In this paper I will be discussing the business research process based on Fifth Third Bank. I am however still new to the company I feel I have spent enough time on the banking industry to understand how they all work. I will summarize the business research and why they are successful. Business Research Process
The business research process often starts with an overview of the market. The main objective is to determine if there is an opportunity with in that market. Fifth Third bank started back in 1858 when it was Bank of the Ohio Valley. The Third National Bank organized five years later and the younger bank then merged with the older one and that when the name stated to change. What is business research?
Business research is the method in the way the company looks at the market and its competitor’s to find a way to make more money but also earn repeat business by standing out above the rest of the competition. When it comes to banking everyone knows there are fees but banks need those fees more than ever now with the interest rates being so low. They just can’t live off the interest any more. They have to research how to implement fees in to the accounts but not scare customers away. They do this by looking at the competitors to see what they are charging and what people are willing to pay for a checking account. This is a way that Fifth Third used the business research process. What I learned
While working with Fifth Third during this change they have had a lot of bad and good feedback about the changes they have implemented to the banking center. When they did there research several Key factors I have learned is that even with business research you can never please everyone or even make a service work for everyone so you have to be prepared for loss as well as gain. Sometimes no matter how much research is done you can never be prepared for what might happen with the results. The biggest problem that this solved for Fifth Third and other...