Strategic responses by NIC bank in Kenya to changes in the external environment
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Date
2010Author
Mureithi, Rita W
Type
ThesisLanguage
en_USMetadata
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The business environment in which businesses operate in the 21st Century has changed dramatically. It has become more volatile, unpredictable and very competitive. There are many factors that influence the success of organisations today. Any company that want to forge ahead must have strategies in place to deal with this dynamic environment and those strategies need to have positive influence on the organisation in order for it to succeed.
This objective of this study was to investigate the response strategies that NIC bank has adopted towards changes in the external environment. This was a case study since the unit of analysis was one organisation. Primary data was collected from the company management by use of interview guides and content analysis was used to analyse data NIC bank has been able to keep pace with the continuously changing business
environment by having, product development, market development, having a positive organisational culture, hiring of competent and professional staff and motivation of staff of the same, re-branding, rigorous marketing strategies, strong customer service feedback system and getting more involved in CSR.
The researcher recommends that in order to remain competitive in the market a profitable despite the changing business environment, NIC bank should increase awareness and communicate accessibility and unique products to the target niche market where some of the members may still perceive it as an exclusive bank. The researcher also recommends looking into the credit policies of the organisation to avail more lending facilities to the consumer especially the SME sector
Publisher
University of Nairobi, Kenya