Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
USA World Bank (USAWB) is a large bank with both domestic and international presence. They are a successful bank with both a large consumer base and a small-business section. As with all businesses, USAWB needs to have a new product or service on a frequent basis to retain current customers, bring in new customers, and continue to gain market share in the banking sector. USAWB has had success domestically and internationally with prior business ventures. As of late, USAWB has seen only marginal success with recent new product development. USAWB needs to develop and successfully introduce a new product to their client base this year in order to not lose customers, profits, and their standing in the current market. The New Product Development department for USAWB has come up with a new product aimed at rewarding the customer for using the USAWB Reward Credit Card. This card has been used successfully in other banks and even other businesses, and USAWB believes that this is the right product for the moment. This paper will review the problems and possible solutions that are discovered in the research and development after a review by the Board of Directors of USAWB.
Situation Analysis
Issue and Opportunity Identification
Businesses all must make a profit to survive and retain customers. When the needs of customers drive a business, they use a variety of products or services to entice the customers to remain with the business. To make a decision on what particular products or services will enable the business to retain current customers and gain new ones, the business will rely on research to gain the knowledge of what the customer’s needs and interests are, and what price the customer is willing pay for the new products and services. USAWB is no different from any other business that has the need to produce new products and service lines for the customer. USAWB has a department...