis, targeted segmentation, integrated marketing, and strong brand identity creation are suggested, focusing on member engagement and strategic partnerships. Lastly, strategic diversification aligned with the SACCO's goals, adaptive approaches, member-centricity, and technological integration support the expansion and competitiveness of SACCOs in Kenya's financial landscape.
