Marketing Strategies Adopted by Bank of Africa Kenya to Combat Competition

Abstract

Designing of marketing strategies is critical for the survival and success of any organization. Banking industry has witnessed intense competition the world over and the Kenyan banking industry is not an exception. To survive in this market, commercial banks have adopted different marketing strategies to gain and sustain competitive advantage. This study was set out to assess the influence of marketing strategies adopted by Bank of Africa Kenya limited to combat competition. The study adopted case study design to carry out this research where an interview guide targeting twenty four staff of the bank was employed to collect data. The findings were analyzed by use of content analysis. The study revealed that BOA has successfully blended the mix of ansoff growth strategies and generic strategies. The study recommended that the bank should localize marketing strategies and avoid tying them to the group‟s standards, focus on improving its ICT infrastructure, enhance the use of focus strategy in their product/ services offering and marketing, and continue on its branch expansion strategy and collaboration strategy. The major limitation of the study was that the respondents were cautious about revealing a lot of information on the strategy they use and also the decision making process by the group‟s head office. The scope of the study was also a limitation as this was a case study. The researcher recommended that further research should also be undertaken to determine what marketing strategies other companies in different related industries use to build competitive advantage. Also a similar study can be done in other banks or the Kenya Banking industry to establish if the findings will be similar. A suggestion for areas of further research is on long term strategies that banks can utilize to remain competitive and grow the industry.