Usa World Bank
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Problem Solution: USA World Bank
Every corporation at some time reaches a point where it needs to expand their market share. USA World Bank annually rolls out a new product to accomplish this task. USA Bank is a successful global financial institution serving both the consumer and small business clients. In recent years USA World Bank has not achieved a high level of success in rolling out new products, thus causing many clients to consider a new financial institution. Issue number one seems to be which product to launch this year, the Instant Rewards Credit Card or the Small Business Card? Another issue facing USA World Bank is the product development team does not know how to collect statistical data properly and is not skilled as to the interpretation of the data collected.
Situation Analysis
Issue and Opportunity Identification
In years past USA World Bank has lunched new products that have been moderately successful primarily in the USA but not in the international market. This trend has not been a positive reflection on the company and has not promoted the loyalty of current customers nor has it attracted new customers. The new products, Instant Rewards Credit Card and the Small Business Card could aid in restoring the faithfulness of current clients and attracting new customers.
Typically only one product is launched each year. Mary Monroe, Vice President of New Product Development, is responsible for deciding which product to present to the Board of Directors. Mary Monroe, Vice President of New Product Development and Jim Wilson, Vice President of Marketing Development are competing to have their teams product brought to market as USA World Banks new product this year. As a measure, both Mary and Jim conducted their own statistical analysis of their perspective markets.
Bea Hansen, Statistical Analyst and a member of the Board of Directors, reviewed the data and determined the information collected was not representative of the client base. Beas analysis and argument of the accuracy of the data created a high level of doubt as to the probability of either products success. Mary and Jim worked diligently toward gathering the proper statistical data that would truly represent the customer base. The opportunity is to work together, collaborating ideas to establish a product that will work for the consumer as well as the small business owner.
Stakeholder Perspectives/Ethical Dilemmas
In a scenarios such as this where more than one department is competing for its product to be brought to market, ethical dilemmas are common. There are numerous key stakeholders that will be affected by the decision as to which of the two products will be implemented to continue to increase the market share of USA World Bank. The stakeholders include the Board of Directors, Jim Wilson, Vice President of Marketing Development, Mary Monroe, Vice President of New Product Development, Bea Hansen, Statistical Analyst and a member of the Board of Directors, Best Market Research, stockholders and the senior management team.
Based on the unsuccessful product launches of recent years the board must examine some critical information such as; is the data representative of the population? Are the questions truly accurate as to the data the company wants to receive? Which product best fits the needs of USA World Bank? In addition, the senior management team must make certain that individuals are not manipulating company politics to their advantage when it could potentially cause a loss of revenue via the loss of customers.
It is imperative that Mary Monroe and Best Market Research, gain the understanding of the sampling methods needed to collect the necessary data and they must ensure the data provided is 100% representative of or the population. Mary and Jim both need to ensure that the products being developed are representative of USA World Banks customer needs.
In order for USA World Bank to remain successful and competitive in the financial institution industry, it is imperative for USA World Bank to develop a strategic plan that will implement a new product that will be profitable and expand the companys market share.
Problem Statement
USA World Banks goal is to remain a leader in the industry while moving toward expansion to global success.
End-State Vision
Through new products offering customer incentives, USA World Banks goal is to remain a leader in the industry while increasing the customer base by 20% over the next fiscal year. USA World Banks goals must be measurable; they must describe significant success elements where improvement is needed. If a goal cannot be measured it cannot be