Generic Benchmarking Paper: USA World Bank
USA World Bank (UWB) performed generic benchmarking on companies that have used forecasting for new products, reward card options, new product development, and customer retention and lifetime value in order to determine which products should be introduced, the best type of reward programs, and the expected return of the investment. Using market research in developing new products is feasible, and if done properly, highly productive (Cuthbertson and Messenger, 2005).
Marketing research delivers the information needed to relate each individual’s attitudes and circumstances to the perceived new product and how the individual might respond to an offer. Armed with this information, UWB can develop measures in which to identify customers with differing motivations and reliably predict the customer’s engagement with the product and brand. USA World bank will try to gain success like the five benchmarked companies by implementing its own rewards programs for consumers and small business owners through marker research.
This generic benchmarking paper will discuss specific topics related to the various components of market research. The four problem statements each team member developed will identify and further illustrate each component. Generic benchmarking of multiple companies will help USA World Bank find the best practice to implement. Not only will the companies be used as benchmarks for UWB to learn how to best achieve its end-state goals, but risks and mitigation plans will also be analyzed to determine the best approach in gaining and sustaining competitive advantage through a unique, individualized reward program for consumers and small business owners.
Problem Statements
Each team member created an ...