Competitive Strategies Adopted by Equity Bank (Kenya) Limited to Achieve Sustainable Competitive Advantage in Kenya

Abstract

Modern businesses operate in a turbulent environment faced with a variety of new challenges brought about by globalization and trade liberalization. Its impact typically remains hidden within the normal fluctuations in performance. Businesses therefore engage in growth and expansion strategies that will enable them to respond to the environmental challenges in order to gain competitive advantage over their competitors, increase market share and indeed for continued survival in the market. The objective of this study is to identify the competitive strategies adopted by Equity Bank (Kenya) Limited to achieve sustainable competitive advantage. The case study method was used in handling this research problem. The study utilized both primary and secondary data. The researcher used face to face interviews to collect information. Qualitative data was analyzed using content analysis. The study concludes that Equity Bank has adopted the cost leadership strategy generally by lowering the overall cost in comparison to other players in the industry. In addition, the study concludes with the differentiation strategy, the unique attributes or perceptions of uniqueness and characteristics of a firm‟s product other than cost provide value to customers and that bank has come up with products that are differentiated from of its competitors. From the research, the study concluded that the challenges experienced by commercial banks in their operations are increased number of competitors in the industry. The competitors make it difficult to achieve competitive advantage because they imitate the services, products, and huge financial requirements