Competitive strategies adopted by Chase Bank in SME banking to develop competitive advantage
The study was sought to establish the competitive strategies adopted by Chase bank in SME banking to develop competitive advantage. The study adopted a descriptive survey research design. The study was done at the Chase bank head office. The population of the study was all the departmental heads who were 54 in total. The study utilized primary data which was collected through a semi-structured questionaire. The data collected in closed ended questions was analysized quantitaively through descriptive analysis. The data collected in open ended questions was analysized qualitatively through content analysis. Data was presented inform of tables and graphs. The study established that Chase Bank has adopted SME banking in developing competitive advantage. The strategy adopted by the bank is generic competitive strategies. The generic competitive strategies include: cost leadership; differentiation and focus strategy. Cost leadership strategy emphasizes efficiency; differentiation strategy is aimed at the broad market that involves the creation of a product or services that is perceived throughout its industry as unique and Focus Strategy concentrates on a select few target markets. The study recommends that the top managment should be positive and supportive to the competitive strategies adopted by the bank; the firm should also have the necessary infrastructure to facilitate the innovation of competitive strategies and that the bank should be willing to discontinue any activities in which they do not have a cost advantage and should consider outsourcing activities to other organizations with a cost advantage.
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