Problem Solution: USA World Bank
USA World Bank is trying to maintain market share and increase profits in the volatile banking environment. With the struggling economy and consumers being even more cautious with their money and investments, the bank must introduce products and services that will give them an edge with their competitors. Currently, they are facing challenges with the implementation of a rewards credit card product for consumers and small business owners. In addition, they have no formal process in place to launch new products or services which is making this new initiative even more challenging. The management team must convince the board members that this product will be successful by providing reliable statistical data analysis and explaining how this data was obtained and evaluated.
Issue and Opportunity Identification
USA World Bank has a major presence in its industry due to its nationwide branches and successful international expansions. However, the strained economy’s detrimental effect on the banking industry has left USA World bank looking for creative and innovative products and services that can be introduced to consumers while generating revenue for the company. Moreover, the new products in the past two years were a disappointment and now the company is under pressure to maintain their reputation, market share, and confidence of the board of directors. In addition, they must find a way to remain competitive and increase shareholder wealth in the process. As a result, the bank has a realized opportunity to develop and introduce a consumer credit card that offers rewards and encourage utilization of their banking services. This was facilitated with the assistance of a third party research firm that was able to provide statistical data that supported the new business strategy and growth initiative. “Good research generates dependable data, being derived by practices that are conducted professionally...