Problem Solution: USA World Bank

Essay by marmoore2kUniversity, Master'sA, November 2008

download word file, 7 pages 5.0

USA World Bank is a major international and domestic corporation, who has been successful in many global ventures. In order to stay competitive in a global market, USA World Bank is looking to develop a new product, which will expand its market share. The company is in the midst of creating a credit card, which will be directed towards small business customers, or consumers, with an instant rewards component. The Vice President of New Product Development, Mary Monroe, feels that a credit card for consumer, that offer Instant Rewards will be a more successful venture for the company, based on the research performed by Best Market Research. However, a new board member, Bea Hansen, who happens to be a statistics professor, has brought to light some concerns regarding the research methods used by Best Market Research. This paper will focus on a solution to the UWB predicament, and provide an alternative solution for the company.

Situation AnalysisIssue and Opportunity IdentificationJim Wilson, Vice President of Marketing, and Mary Monroe share the same company vision, however, they differ in how to market the Instant Rewards credit card. Jim, has been successful in building strong relationships with small business owners, and feels that the credit card should be marketed to them. The feedback Jim received from the small business owners seems to suggest that this venture would be successful. However, this contradicts the decision of Mary Monroe, who wants to market the product to customers. Mary has been given the green light by her "hands off" supervisor, Brian Allen, to submit her concept and research to the board for approval.

Bea Hansen, a new board member and former statistics professor, questions the validity of the research presented and does not recommend the new product with out more research and statistically reliable...