Developing sustainable corporate identity strategies: a case of Stanbic Bank Tanzania.

Abstract

The limited resources and increased competition are the challenges that organisations face. Corporate identity as a source and an effective strategic tool because of its unique characteristics, it is the source of competitive advantage. It enhances organisation competitiveness. The paper defined corporate identity and explained its interaction with the business strategy for competitive advantage. Then the strategic dimensions determined by the theoretical framework of the study. The main objective of this study was to explore the strategic dimensions that Stanbic Bank applies in developing its corporate identity that improves Stanbic Bank’s image, profitability and performance against its competitors in the industry. Strategic dimensions are the areas of the organisation's strategy-making process that are affected by corporate identity. Stanbic Bank was the case study. In the study, three strategic dimensions for engaging corporate identity and strategy were proposed. They include; strategic orientation, strategic action and strategic function. A non-systematic literature review approach was conducted where insights were drawn from a wide range of secondary sources such as peer-reviewed journal articles, non-peer reviewed publications on the topic. Given the exploratory nature of the study, a mixed method design was used to collect primary data. Eighty-four respondents participated in the study. Two types of sampling techniques were used in the study. Convenience sampling for the questionnaire and purposive sampling for the in-depth interviews. Statistical Package for Social Science (SPSS) computer software was used to analyse quantitative data. A thematic analysis technique was used to analyse qualitative data. The key empirical findings revealed that Stanbic Bank applies the strategic dimensions process in developing their corporate identity that improves the Banks’ image, profitability and performance. The findings indicated that the Bank has a well-structured strategic orientation process that supports the Banks’ overall corporate identity through its mission and goals which determine the Banks’ favourable identity for the future. The key conclusion drawn from the study was that corporate identity in Stanbic Bank is considered as a core competence in the Bank hence the corporate identity of Stanbic Bank does not only define their purpose and meaning but, also the direction in which the Bank follows which is a source of competitive advantage. The study will provide insights to managers and practitioners who seek to distinguish the key strategic dimensions to centre on creating a strong corporate identity.