USA World Bank, (UWB), a leader in the banking industry both internationally and domestically, strives to increase their market share through new product innovation. With most new product success confined nationally, the company is preparing to offer this year’s product nationwide. However, with only marginal success on their last several product efforts, UWB’s President of New Product Development, Brian Allen, feels compelled to introduce a winning product this year.
Amid the choice of two newly proposed products, VP of New Product Development, Mary Monroe’s Instant Rewards Card for consumers, and VP of Marketing Development, Jim Wilson’s Small Business Card, Brian Allen has selected the Instant Rewards Card to introduce to the Board of Directors as this years choice product.
As variances in methodology used in the research for both products surface, and Board member, Bea Hansen, a statistics instructor, questions methods used and validity of data, the new product development team realizes that there are some serious flaws in their current new product research methods that requiring addressing.
This paper will introduce the stakeholders, their perspectives and ethical dilemmas resulting from various interests, and the events leading to issues and opportunities presented in the USA World Bank Scenario. It will create a problem statement, end-state vision, and end-state goals with metrics and targets. Three alternative solutions to the problem will be offered through benchmark studies with Wachovia Bank and Forrester Research, Inc. These solutions will be weighed against the end-state goals, and accessed for risk probability, consequences, and mitigation techniques. Fr ...