Problem Solution: USA World Bank
USA World Bank, a major bank with international and domestic presence, enjoys a large consumer and small business base. UWB has suddenly felt the need to develop profitable new products that will continue to help UWB become profitable. UWB has come up with a couple of ideas to help aide in this process, but they are having trouble deciding how to go about introducing it to a broader base and exactly which product to offer. UWB must find a way to gather proper information and data to help them achieve success.
Situation Analysis
Issue and Opportunity Identification
Every year USA World Bank develops and launches a product that will increase profitability. In recent years the feedback from introduced products has only been marginally successful. With UWB trying to attract new customers and keep existing customers happy, they decided a new instant reward credit card would be very successful and would be able to expand UWB’s market share.
The first issue is that the data that was collected did not seem to be reliable, the Board of Directors in this scenario was very skeptical of the way the data was complied. They were also skeptical of the methods used to obtain this data. Some board members felt the method of obtaining the data from the subjects may have not been clear. Therefore it could have confused the subject group targeted for this data. “Omission of significant procedural details makes it difficult or impossible to estimate the validity and reliability of the data and justifiably, weakens the confidence of the subject.” (Cooper, D. Schindler, P. 2003, p.16)
The second issue is the fact that UWB needed to develop an accurate sample size. In the scenario data was presented with a sample size of 14 ...