Global Communications Problem Solution
Essay Preview: Global Communications Problem Solution
Report this essay
USA World Bank (UWB) is a major bank with both an international and domestic presence. UWB has a large consumer and small business base and each year rolls out one new profitable product that will also increase market share. The newest product that has potential to be profitable and increase market share is a credit card that would work like a frequent flier program, where customer can earn rewards as a result of their purchases with the card. Likewise, the small business unit has also been looking at a similar program that also has a credit line of $200,000 that gives the small business owner the ability to purchase capital items. Some statistical analysis has been done on both products, but there are several issues complicating the proposal plan.
Statistical Issues
The first major barrier facing UWB is a deadline to present a single product for review by the Board of Directors. The analysis of collected data has been minimal due to the trust that Mary Monroe, Vice President of New Product Development, has for Best Market Research, the contracted research firm. Mary is convinced that the new consumer card will be the best product to present to the board. Jim Wilson, Vice President of Marketing Development, feels the new small business card would be best for Board review. In the past, the board has only allowed one product to be rolled out per year. Mary and Jim are both pushing to get their products reviewed by the Board, but with the time constraints, both teams have skipped some important analysis that would help them formulate a cohesive plan to roll out one or both products.
A second barrier facing UWB is the lack of best practices when it comes to research methods and the identification of new products. The small business unit has conducted their own research while the consumer group contracted a third party to conduct