Over the last few years the banking industry has experienced intense pressure to identify and launch campaigns for new products both in the United States and around the world. Today's competition has made it extremely difficult to select a successful product which in previous years was not as difficult. Therefore, finding a unique and profitable product has become very challenging. USA World Bank is a global organization that needs to create products that will improve profitability and increase its market share. This paper will discuss the challenges, opportunities and the ethical dilemmas that USA World Bank is experiencing during their quest to determine the most profitable product to launch.
Scenario One Background
The President of New Product Development for USA World Bank needs to present a product to the Board of Directors that will positively impact the bottom line. A decision has to be made if it will be more beneficial to focus on the consumer or the small business market. There are two alternative products to choose from. The first alternative is the instant reward consumer credit card which works like a frequent flier program which will be partnered with an airline, hotels and retailers. The second alternative is the small business credit card that has a $200,000 credit limit for capital purchases, discounted interest rates and it offers a reward incentive. Mary Monroe, the Vice President of New Product Development is responsible for deciding which new product to present to the board. According to Mary, the Best Market Research analysis shows that the Instant Rewards credit card will be successful through strong incentives; the card could motivate people to switch from their current banks. Jim Wilson, Vice President of Marketing Development asked Mary if he could submit the analysis for a card for small business owners that will allow them to purchase capital items. Jim advised Mary that his... [continues]
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