Strategic planning and competitive advantage at family bank limited
Abstract
The strategic planning process involves the formulation of strategies that commit
An organization to a specific strategic path into the future. The objective of the
Study was to determine the influence of strategic planning on competitive
Advantage at family bank limited. This study was guided by four theories that
Include resource based view theory, stakeholder approach theory, porters five
Forces and dynamic theory. This study was a case study since the focus is in one
Organization, in particular family bank limited. Data gathered from the research
Was qualitative in nature. Interview guide was utilized. The interview guide was
Made up of open-ended questions and was administered to the respondents by
Face to face interviews. Content analysis was used to synthesize the responses
Collected from the interviewees so as to bring out common themes from the
Various responses. The study found that the strategic planning practices adopted
By family bank kenya included objective setting, formulation of a strategic plan,
Participatory decision making, reward and recognition, training and development
And employee participation. The findings further concluded that formality,
Management participation, employee participation and the adoption of strategic
Planning tools and techniques as adopted by family bank kenya in its strategic
Planning process had a positive impact on organizational competitive advantage.
It was concluded that the most commonly applied strategic planning practices at
Family bank included setting strategic formulation (targets), core competencies,
Training and development programs, organisational culture and code of ethics.
Strategic planning practices were found to contributed effectively towards
Building and strengthen the relationship between employees by sharing common
Goals and shared values in working towards the same goals. The study
Recommends that family bank kenya should continue practicing formal strategic
Planning for enhanced effectiveness and efficiency as well as improved
Organizational competitive advantage. Family bank should pool more funds and
Resources to invest in banking technologies and innovation so as to improve
Employees’ efficiency and minimize operational costs. Family bank should
Sponsor its staff to a continuing training and development program in order to
Expose the employees to specialized skills and knowledge. Top management
Should provide adequate support to their staff in form of resources and facilities.
Publisher
university of nairobi