EXAMINATION OF THE STRATEGIC RESPONSES ADOPTED BY MONEY TRANSFER COMPANIES IN NAIROBI COUNTY, KENYA TO COPE WITH THE ENVIRONMENTAL CHALLENGES
Abstract
Organizations must have the ability to examine and make changes based on internal and external environmental factors that affect their performance. The study investigated the strategic responses to environmental changes by money transfer companies, Nairobi County, Kenya. The study used a descriptive survey with a population of 16 money transfer companies. This study used primary sources of data collected using a questionnaire. The findings showed that the companies had applied the following strategies to a large extent; professional customer care services (handling queries, improved response strategies, adoption of modern technologies for example ICT, providing quality and cost-effective products and services, improved speed and efficiency for service delivery, product diversification strategy and firm position through providing quality and reliable services for improved quality. The findings also revealed that the majority of the respondents stated that the strategies applied were moderately effective. The findings of the study will enable the policymakers to understand that money transfer companies are very significant sources of revenue through taxation if they start assessing it deeply from a neutral point of view and review and revise any laws of hindering the companies the right to license or register and to work freely here in Kenya just like the banks and the forex. The researcher recommended that a replicate study be done on commercial banks in Kenya. This would establish the strategic responses by commercial banks to the external environment.
Keywords: Strategic Responses, Environmental Challenges, Competitive Advantage, Modern Technology, Product Differentiation
CITATION: Hassan, A. A. (2021). Examination of the strategic responses adopted by money transfer companies in Nairobi County, Kenya to cope with the environmental challenges. The Strategic Journal of Business & Change Management, 8 (2), 242 – 252.
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DOI: http://dx.doi.org/10.61426/sjbcm.v8i3.2028
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