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INFLUENCE OF PRODUCT DIVERSIFICATION STRATEGY ON PERFORMANCE OF COFFEE COOPERATIVE SOCIETIES IN NYANZA REGION – NIGERIA
Abstract
Attainment of organizational competitive advantage and the persistent enhancement of sustainable organizational performance is the central focus of many organizations. Although, there is still debate on the application of product diversification as a practice in the performance of organizations in many researches, positive effect of using product diversification strategy as a tool to achieve sustainable and competitive advantage cannot be ignored. The objective of the study was to establish the influence of product diversification on performance of coffee cooperative societies in Nyanza region. The study was grounded on resource based theory. The research was guided by positivistic research design. The target population was the top management personnel in both coffee cooperatives and ministry of cooperatives. Nasiuma (2000) formula was used to select a sample of 394 respondents. Questionnaires were used to collect data. A pilot study was carried on randomly selected individuals in different coffee cooperative societies in Bungoma County. Both descriptive statistics (percentages, mean, standard deviation and variance) and inferential statistics (Multiple regressions and Pearson’s correlation) were used to analyze data. The findings showed that product diversification had a positive and significant relationship with performance of cooperative societies in Nyanza region. The study concludes that product diversification enhanced performance. The study recommended that management of cooperatives societies should allocate enough funds for research and development. In addition, the management needs to understand and come up with best strategy to diversify its products.
Key words: Integrated Performance Measurement Framework, Strategic Management Practices, Product Diversification, Coffee Cooperative Societies.