USA World Bank is a major player in the banking industry with a strong presence domestically and internationally. The banking industry is tough as it is so to stay ahead of the competition USA World Bank need to develop new product that will allow them to sustain their growth. Their new products have had some success in the past; however, they appear to have lost ground to some of their competitors. USA World Bank management is under a great deal of pressure from Board of Directors to deliver something that will be profitable and increase market share.
To be competitive in the banking business, USA World Bank must use statistical analysis to assist them with their new product selection. Currently the company employed a third party Best Market Research to assist them with feasibility studies for the selection of their new products. By doing so USA World Bank will need to take the required steps to develop a strong and knowledgeable leadership to evaluate all internal and external factors, analyze available statistical data, and create a strategic plan that considers all those factors. Through recognizing the present issues, assess the risks and benefits of possible alternatives, and select the most optimal solution.
Issue and Opportunity Identification
The first issue that is facing USA World Bank is the reduction of the profitability and the market share due to the banking fierce competition, as a result USA World Bank could not keep up with the changing environment and some of the customers wanting more than what USA World Bank can offer, this trend resulted in seeking other banks. To be able to resolve this issue USA World Bank need to convert this issue to an opportunity through providing products and services that are both exceptional and profitable. Such as the rewards incentive program and offering the small business owners to purchase capital items with a credit line of $200,000 at a lower interest... [continues]
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