Retail marketing strategies adopted by Commercial banks in Kenya

Abstract

The purpose of this study was to gain a deeper understanding of the various strategies adopted by commercial banks in Kenya with particular focus to retail banking marketing strategy. The objectives of the study were to establish the adoption of retail marketing strategies by commercial banks in Kenya and to determine whether the retail banking strategies have led to sustainable competitive advantage for the commercial banks in Kenya. A descriptive research design was used in this study. The population of interest was all commercial banks in Kenya. A census study was done. Descriptive research design was chosen because the study objectives aimed at determining the what, when and how of a phenomenon which was the concern of the study. Primary data was collected using semi-structured questionnaires. The questionnaires were dropped and picked later. For the purpose of showing the relationship among various variables, quantitative analysis was done using descriptive statistics, mainly frequencies, percentages, mean scores, standard deviations. The findings from the study were presented in tables. The research found that commercial banks in Kenya pursue several strategies as part of the wider retail banking marketing strategies. The most pursued strategies are marketing 4< segmentation, product strategies, distribution, pncmg, marketing relationship and promotions. -. From the study, it is recommended that commercial banks in Kenya should pursue retail marketing strategies because it enhances competitive advantage. The major limitation of the study was difficulty in obtaining information from most banks. This led to fair response rate which left out the much desired information from banks which did not respond.