INFLUENCE OF COST REDUCTION STRATEGY ON PERFORMANCE OF TEA INDUSTRY IN MULANJE REGION
Abstract
Purpose of the Study: The purpose of the study was to examine whether cost reduction strategy influence performance of tea industry in Mulanje region.
Statement of the Problem: In Mulanje region, there has been uprooting of tea bushes, tea picking boycotts, destruction of factory infrastructure besides threatening the life of factory managers in Mulanje region once the bonuses are announced year after year. Moreover, the low earnings have threatened the envisaged leading position of tea industry in employment creation of tea, income generation and foreign exchange earnings, in Vision, 2030. Against this backdrop there is need to identify significant strategic approaches needed in the management of the entire tea industry to reverse the situation. Despite the key role played by the tea sector, this sector has been under threat due to ever escalating costs of production in terms of labour costs, energy costs, and even heavy taxation imposed to it.
Study Methodology: The study adopted descriptive research design. The target population was 117 management team comprised of five regional management team ; regional accountant, operations manager, production manager, auditor, and 112 top management in 16 factories who include, 16 manager 16 production managers 32 accountants 32 training managers and 16 field coordinators sixteen factories that lie in Mulanje region.
Study Results: Correlation results revealed that there was a strong positive association between cost reduction strategy and performance of tea industry (r=.820). The results showed cost reduction strategy was significant with performance of tea industry since the p-value is less than 0.05 (p=0.000). Regression results showed that there was a strong positive relationship between cost reduction strategy and financial performance of the tea industry (r=.978).
Conclusion: The study concluded that cost reduction strategy influence performance of tea industry in Mulanje region in Malawi positively.
Policy Recommendation: The study recommended that the Tea Association of Malawi should pursue a strategy to provide incentives intended for technology transfer from advanced economies in order to get better prices in the world market.
Key Words: Cost, Reduction, Strategy, Performance
References
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Bhatti, O. K. (2011). Strategy implementation: an alternative of 8S’s. Annals of Management Research, 1(2), 52-59.
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Bojan S; Zorica V & Dragan,D .(2014). Strategic Cost Management as Instrument for improving competitiveness of Agribusiness Complex. Journal of Economics of Agriculture Vol (61),(4 ) page 1005-1020)
Chandi, M. J. (2017). Influence of Strategic Options on Performance of Organizations: A Case of Unilever Tea Kenya Ltd, Kericho County, Kenya. Imperial Journal of Interdisciplinary Research, 3(4).
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England.
Ensign, P.C. (2001) .Value Chain Analysis and Competitive Advantage: Assessing Strategic Linkages and Interrelationships. Journal of General Management. 27(1): 18 – 42.
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FAO. (2003). World Agriculture towards 2015/2030: An FAO Perspective, London: Earthscan.
Gay, L. & Airasian, P. (2003). Educational research: Competencies for analysis and application. 6th Edition. New Jersey: Prentice Hall.
Gayani, I.V.E. (2006). Value Addition in Sri Lanka Tea Industry. In proceedings of the of the Annual Research Symposium - Faculty of Graduate Studies, University of Kelaniya
Gelman, A & Hill J. (2006). Data Analysis Using Regression and Multilevel/Hierarchical Models, Cambridge: Cambridge University Press.
Gibbon, P. (2006). Current trends and the new development role of commodities. A study for the common fund for commodities, final report. Copenhagen: Danish Institute for International Studies.
IFC. (2013). Inclusive Business Case Study: Kenya Tea Development Agency Ltd (KTDA). Nairobi: IFC
Innes,J, Mitchel, F & Sinclair D. (2000).Activity-based costing in the U. K.‟s larges companies: Management Accounting Research, Vol (11) 349-362
IPAR. (2001). Liberalization of the smallholder tea sub-sector: progress, impacts and recommendation for further development. IPAR Policy Brief.
Jaakkola, M. (2006). Strategic marketing and its effect on business performance: moderating effect of country-specific factors. Masters of Science: University of Helsinki
Kaplan, R. S. (2005). How the balanced scorecard complements the McKinsey 7-S model. Strategy & leadership, 33(3), 41-46.
Kaplan, R. S., & Norton, D. P. (1996). Using the balanced scorecard as a strategic management system.
Kaplan, R. S., & Norton, D. P. (2001). Transforming the balanced scorecard from performance measurement to strategic management: Part I. Accounting horizons, 15(1), 87-104.
Kaplan, R.S., Norton, D.P. (2006), Alignment: Using the Balanced Scorecard to Create Corporate Synergies. Boston, Massachusetts: Harvard Business School Press.
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Lee, Y., Kozar, K. A., & Larsen, K. (2003). The technology acceptance model: Past, present, and future. Communications of the Association for Information Systems, 12(50), 752– 780
Mbui, K. (2016). Effect of strategic management practices on export value addition in the tea subsector in Kenya. Phd thesis, Jomo Kenyatta University, Kenya.
McMillan & Schumacher. (2001). Research in Education – A Conceptual Introduction.
Metawie, M., Gilman, M. (2005). Problems with implementation of performance measurement systems in the public sector where performance is linked to pay: Literature drawn from United Kingdom. Conference on performance measurement and management control.
Mi Dahlgaard-Park, S., & Dahlgaard, J. J. (2007). Excellence–25 year’s evolution. Journal of Management History, 13(4), 371-393.
Michalski, A. (2011). The McKinsey 7-S Framework: Invented in the 1980s and still a possibility for success today. GRIN Verlag.
Miller, D. (2002). Successful Change leaders: What Makes Them? What Do They Do That Is Different? Journal of Change Manage. 2(4): 359-68.
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Modder, W & Amarakoon, A. (2002). Tea and Health. Talawakella: The Tea Research Institute of Sri Lanka,
Moor, L. (2007). The Rise of Brands. New York: erg Publishers.
Mor Borak, M. (2005). Managing diversity: Toward a globally inclusive workplace. Thousand Oaks, CA: Sage Publications.
Morgan, D. L. (2007). Paradigms lost and pragmatism regained methodological implications of combining qualitative and quantitative methods. Journal of mixed methods research, 1(1), 48-76.
Morgan, N.A., Clark, B.H. & Gooner, R. (2002). Marketing Productivity, Marketing Audits, and Systems for Marketing Performance Assessment. Integrating Multiple Perspectives. Journal of Business Research, vol. 55, pp. 363-375.
Mugenda, A. & Mugenda, O. (2003). Research Methods; Quantitative and Qualitative Approaches. Nairobi: ACTS Press.
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Nzeki, D. M. (2014). The Relationship between Tea Trade Value Addition & Profitability of Exporting Companies in the Kenyan Tea Industry. Unpublished MBA Project, University of Nairobi.
Odhiambo, l. (2014). Strategy implementation and performance of major tea factories in Kericho County, Kenya. Masters Project, university of Nairobi.
Oluoch, J., & Osida, J. (2015). ICT and technological development in advancing tea research in Kenya.
Oluwagbemiga, E: Olugbenga, M & Adeoluwa Z. (2014).Cost management practices and firm’s performance of manufacturing organizations. International Journal of Economics and Finance; vol. 6, no. 6
Omari, I. M. (2015). Determinants of export performance of Kenya Tea Development Agency managed factories in Kenya (Doctoral dissertation).
Omari,I. (2015). Determinants of export performance of Kenya tea development agency managed factories in Kenya. Phd, Thesis, Jomo Kenyatta, University of Agriculture and Technology.
Ondego, M. A. (2016). Lean Manufacturing Practices and Performance of Tea Processing Firms in Kisii, Kenya. International Journal of Management Reviews. 2(1): 17-40.
Peters, T. & Waterman R. (1982). In Search of Excellence: Lessons from America’s Best Run Companies. New York: Harper and Row.
Ping, L. W. (2010). Study on Tea Brand Strategy. Master's thesis. Shanghai Jiaotong University
Polit, D.F and Hungler, BP. (1999). Nursing Research: Principles and methods; 6th edition. Philadelphia: JB Lippincott sciences.
Singh, A. (2013). A study of role of McKinsey's 7S framework in achieving organizational excellence. Organization Development Journal, 31(3), 39.
Singh, M & Anita, D. (2012). Consumers buying behavior towards branded tea’s. International Journal of Computing and Corporate Research : Vol (2) Issue 2
Stenzel, C & Stenzel, J. (2003). From Cost to Performance Management. London: John Wiley & Sons
Stewart, D.W., and Shamdasani, P. N. (1990).Focus groups: Theory and practice Newbury Park, CA: Sage
Taher, M. (2012). Resource-based view theory. In Information Systems Theory (pp. 151-163). Springer New York.
Were, M., Ndung‟u, N., Geda, A., & Karingi, S. (2002). Analysis of Kenya’s export performance: empirical evidence. KIPPRA Discussion Paper No. 22. Kenya: KIPPRA Wiley and Sons. Wiley Indiat Ltd. New Delhi.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. Pearson.
Wiseman, C. (1988).Strategic information systems .New York: Richard Irwin
Afande, O. F., & Kang'arua, G. (2015). Influence of green marketing on performance of the Malawi tea sector. J Mark Consum Res, 10, 59-91.
Ahmed. H. (2007). Adoption of multiple agricultural technologies in maize product ion of the Central Rift Valley of Ethiopia .Studies in Agricultural Economics 117 (2015) 162168
Albirini, A. (2006) Teachers’ attitudes toward information and communication technologies: the case of Syrian EFL teachers. Computers and Education, 47 (4), 373–398
Angus, E. & Oppenheim, C. (2004). Studies of the Characteristics of Brand names used in the marketing of information products and services. I: Internet related services. 56(1), 12 -23.
Arasa, R., & K'Obonyo, P. (2012). The relationship between strategic planning and firm performance. International Journal of Humanities and Social Science, 2(22), 201-213.
Arasa, R., & K'Obonyo, P. (2012). The relationship between strategic planning and firm performance. International Journal of Humanities and Social Science, 2(22), 201-213.
Baroto, M. B., Arvand, N., & Ahmad, F. S. (2014). Effective strategy implementation. Journal of Advanced Management Science Volume, 2(1).
Bass, B. M., & Bass, R. (2009). The Bass handbook of leadership: Theory, research, and managerial applications. Simon and Schuster.
Bastos, W., & Levy, S. J. (2012). A history of the concept of branding: practice and theory. Journal of Historical Research in Marketing, 4(3), 347-368.
Basu Majumder, A., Bera, B., & Rajan, A. (2010). Tea statistics: global scenario. Inc. J. Tea Sci, 8(1), 121-124.
Beer, M., & Nohria, N. (2000). Cracking the code of change. Harvard Business Review, 78 (3), 133-141.
Belleflamme, P., & Peitz, M. (2015). Industrial organization: markets and strategies. Cambridge University Press.
Bennett, A. M & Hill, R. P. (2012). The universality of warmth and competence: A response to brands as intentional agents. Journal of Consumer Psychology, 22(2), 199-204.
Bergeron, F. (1991). Identification of strategic information systems opportunities: Applying and comparing two methodologies. MIS Quarterly 15, Issue 1, 89 -103
Bessant, J. and Tidd, J. (2007). Innovation and entrepreneurship. John Wiley & Sons: Chichester, West Sussex, UK.
Bhatti, O. K. (2011). Strategy implementation: an alternative of 8S’s. Annals of Management Research, 1(2), 52-59.
Biegon. P. (2006). Challenges facing the Kenyan tea industry in exporting of value-added (Branded) tea. Masters Project: University of Nairobi.
Bojan S; Zorica V & Dragan,D .(2014). Strategic Cost Management as Instrument for improving competitiveness of Agribusiness Complex. Journal of Economics of Agriculture Vol (61),(4 ) page 1005-1020)
Chandi, M. J. (2017). Influence of Strategic Options on Performance of Organizations: A Case of Unilever Tea Kenya Ltd, Kericho County, Kenya. Imperial Journal of Interdisciplinary Research, 3(4).
Cinquini, L., & Tenucci, A. (2006). Strategic management accounting: Exploring distinctive features and links with strategy. MPRA (Munich Personal RePEc Archive), No. 212, 1-26.
Clark, V. & Creswell, J. (2008). The mixed methods reader. London: Sage
Cohen, L., Manion, L. & Morrison, K. (2000). Research methods in education. London: Routledge.
Cole F.L. (1988) .Content analysis: process and application. Clinical Nurse Specialist 2(1), 53–57.
Cooper, R. D. & Schindler, S. P. (2014). Business research methods. Boston: Irwin, McGraw Hill.
Corbin, J., & Strauss, A. (2008). Basics of qualitative research: Techniques and procedures for developing grounded theory. Sage.
Cresswell, J. (2009). Research design: quantitative and mixed mode approaches, 2nd Ed. London : Sage.
Daft, R. L. (2002). Management. Chicago: Dryden Press.
David F R. (2009). Strategic Management: Concepts and Cases. Prentice Hall, Upper Saddle River.
David, F. R. (2007).Strategic Management Concepts and Cases, (11th ed.), Prentice Hall, New York.
Dobson, S. (2003): Consumers seeking 'citizen brands'. Marketing Magazine.(108)17, pg. 23.
Dodgson, M., Gann, D. M., & Salter, A. (2008). The management of technological innovation: strategy and practice. Oxford University Press on Demand.
Dulekha, K. (2008). An Overview of the Sri Lankan Tea Industry: An Exploratory Case Study. The Marketing Review, Vol. 8, Issue 4(winter), pp. 367-381
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74. Empirical Extensions. Journal of Management Studies, 32, 401-417.
England.
Ensign, P.C. (2001) .Value Chain Analysis and Competitive Advantage: Assessing Strategic Linkages and Interrelationships. Journal of General Management. 27(1): 18 – 42.
Fagerberg, J. & M. Srholec. (2007). The competitiveness of nations: Why some countries prosper while others fall behind. World Development 35 (10): 1595-1620
FAO .(2015). World tea production and trade: Current and future development. Rome: FAO
FAO. (2003). World Agriculture towards 2015/2030: An FAO Perspective, London: Earthscan.
Gay, L. & Airasian, P. (2003). Educational research: Competencies for analysis and application. 6th Edition. New Jersey: Prentice Hall.
Gayani, I.V.E. (2006). Value Addition in Sri Lanka Tea Industry. In proceedings of the of the Annual Research Symposium - Faculty of Graduate Studies, University of Kelaniya
Gelman, A & Hill J. (2006). Data Analysis Using Regression and Multilevel/Hierarchical Models, Cambridge: Cambridge University Press.
Gibbon, P. (2006). Current trends and the new development role of commodities. A study for the common fund for commodities, final report. Copenhagen: Danish Institute for International Studies.
IFC. (2013). Inclusive Business Case Study: Kenya Tea Development Agency Ltd (KTDA). Nairobi: IFC
Innes,J, Mitchel, F & Sinclair D. (2000).Activity-based costing in the U. K.‟s larges companies: Management Accounting Research, Vol (11) 349-362
IPAR. (2001). Liberalization of the smallholder tea sub-sector: progress, impacts and recommendation for further development. IPAR Policy Brief.
Jaakkola, M. (2006). Strategic marketing and its effect on business performance: moderating effect of country-specific factors. Masters of Science: University of Helsinki
Kaplan, R. S. (2005). How the balanced scorecard complements the McKinsey 7-S model. Strategy & leadership, 33(3), 41-46.
Kaplan, R. S., & Norton, D. P. (1996). Using the balanced scorecard as a strategic management system.
Kaplan, R. S., & Norton, D. P. (2001). Transforming the balanced scorecard from performance measurement to strategic management: Part I. Accounting horizons, 15(1), 87-104.
Kaplan, R.S., Norton, D.P. (2006), Alignment: Using the Balanced Scorecard to Create Corporate Synergies. Boston, Massachusetts: Harvard Business School Press.
Lazonick, W. (2005). The innovative firm. In J. Fagerberg, D. C. Mowery, & R. R. Nelson (Eds.), The Oxford handbook of innovation (pp. 29-55). Oxford, UK: Oxford University Press.
Lee, Y., Kozar, K. A., & Larsen, K. (2003). The technology acceptance model: Past, present, and future. Communications of the Association for Information Systems, 12(50), 752– 780
Mbui, K. (2016). Effect of strategic management practices on export value addition in the tea subsector in Kenya. Phd thesis, Jomo Kenyatta University, Kenya.
McMillan & Schumacher. (2001). Research in Education – A Conceptual Introduction.
Metawie, M., Gilman, M. (2005). Problems with implementation of performance measurement systems in the public sector where performance is linked to pay: Literature drawn from United Kingdom. Conference on performance measurement and management control.
Mi Dahlgaard-Park, S., & Dahlgaard, J. J. (2007). Excellence–25 year’s evolution. Journal of Management History, 13(4), 371-393.
Michalski, A. (2011). The McKinsey 7-S Framework: Invented in the 1980s and still a possibility for success today. GRIN Verlag.
Miller, D. (2002). Successful Change leaders: What Makes Them? What Do They Do That Is Different? Journal of Change Manage. 2(4): 359-68.
Ministry of Agriculture. (2007). Task Force Report on the Tea Industry: Government Printer Nairobi, Kenya
Ministry of Agriculture. (2009). Strategic Plan 2008 –2012.Kenya: Ministry of Agriculture.
Mitnick, B. M. (2015). Agency theory. Wiley Encyclopedia of Management.
Modder, W & Amarakoon, A. (2002). Tea and Health. Talawakella: The Tea Research Institute of Sri Lanka,
Moor, L. (2007). The Rise of Brands. New York: erg Publishers.
Mor Borak, M. (2005). Managing diversity: Toward a globally inclusive workplace. Thousand Oaks, CA: Sage Publications.
Morgan, D. L. (2007). Paradigms lost and pragmatism regained methodological implications of combining qualitative and quantitative methods. Journal of mixed methods research, 1(1), 48-76.
Morgan, N.A., Clark, B.H. & Gooner, R. (2002). Marketing Productivity, Marketing Audits, and Systems for Marketing Performance Assessment. Integrating Multiple Perspectives. Journal of Business Research, vol. 55, pp. 363-375.
Mugenda, A. & Mugenda, O. (2003). Research Methods; Quantitative and Qualitative Approaches. Nairobi: ACTS Press.
Nyangito, H.O. (2000).Policy and legal framework for the tea sub-sector and the impact of liberalization in Kenya. Nairobi: KIPPRA.
Nzeki, D. M. (2014). The Relationship between Tea Trade Value Addition & Profitability of Exporting Companies in the Kenyan Tea Industry. Unpublished MBA Project, University of Nairobi.
Odhiambo, l. (2014). Strategy implementation and performance of major tea factories in Kericho County, Kenya. Masters Project, university of Nairobi.
Oluoch, J., & Osida, J. (2015). ICT and technological development in advancing tea research in Kenya.
Oluwagbemiga, E: Olugbenga, M & Adeoluwa Z. (2014).Cost management practices and firm’s performance of manufacturing organizations. International Journal of Economics and Finance; vol. 6, no. 6
Omari, I. M. (2015). Determinants of export performance of Kenya Tea Development Agency managed factories in Kenya (Doctoral dissertation).
Omari,I. (2015). Determinants of export performance of Kenya tea development agency managed factories in Kenya. Phd, Thesis, Jomo Kenyatta, University of Agriculture and Technology.
Ondego, M. A. (2016). Lean Manufacturing Practices and Performance of Tea Processing Firms in Kisii, Kenya. International Journal of Management Reviews. 2(1): 17-40.
Peters, T. & Waterman R. (1982). In Search of Excellence: Lessons from America’s Best Run Companies. New York: Harper and Row.
Ping, L. W. (2010). Study on Tea Brand Strategy. Master's thesis. Shanghai Jiaotong University
Polit, D.F and Hungler, BP. (1999). Nursing Research: Principles and methods; 6th edition. Philadelphia: JB Lippincott sciences.
Singh, A. (2013). A study of role of McKinsey's 7S framework in achieving organizational excellence. Organization Development Journal, 31(3), 39.
Singh, M & Anita, D. (2012). Consumers buying behavior towards branded tea’s. International Journal of Computing and Corporate Research : Vol (2) Issue 2
Stenzel, C & Stenzel, J. (2003). From Cost to Performance Management. London: John Wiley & Sons
Stewart, D.W., and Shamdasani, P. N. (1990).Focus groups: Theory and practice Newbury Park, CA: Sage
Taher, M. (2012). Resource-based view theory. In Information Systems Theory (pp. 151-163). Springer New York.
Were, M., Ndung‟u, N., Geda, A., & Karingi, S. (2002). Analysis of Kenya’s export performance: empirical evidence. KIPPRA Discussion Paper No. 22. Kenya: KIPPRA Wiley and Sons. Wiley Indiat Ltd. New Delhi.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. Pearson.
Wiseman, C. (1988).Strategic information systems .New York: Richard Irwin
Published
2019-04-06
How to Cite
Chisulo, L. (2019). INFLUENCE OF COST REDUCTION STRATEGY ON PERFORMANCE OF TEA INDUSTRY IN MULANJE REGION. African Journal of Emerging Issues, 1(1), 68 - 93. Retrieved from https://ajoeijournals.org/sys/index.php/ajoei/article/view/5
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