Problem Solution: USA World Bank
USA World Bank (UWB) is a major bank with both an international and domestic presence. With branch locations nationwide, UWB enjoys a large consumer and small business base, and has been successful in several worldwide ventures as well. But, like all international organizations, UWB feels the need to develop profitable new products that will continue to expand its market share. Though new products roll-outs have been successful overall, they’ve been primarily defined within the United States (UoP, 2008). 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.
The banking industry has experienced some intense pressure to develop new products in the US and globally that would benefit its consumer base. Today’s competition has made it extremely difficult to find a unique and profitable product. The President of USA World Bank and its executive team are feeling the pressure of developing and marketing a new product. In the past they have very successful and currently they are attempting to decide the what, when and where of launching a new innovative product.
Issue and Opportunity Identification
USA World Bank is faced with several issues with the development of their new product initiative. The initial product was not discussed with the key player involved. Mary Monroe (Vice President of New Product Development) is the sole person who made the decision to present the product to the board. This product was her vision alone. Jim Wilson (Vice President for Marketing Development) has an idea that he would like to present but Mary is not taking his idea seriously at this point. This is causing a power struggle between the two.
Research and development was conducted by Best Market Research, an outside source. Best Market Research data may be skewed due to the fact that UWB did not...