INFLUENCE OF STRATEGIC REBRANDING ON PERFORMANCE SUSTAINABILITY OF COMMERCIAL BANKS IN KENYA
DOI:
https://doi.org/10.47941/jbsm.845Abstract
Purpose: The general objective of the study was establishing the influence of strategic rebranding on performance sustainability of commercial banks. The study specifically focused on establishing the influence of brand identity, brand name, brand personality and brand element on performance sustainability of commercial banks in Kenya.
Methodology: The study was anchored on Customer-Based Brand Equity (CBBE) Theory, Planned Change Theory, Evolution Theory and Social Judgement Theory. A descriptive survey research design was adopted in the study. The target population comprised of a list of commercial banks that had undergone rebranding between 2015 and 2020. The unit of observation comprised of operational and direct marketing participants comprising of product and brand managers, sales managers, marketing service managers, and promotional managers. Census approach was employed. The study used both primary and secondary data where a five-point Likert scale questionnaire was used in gathering primary data while a secondary data collection sheet was used to collect secondary data. Both descriptive and inferential statistics were employed in analyzing the collected data with the help of SPSS and Ms Excel. The results of the study were displayed in form of tables and figures. Prior collection of data, a pilot study was conducted in one commercial bank to test the reliability and validity of the data collection instrument.
Findings: The study established that strategic rebranding such as brand identity and brand personality positively and significantly influences performance sustainability of commercial bank. Brand name and brand identity were found to positively but insignificantly influence performance sustainability of the commercial banks. The results imply that increasing each of the variable with one-unit results to an increase in the levels of performance sustainability of the commercial banks with the respective beta values.
Unique contribution to theory, practice and policy: The study recommended the commercial banks in Kenya to enhance their strategic rebranding aspects in areas of brand identity, brand name, brand personality as well as brand element since the practices bears a positive influence on the levels of performance sustainability of the institutions.
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