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Problem Solution: USA World Bank
Student Name
University of Phoenix
Problem Solution: USA World Bank
USA World Bank is a major player in the banking industry with a presence domestically and abroad. The bank enjoys success in the consumer arena, as well and the small business arena. USA World Bank has been able to sustain this growth primarily by introducing one new product annually to the marketplace. As the banking company decides which product to launch this year, they are faced with the added pressure of recent performance. According to Brian Allen, President of New Product Development for USA Word Bank, "Our new products have pretty much tanked in the past couple of years. We're under a lot of pressure to deliver something that will be profitable and increase market share," (University of Phoenix, 2007). USA World Bank has to the review the proposed product offering, and based on statistical analysis; decide which one will be most beneficial to the organization.
USA Word Bank only launches one new product per year. This selection process is relatively non-standard, as each group has their own means or gathering the data to support their recommended product offering. Brian Allen has the ultimate authority as to which new product is recommended to the Board of Directors. However, he bases his decision heavily on the recommendation of Mary Monroe, Vice President of New Product Development. The Board of Directors has the final approval of which product USA Word Bank goes to market with.
For this year's product recommendation, there are two groups competing to have their product selected and presented to the Board of Directors: New Product Development and Marketing Development. Th ...