Problem Solution: USA World Bank
USA World Bank, a leader in the banking industry, both domestically and internationally, has a large customer base in both the consumer and small business market. Every year, the organization introduces a new product to the market in an effort to expand into new markets and increase their profits. With competition being fierce, USA World Bank realizes that it must continually offer its customers new, innovative products in order to remain a leader within its industry. Currently, they are searching for new products in an effort to further expand their market share within the United States and internationally. While presenting their new product ideas to the board of directors, the board questions the validity and reliability of the data collected and the conclusions drawn from the statistical analysis. This paper identifies issues faced by the organization and potential opportunities that arise from the issues. It identifies key stakeholders, the problem the organization faces, and finds potential solutions that can help USA World Bank to overcome its problem and remain at the top within its industry.
Situation Analysis
Each year, USA World Bank comes up with a new product to offer customers, usually one for the consumer market and another for the small business market. Of the two ideas, one product is chosen and brought to the board of directors for approval and funding. This year, the product development team is offering an Instant Reward Card for consumers and a Small Business Card for small businesses. The teams for each used a different method to collect data and to analyze the data collected. Once the team selects the Instant Reward Card as the product that the product development team will offer, they present their findings to the board for approval. The Board finds many inconsistencies in the data as it pertains to the target population. They are not convinced based on the information that they currently have that this...