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Problem Solution: USA World Bank
University of Phoenix
Problem Solution: USA World Bank
USA World Bank is a successful full service bank with locations in both international and domestic markets. Banking is a tough business so to stay ahead of the competition the bank tries to develop new product innovations that will allow them to sustain their growth. Most of their new products have been limited to the domestic market. Their new products have had some success in the past; however they appear to have lost ground to some of their competitors. According to Brian Allen, President of New Product Development “You know 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). To be competitive in the banking business, USA World Bank must use statistical analysis to assist them with their new product selection. Currently the company utilizes a third party Best Market Research to assist them with feasibility studies for the selection of their new products. Brian Allen, President of New Product Development for USA World Bank has the final say on what products that are selected for recommendation to the board of directors. The last few products have been marginally successful and he is feeling the pressure to show some results. The past decisions have been based on recommendations from his Vice President of New Product Development Mary Monroe. Her weakness “is that she is not always thorough in her assessment of the research that is given by the third party firms that she hires,” (University of Phoenix, 2007) Finally the Board of Directors will make t ...