Problem Solution: Usa World Bank
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Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
Team D
University of Phoenix
Problem Solution: USA World Bank
USA World Bank (UWB) is a company with a new vision. This vision includes increasing customer intimacy, sales, and loyalty. UWB can achieve these goals in many ways. This paper will focus on three aforementioned areas. Customers are essential to the longevity of any company and equally important, customer satisfaction is exceptionally important to increasing the companys profitability of USA World Bank (UWB). USA World Bank (UWB) will offer new products and services to attract new customers and build long-term relationships with existing customers.
This paper sums different benchmarking strategies from the learning team. In this paper, research was collected to give a comprehensive view of ideals, and to analyze the risks to determine the best possible solutions for the company.
Situation Analysis
Issue and Opportunity Identification
In this Scenario USA World Bank (UWB) is financial firm that is struggling to maintain their clients satisfaction and loyalty. UWB has been struggling to offer a variety of product and the company has not always launched successful product because of lack of thorough research on needs of the customer. UWB is seeking to add value through implementing a customer loyalty program. UWB has a new vision to expand their consumer and small business relationships. UWB has a goal to improve long-term relationships with their consumers and business customers.
The issue of customer service has become a critical competitive factor to companies. When customers are leaving by the dozens to the competitors, it is senseless to spend huge sums in advertising for new customers. Instead, the company must consider maintaining the existing clientele. On the other hand a fortified company with a solid base of satisfied loyal customers should be able to offer a customer loyalty program to have a direct impact on its long-term profitability.
Gordon (2003) states that it makes sense to focus on retaining and up-selling current customers. It may cost as much as five times more to win a new customer than to keep an old one. So, many companies use loyalty programs for existing customers to build sales more cost-effectively. Customer loyalty programs or reward programs have become essential to Americans where about half belong to at least one. Drugstore chain CVS Corp., for instance, has 32 million “ExtraCare” card members and Regal Entertainment Group rewards frequent moviegoers with free concession food and discounts (Gordon, 2003). By tracking this customer data, companies discover opportunities to identify the needs of their customer base. This process allows the company to develop marketing campaigns to target prospects who share similar characteristics.
Loyalty programs make sense for growing businesses. With successful customer reward programs, companies can enjoy increased sales, can lower marketing costs and can gain invaluable information. Pilecki (2007) states that a growing number of banks are looking to get more out of their existing customers by offering rewards programs that allow consumers to accumulate points that can be cashed in for a variety of items. Some rewards are given for such everyday tasks as writing checks, paying bills online and using debit cards. Mabin (2006) commented that Greg McBride, an analyst for Bankrate Inc., said rewards programs are a growing new trend in the financial services industry even though they have been around at grocery stores and other retailers for a while. In an effort to compete in this environment, retail financial services firms need to raise dramatically the bar on the customer service.
Stakeholder Perspectives/Ethical Dilemmas
USA World Banks is a bank leader in both international and domestic that prides itself in creating excellent customer relations with small and large consumer business. In an effort to keep up with business trends, USA World Bank seeks to develop profitable products to expand the market share. Many of the key players in development have extensive backgrounds in developing a product that will reassure their leadership in the banking industry. Brian Allen serves as the primary marketing expert that will develop and launch the product that will allow them to retain market leader. Mary Monroe has not had a good track record because of her lack of thorough work in previous developments but is collaborative with Jim Wilson in developing a product that meet both their standards and the and the Board of Directors. As team, the product development will launch a credit card that works similarly to a frequent flier program where customers can earn rewards as a result of their purchases. USA World Banks plan is to partner with airlines, hotels, and other retailers. UWB recognizes that this will be a tough sell to the Board of Directors considering that there data does not mimic the suggestion. UWB development committee will redirect there focus to make sure that the data is coherent with there future investment plans.
Problem Statement
USA World Bank has the potential to be the number one company with opportunities to grow market share globally by catering to the desires of all consumer segment groups. USA World Bank has the opportunity to find out what is valuable through customer surveys, and samplings to determine the value of the product that they are offering. Surveys offer valuable insight into what the consumer deems as important in a particular product. Surveying will give USA World Bank (UWB) a competitive edge in addressing direct concerns that affect the consumer and the product. USA World Bank (UWB) will make the following improvements in the company over the next five years. USA World Banks seeks to increase company profitability through enhancing customer service. UWB is committed to increasing clientele through offering programs to existing consumer and small business customers to assist in growing the capital. USA World Bank will offer Instant Rewards as a customers loyalty program. By doing so the can achieve the following goals:
1. USA World Bank (UWB) will be able to diversify services and build customer relationships.
2. USA World Bank (UWB) will implement a new vision of customer intimacy