Competitive Strategies Adopted for High End Clientele by Barclays Bank of Kenya

Abstract

In the current rapidly changing global business arena, most corporations are undergoing revolutionary changes. These changes are due to the unprecedented competition, exponential technological development, surging customer expectations, and changing governmental and international regulations. The study therefore sought to analyze the competitive strategies adopted for high end clientele by Barclays Bank of Kenya through premier banking. This was achieved through establishing the challenges Barclays Bank of Kenya faces from competition in premier banking as well as determining the competitive strategies adopted by Barclays Bank of Kenya to cope with competition in premier banking. According to the study, Barclays Bank of Kenya Premier Banking faces challenges due to competition, rivalry, new entrant‟s, power of customers and suppliers. These findings contribute to the theory and knowledge in various ways. First, it has underlined the importance of awareness of the challenges posed by various aspects of business environment to a business organization. Secondly, the research revealed that prudent formulation and implementation of competitive strategies play a crucial role in ensuring that an organization gains competitive advantage over rivals. Finally, the findings of the present study can be used in strategizing on optimizing the functioning of all aspects of organization environment in order to beat competition. The findings of the study imply that managers need to invest in prudent identification of factors that affect the competitiveness of an organization. This will help in formulating prudent competitive strategies which ensure not only survival but also thriving of a business organization.. On gaining pertinent information on the power and influence of the various aspects of the business environment, the managers are enabled to craft more effective competitive strategies for their organizations.