Response marketing strategies adopted by chase bank to counter stiff competition in the banking industry in kenya

Abstract

The study focuses on the response marketing strategies adopted by Chase bank to counter stiff competition in the banking industry in Kenya. It sought to assess the response marketing strategies adopted by Chase bank limited. The design of the study was case study design. The findings were obtained using an interview guide that was administered personally by the researcher. The number of managers who were available at the time of this study was 10. This represents a 66.67 % response rate. Demographic profiles established that the majority of managers were male. The study established that the managers perceive response marketing as a useful tool in the management of the marketing activities and had positively impacted on the cost, operations and timely completion of marketing projects. The study also established that Chase bank indeed has adopted response marketing strategies that are broken down in to four other strategies: product strategy, service strategy, penetration strategy and functional strategy. The study found out that the services designed by the bank have an element of class and service excellence with an emphasis to personalized services. The respondents mention the leverage on the new core banking software "Flex" as the backbone of value addition. The study also indicated that implementation of response marketing strategy was being affected by speed of implementation, difficulty in attaining service excellence and differentiating products and services in a "commoditized" marketplace. This study was limited by the fact that it only focused on Chase bank and therefore its findings may not be applicable to the entire banking sector.