CUSTOMIZED PRODUCT STRATEGY AND ORGANIZATIONAL PERFORMANCE OF EQUITY BANK IN KENYA

Abstract

The study objective was to evaluate the effect of focus on customized product strategy on Equity Bank’s organizational performance. Structural contingency theory and cognitive dissonance theory guided the study. Systematic sampling was utilized in selection of Equity bank customers and convenience sampling was utilized in selection of Equity bank managers. The study sample size was 389 participants. The study employed semi-structured questionnaires and interview schedules to collect primary data that was compared to secondary data. Questionnaires were administered to Equity bank customers and interviews to bank employees. The study findings established that Equity Bank adopted grand strategy such as Digitalization, Loan and Cash deposit, Good Book Records, and Customer Satisfaction to improve organizational performance. The adopted strategies focused more on organizational performance than other doctrines like customer satisfaction. The study findings revealed a strong positive correlation between customized product strategy and organizational performance at Equity Bank, as indicated by (r=.718 a ). Thus, a strong association exists between the customized product strategy, and organizational performance was statistically significant at F statistics (3,296), =104.942, P-Value=.000, because P<0.05. The study concluded the adopted customized product strategy effectively enhanced the organizational Performance of Equity Bank. The study concluded as customized product strategy positive coefficients increase, there tends to be an increase in the organizational Performance of Equity Bank in Kenya. The study recommended that the adoption of customized product strategy is aligned toward organizational performance. Recommended that the customized product strategy’s pilot study should be conducted internally and externally to blend their insights to innovate a product/service tailored to all Equity Bank stakeholders’ perceptions. Further, the study suggested that there is a need to conduct similar research to investigate other strategies excluded in this study, such as leadership styles and social and economic aspects that may influence the organizational performance of the Equity Key words: Customized Product Strategy, Grand Strategy, Performance CITATION : Kimani, J. N., & Bichanga, J. (2023). Customized product strategy and organizational performance of equity bank in Kenya. The Strategic Journal of Business & Change Management, 10 (4), 476 – 489. http://dx.doi.org/10.61426/sjbcm.v10i4.2766.