Problem Solution: US World Bank

Essay by gdwilliams1127 January 2009

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This paper will discuss the problems and solutions of USA World Bank (UWB), a major bank with both an international and domestic presence. UWB enjoys a large consumer and small business base, and has been successful in several worldwide ventures. One of the goals for UWB is to continue to develop profitable new products to expand its market share. Currently, the company is working on the development of a credit card product to fulfill the needs of small business customers. However, a new board member has brought a questioning attitude about the sampling method and determination used by the executives of UWB. This has brought concerns the new product might fail, and the company will lose a portion of its customers (University of Phoenix, 2008).

Situation AnalysisIssue and Opportunity IdentificationCompanies are in business to make money, and market share is vital to growth. To grow, companies need several factors related to what the consumer desires, as well what they will pay for the product or service.

Research allows a snapshot of the current market and potential trends. "Business research is of much more recent origin and is largely supported by business organizations that hope to achieve a competitive advantage" (Cooper & Schindler, 2003, pg. 14). The USA World Bank Board of Directors voiced some concerns over the launch of the new banking product (University of Phoenix, 2008). During the presentation of the product, the data collected came under scrutiny. Knowing what the market will bear is vital to the product's success. Corporations today rely upon data collected from several resources; both secondary and primary resources help to define the target market and feasibility of the product. "Good research generates dependable data, being derived by practices that are conducted professionally and that can be...