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Problem Solution: USA World Bank
USA World Bank is a major bank with both an international and domestic presence that enjoys a large consumer and small business base, and has been successful in several worldwide ventures as well. USA World Bank currently feels the need to develop profitable new products that will continue to expand its market share, thereby increasing profitability. USA WORLD BANK currently has a policy of developing and introducing one new product per year. History shows new product introduction ahs been primarily successful in the past, but focused mainly within the United States. “Briefly defined, business statistics can be described as the collection, summarization, analysis, and reporting of numerical findings relevant to a business decision or situation. Naturally, given the great diversity of business itself, it’s not surprising that statistics can be applied to many kinds of business settings.” (Lind, 2005, pg. 2) “As a businessperson, you may find yourself involved with statistics in at least one of the following ways: (1) as a practitioner collecting, analyzing, and presenting findings based on statistical data or (2) as a consumer of statistical claims and findings offered by others, some of whom may be either incompetent or unethical.” (Lind, 2005, pg. 3)
This year, based on the research data on hand, USA World Bank has to choose between one of two products to develop and introduce to their customers. One product is developed by new product development and the other by the marketing department. The product backed by new product development consists of a credit card, called the Instant Reward’s ...