Building Sustainable Performance for Small and Medium Enterprises in Bungoma County, Kenya: The Role of Technological Innovations Strategies
Résumé
The global economy's changes have led to enterprises developing strategies to adapt, resulting in gradual market share reductions, sales volume decreases, and overall size reductions. Kenyan SMEs experienced a 58% decrease in sales revenue and 75% employee reductions from 2017-2018, followed by a 59% decline in sales and profit growth in 2022. Therefore, the current project investigated the effect of technological innovation strategies; which are product innovation, process innovation, marketing innovations and organization innovations on performance of SMEs in Bungoma County, Kenya. The study used resource-based view, dynamic capabilities theory, theory of innovation and technology organization environment framework. The study embraced descriptive research design. The target population was 4,264 SMEs in Bungoma County. Stratified and random sampling techniques were used as a sampling technique. A sample size of 366 was determined using Yamane formula of 1967. Primary data was collected using a structured questionnaire. The response rate was seventy six percent. The study established a positive and significant relationship between product innovations, process innovations, marketing innovations and organizational innovations on the firm performance of SMEs Bungoma County. The study recommends that the enterprises should developing products that address specific market gaps, prioritize adopting technology-driven solutions that streamline operations, reduce costs, increase productivity and leverage digital platforms to reach a broader customer base and empower employees through skill development and training, increases effectiveness. The study recommends further research on metrics beyond technological innovation strategies and firm performance, as well as exploring counties beyond Bungoma County.
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