| dc.description.abstract | To ensure success, the strategy must be translated into carefully implemented action.
This means that the strategy must be translated into guidelines for the daily activities of
the firm’s members and the strategy and the firm must become one – that is the strategy
must be reflected in the way the firm organizes its activities, the key organizational
leaders, and the culture of the organization. There however are many challenges that
organizations face when carrying out this process for blue ocean strategies; strategies
that target untapped markets where demand is created rather than fought for. This is a
survey seeking to establish the challenges large indigenous banks in Kenya face in
implementing blue ocean strategies and how they have responded to these challenges.
The study covered three indigenous banks classified as large. These banks are Kenya
commercial Bank, Cooperative Bank of Kenya and Equity bank. Data was collected by
way of face to face interviews with heads of units involved in strategy implementation
and two executives from each bank were interviewed. From the survey, it is evident
that all the banks studied clearly focus on blue ocean strategies to create and sustain
their market share, and in implementing these strategies, they encounter a number of
challenges emanating from the various factors on strategy implementation. These
include organizational culture, organizational structure, resources and capacity
building, leadership and senior management, employees, customers and steps taken to
continuously monitor and evaluate progress. The above factors affect implementation
of blue ocean strategies by causing delays in implementation, wastage, conflicts of
interest and in some cases abandonment of the strategy altogether. These challenges
apply across the organization. The implication of this is that challenges that affect the
implementation of blue ocean strategies need to be addressed at all levels of the
reduce the challenges. We were able to deduce that research on blue ocean strategies
before they are implemented provides a good basis for seamless implementation.
Communication, engaging skilled staff, involvement, promotional campaigns, a robust
performance management system and allocation of specific roles and responsibilities
are key in addressing these challenges. | en |
