Strategic responses adopted by Kenya Commercial Bank to changes in the environment
This research was designed to investigate the strategic responses adopted by Kenya Commercial Bank to changes in the environment. The study sought to achieve two objectives. The first objectives was to identify the environmental challenges facing Kenya Commercial Bank, and the second was to establish what strategic responses the bank has adopted to address changes in the environment. The data was collected from senior staff of the Bank through questionnaire. The questionnaires were accompanied by interview guide questions covering general information about KCB, strategic changes, challenges of strategic changes, responses to strategic challenges and respondent's suggestions. The questionnaires were administered through interview guide. The findings of the study are presented in tables containing frequencies, means and percentages The findings of the study indicate the Bank has succeeded in adoption of its strategies by aligning strategies to the structure, adequate resource allocation to projects, ensuring of supportive policies and staff commitment. However, the shortcomings were identified as poor time management, poor communication of strategy to staff, responsibilities not being well defined. Based on the findings it may be recommended that KCB should not only concentrate on targeting new customers but also emphasize on developing extensive distribution channels in order to gain a competitive edge in the market. The study should also be of importance to other commercial banks and financial institution whose responsibilities include strategic responses and adoption. Kenya Commercial bank management should change their perception on cost leadership, market share leadership and technology leadership in order to take advantage of the industry growth.