Competitive Strategies and Market Growth of Standard Chartered Bank in Kenya

Abstract

Business growth strategies are approaches that can be used to increase the size of a business in terms of number of customers or their presence in the market place. The mainly appropriate business expansion strategies for any business will be to grow a business in size and value over the long-term and can also help in creating competitive advantage over competitors. The objective of this study was to establish the effect of competitive strategies on market growth of Standard Chartered Bank Limited in Kenya. This study took up a case study design targeting one organization. An interview guide was used to collected data which was analyzed by use of content analysis as a tool. The study established the bank had adopted competitive strategies in an effort to increase its market growth and realize the banks’ overall objective. The bank adopted strategies alliances, cost minimization, use of advanced technology, applied partnership strategy, applied collaboration strategy, applied joint venture strategy and applied outsourcing strategy in meeting its strategic goals and objectives. Technology has enabled the bank attract and retain a new category of self service customers. Corporate clients are also drawn in through the use of advanced technology. The study also found that cost minimizations strategies were implemented in the activities of the bank such as account that have no charges or monthly levies where low income earning customers were attracted to them thus expanding the market for the bank. The study concludes that Standard Chartered Bank Limited has implemented several competitive strategies which have seen its increase in market presence. This has further increased the number of customers at the bank, the loan book portfolio has improved and so has the profitability as a result of these conceited efforts. The study also concludes that the bank’s usage of partnership and collaboration with insurance firms has impacted positively on the market growth of the bank. The study recommends that the bank should adopt advanced technology that is safe which would easily be used to attract new customer base increasing its capability for achieving market growth and competitive advantage at the market place. The study further recommends that the bank should adopt more effective strategic alliances and partnership so as to realize higher returns and gain a competitive edge in the market place.