Abstract
The South African banking industry has become increasingly competitive over recent years, with the introduction of new players in the market, contributing to more intense competition for market share. There is a need to retain existing customers, and as a result, organisations are placing greater emphasis on the creation of effective retention strategies. Equally important to the creation of relevant strategies within any organisation, is the ability of its employees to understand, and execute the strategies. The purpose of this study was to examine the role of employee understanding of angst differentiation strategy, their involvement in the formulation of this strategy, the market orientation of the organisation and organisational culture as drivers that influence the effective execution of angst differentiation strategy. Having a thorough understanding of these drivers will help banks to be more effective in addressing customer ‘pain points’ to ultimately establish and maintain a competitive advantage. A qualitative study was undertaken to obtain deeper insight into the views held by product owners relative to the objectives of the study. Through a purposive non-probability sampling technique, a sample of 12 participants from the Bank of SA was selected. Data was collected from each participant, using semi-structured, face-to-face interviews which were recorded as permitted by the participants. To analyse the data, qualitative content analysis was used. The study found that a thorough understanding of the angst differentiation strategy by employees, their involvement in the formulation of the strategy, market orientation and organisational culture all play a role in the effective execution of the angst differentiation strategy. Recommendations for managers, banks and the banking industry, as well as recommendations for further studies were proposed.
M.Com. (Business Management)