Strategies Adopted by Liberian Bank for Development and Investment to Gain Competitive Advantage

Abstract

Most businesses find themselves in highly competitive environment coupled with uncertainty and volatility. The need to remain profitable in such environments vis-à-vis the increased competition in the banking industry has necessitated industry players to formulate, implement and evaluate strategies that will guarantee competitive advantage. An organization choice of competitive strategies must lead to competitive advantage. The research study sought to establish the strategies adopted by Liberian Bank for Development and Investment to gain competitive advantage. A case study approach was deemed to be most appropriate in attaining the objective of the research. Members of the top management of Liberian Bank for Development and Investment served as respondents through an interview. The data collected was used as primary data. It was revealed through the findings that the Liberian Bank for development and Investment use a number of strategies to gain competitive advantage. Key amongst the strategies adopted was differentiation, focus and low cost strategies. The bank has been able to compete and hold competitive advantage from the strategies it has adopted. It was recommended amongst other that the creation of a marketing department to market the bank’s product, the development of strategies that will lead to sustained competitive advantage and encouraging investors into its development banking sector were paramount for the bank to remaining a market leade