Strategic Management Practices Adopted by Abc Bank to Gain Competitive Advantage

Abstract

Many organizations whether locally or abroad, public or private have in the recent past realized that it’s paramount to streamline their business process in a manner that meets unsettled needs that keep on emerging. All in all, the process of implementing change is challenging thus when changes occur, organizations that adjust quickly create a competitive advantage position for themselves while the companies that reject to change always have issues in their operations hence the need for an effective strategic management practices. The aim of this study was to establish the strategic management practices adopted by ABC Bank in Kenya. Specifically, the study set to establish the strategic management practices adopted to gain competitive advantage and how to sustain relevance and competitiveness at ABC bank. During the study, the managing director, operations manager, credit manager, internal audit head, financial controller, human resource manager and other departmental heads were interviewed. It was revealed that the top management was responsible for the implementation monitoring of the management practices through training programmes, seminars, workshops and staff motivation. It was recommended that management practices need to be at finger tips with the managers so that they can easily recognize weak areas and how to enhance. Further training was recommended so as to acquire skills in strategic management practices. The study also recommends ABC though part of their culture to emphasize on analyzing market, identify their competition, and learn from the their competition and customers. The study also recommends ABC to consistently maintain competitive advantage already gained by prediction of future trends, frequent research, and monitoring of competitors and be flexible enough to effectively handle customers’ wants.