Competitive Strategies Adopted by Wells Fargo (K) Limited to Enhance Competitive Advantage

Abstract

The service sector in Kenya has proven to be a major contributor to Kenya’s economy, propelling it over the years in areas of security and transport services. This research was a case study. It was based on the resource based view model and the game theory organization model. The research objective was to determine competitive strategies adopted by Wells Fargo (K) Limited to enhance competitive advantage. The data tool was an interview guide. Content analysis was used to analyse the qualitative primary data which had been collected by conducting interviews and secondary information from the organization. Five top level administrators in Wells Fargo (K) Limited who deal with implementation of strategies were interviewed. The study established that Wells Fargo Kenya Limited was using differentiation strategy, Strategic Partnership, Human Resource strategy and Information Technology strategy. The usage of the strategies resulted to formulation of policies and procedures which enhance the strategy, business plans formulated on low cost strategy, continuous innovation of new customer friendly products and services. The organisation is however faced by various challenges in the implementation of the strategies. These factors include threat of new entrants, constant change of technology, crime and terrorism. The study concluded that companies have to adopt various competitive strategies to remain competitive in the market and have an edge over others. The study recommended that Wells Fargo (K) Limited continue adapting new technology to be in line with global standards of technology