Strategies adopted by K-rep bank limited to gain competitive advantage

Abstract

Organizations whether for profit, private or public have found it necessary in recent years to engage in strategic management in order to achieve their corporate goals. The notion of strategy implementation might seem quite straight forward; a strategy is formulated and then implemented. In the contrary, transforming strategies into action is a far more complex, difficult and challenging undertaking and therefore not straight forward as one would assume. This study determines strategies adopted by K-Rep Bank Ltd to gain competitive advantage as adopted by K-Rep Bank Ltd.Competitive strategy is the basis on which a business unit might achieve competitive advantage in its market. The study utilized a case study of K-Rep Bank Ltd targeting eight top management employees from the various departments from the bank. The study used both the primary and the secondary data whereby the primary data was collected by way structured interview guide and the data collected was analysed using content analysis technique. Study findings established that the bank had clear strategies to tackle competition in the Kenyan banking industry. Among the notable “strategies mix” the bank has been using include product offering diversification, branch expansion, relationship marketing, financing, cost management, customer-care, innovation, and information technology strategies. The study therefore recommends that the bank should adopt other strategies that it may have not incorporated into its matrix for gaining competitive advantage which will portray a positive public image through incorporation of the CSR.The study recommends that the bank need to employ various strategies in order to remain competitive. The study recommended need for strategies being set in order to focus on special microfinance, grant and training ix programmes that target the youth for entrepreneurial development. The Government having though embarked on the youth programme, need to put stringent measures to curb vices like corruption that has infiltrated the programme.