Problem Solution: USA World Bank
USA World Bank is a nationwide bank with domestic and international presence. They possess a large consumer and small business base. UWB has had successful product rollouts; however, only in the United States. They are in need of a new product to help widen their customer base as well as retain their current customers. (University of Phoenix, 2008) The biggest issue facing UWB is which product they want to launch. UWB is working on two products to launch; however, they can only choose one. These products are the Instant Rewards Credit Card or the Small Business Card. This paper will help identify what is the best solution for UWB.
Situation Analysis
Issue and Opportunity Identification
UWB has several issues and opportunities facing them. One of the issues facing UWB is the lack of good research for choosing new products. UWB needs one well-developed process for researching and choosing new products. “Good research generates dependable data, being derived by practices that are conducted professionally and that can be used reliably for managerial decision-making” (Cooper & Schindler, 2003, p. 47). Mary Monroe hired Best Market Research to conduct research for the instant reward credit card. According to their research, the credit card would be successful in the consumer market. Alternatively, Jim Wilson conducted his own research for the small business card by using focus groups. This research concluded that the small business card would be successful as well. The problem is UWB is only launching one product this year. Brian Allen has the opportunity to develop a single successful research process for selecting the best product. Brian also has another opportunity to ensure the research has validity and reliability. “Validity refers to the extent to which a test measures what we actually wish to measure. Reliability has to do with the accuracy and precision of a measurement procedure” (Cooper & Schindler, 2003, p. 44)....