A critical assessment of the strategic response to competition in the banking industry (A case study of International Commercial bank, ICB)

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The critical assessment of the strategic response to competition in the banking sector in respect of International Commercial Bank is one of the most dynamic and controversial issues within the management spectrum. The industrial competitiveness is continuously throwing in fresh challenges which allow customers and other stakeholders to respond in diverse ways. It is therefore not surprising that new competitive ideas and trends keep surfacing to meet the market challenges. Being competitive is to create, maintain and enhance strong values with customers including prospective ones and other stakeholders. The main objective of the study is to assess how strategically International Commercial Bank responds to competition in the banking sector by attracting, retaining, enhancing and developing a long term business relationship for profitability and other objective benefits in the industry. The study made use of primary and secondary data. A sample size of two hundred and fifty (250) made up of one hundred and eighty (180) customers and seventy (70) employees of ICBank was used in gathering the information. Questionnaire was the main instrument. The study revealed the importance of competition in the industry that can never be under estimated in the role of customer loyalty and development. Also, the study revealed that the current wave of competition that has swept through the industry in Ghana has brought about undue pressure on staff in order to retain customers. Furthermore, the study indicated that clients rated the level of customer satisfaction as keen, diverse and satisfactorily. However, there is room for improvement. In view of the research findings, the following recommendations are made in order to sustain efficiency in the competition. These are marketing research, innovative product development, employee quality skill development, determination to take the ownership of roles and responsibilities, innovative customer data base, visibility, broader accessibility and re - lunch.
A thesis submitted to the Institute of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Commonwealth Executive Master of Business Administration