USA World Bank (UWB) is faced with a situation of deciding upon a new product to expand its market share. This paper deals with a scenario in which the ultimate goal is to provide a holistic approach to problem-solving and solution development. In particular, this paper will analyze the first three steps in problem-solving, which include; description of the situation with the emphasis on the issue and opportunity, defining the right problem-based on the situation, and explain the desired future end-state goals.
Situation Analysis and Problem Statement
The banking industry has been impacted by the vast changes in technology. The changes occurring in the banking industry have caused companies to broaden their horizons with new products and services to keep up with the competitive. In particular interest, USA World Bank is faced with having to make better judgments on effective decision-making. Having an understanding of how those decisions are made can be gathered through statistical analysis and effective planning. This requires detailed analysis that facilitates both developing rational expectations regarding the future and the ability to evaluate risks and alternatives (University of Phoenix, 2006, Read Me First, 2).
USA World Bank is a major bank that has a large consumer and small business base. To expand its current market share the executive team realized they needed to develop new products that will be profitable. With the past products being slightly successful they were only aimed on the U.S. consumers and not international. USB needs to submit to the Board of Directors a product that will consume lots of advertising dollars and will ultimately change the bottom line for USA World Bank (University of Phoenix, 2006, Read Me First, 4). Mary Monroe, Vice President of New Product Development and Jim Wilson, the Vice President of Marketing Development presented...