Problem Solution: USA World Bank
Mike Judah
University of Phoenix
Problem Solution: USA World Bank
USA World Bank is a major bank with both an international and domestic presence. With branch locations nationwide, UWB have the benefits of 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 rollouts have been successful overall, they’ve been primarily defined within the United States. The vice president of marketing and development proposed a credit card that will work like a frequent flier program, where customers can earn rewards as a result of their purchases with the card. She plans to partner with an airline company, some hotels and other retailers. It was called the Instant Rewards card, and it’s been compared to small business credit card or a card with discounted interest rates. Best Market Research Company was hire to conduct some feasibility studies for this particular product. According to Best, this product will be successful in the market. In fact, their research indicates that the card could actually move people to switch from their current bank, if the incentives are strong enough. On the other end of the spectrum is small business side of the company, which is headed by Jim the vice president of marketing development. Him and his managers are trying to develop a similar card but it is going to be for the small business owners. According to one of his managers, their customers are considering other banks that have a faster access to capital when they are in need of it. This was a primary concern for them because if they do not launch this product, they will lose about 40 percent of their customers. They are basing all this loss on the large number of customers giving them feedback. Another one of Jims managers stated that she...