Response strategies by Kenya Post Office savings bank to changes in the business environment
The business environment within which businesses operate is very volatile. Therefore, organizations must develop appropriately response mechanisms to deal with the rapid change in their environment in order to survive and to achieve their strategic objectives. This research was a case study of Kenya Post Office Savings Bank and it sought to determine the response strategies by Kenya Post Office Savings Bank to the changes in the business environment. The specific objective that was addressed was to determine the response strategies adapted by Kenya Post Office Savings Bank to the changes in the business environment. To achieve the objective of the study, primary and secondary data were collected. The primary data was collected using personal interview with the respondents who were mostly heads of departments of Kenya Post Office Savings Bank while the secondary data was collected from official documents within the bank and published Kenya Post Office Savings Bank annually reports i.e. annual strategic action Plan and annual financial statements. Content analysis was used to analyze the data to objectively understand the views presented by all respondents. After the data analysis, it was observed that Kenya Post Office Savings Bank, like any other organization has responded to changes in the business environment as enumerated by the respondents through implementation of response strategies that include outsourcing, cultural change, branding, restructuring, distribution, adoption of new technological Development, Product Development and diversification, aggressive marketing and promotions. The implication of this is that Kenya Post Office Savings Bank has to do all it takes to have Act repealed to allow the bank to lend to remain relevant and competitive in a dynamic environment. The bank should also aggressively market its products to create awareness in the market and needs to be active in the product and service innovation to retain and attract more customers.