Problem Solution: USA World Bank
University of Phoenix
March 7, 2009
Problem Solution: USA World Bank
USA World Bank is a global major bank with branches located nationwide. Usa World Bank enjoys success in several worldwide ventures as well as a large consumer and small business customer base. Most recently USA World Bank has not achieved much success through their new product roll-outs, which is important in that this success allows them to remain competitive in the marketplace. USA World Bank is feeling the pressure to develop a new product in hopes of keeping their current client base as well as gaining interest and attracting new clients. One of the main issues facing USA World Bank is which product to launch this year. USA World Bank has two good products to consider, the Instant Rewards Credit Card or the Small Business Credit Card. This paper will identify issues and opportunities USA World Bank can capitalize on, alternative solutions to be considered, risk and mitigation techniques, and offer an optimal solution and implementation plan. Situation Analysis
Issue and Opportunity Identification
In today’s business environment, organizations are faced with many issues in which to overcome and many opportunities in which to seize. USA World Bank is no different as they are often faced with those same issues and opportunities. The manager’s ability to handle these issues and opportunities is what determine the success of the organization. USA World Bank’s goal is to increase profitability market share by annually introducing new products. They are faced with questions such as, is there sufficient demand to increase profitability and market share? This section identifies some issues and opportunities that would allow USA World Bank the opportunity to achieve the organizational goal of increasing profitability and market share. USA World Bank’s marketing team needs to conduct market research to aide in developing and launching a product that will have a significant impact on earnings. Proper research will allow the marketing team to sample properly and use that information to learn what new product could potentially interest customer, both current and new, and possibly increase revenue and improve customer service. One way to learn about the population is through a sample. A sample is a portion or part of the population of interest (Lind, 2004). Organizations prefer sampling to save time, and lower cost. The other option is to research the entire population, which is ill-advised because large populations tend to offer inaccurate results (Lind, 2004). When introducing new products it is essential to use samples that give an accurate representation of the entire population. There are several methods for selecting a sample such as simple random sampling, systematic random sampling and stratified random sampling. Another issue that USA World Bank is facing is Mary Monroe’s inability to properly assess the research gathered from the hired firms. Mary’s ability to understand and interpret the data presented is an important issue. It is important that Mary be knowledgeable and thorough in her assessment because her data is the primary tool used to present new ideas to the Board of Directors. This issue provides USA World Bank with the opportunity to make informed decisions based on the reliability and the validity of the information received. When managers have a thorough understanding of research and data collection concepts they are better able to make informed and reasonable decisions. Having research skills increases managers’ ability to communicate effectively with other managers as well as the Board of Directors. In the USA World Bank scenario, Brain would have conducted a better presentation of the new products to the Board of Directors if he had better knowledge of research and data collections...