USA World Bank are developing new products and services that will solve business problems and create business value at the same time to find the resources, knowledge and energy that will make development a success that will impact customer loyalty and new markets to develop a matrix of opportunities for the UWB’s business to identify and capture.
The situation including opportunities and challenges
USA World Bank is a major bank with both an international and domestic presence. With branch locations nationwide, UWB enjoys a large consumer and small business base and has been successful in several worldwide ventures as well. But, like all international organizations, UWB feels the need to develop profitable new products that will continue to expand its market share. Though new products roll-outs have been successful overall, they’ve been primarily defined within the United States. The opportunity to launch a better product development that could help in meeting the needs of the customers through the realization of the credit card that will work like a frequent effort program, where customers can earn rewards as a result of their purchases with the card, called Instant Rewards, and it’s been compared to small business credit card or a card with discounted interest rates and having the services for Best Market Research that will conduct some feasibility studies for this product and have the needed results of those studies.
The opportunity and the possibility of acquiring Instant Reward Instrument and Instant Reward Data as this product will be successful in UWB’s market as the research indicates that the card could actually move people to switch from their current bank, if the incentives are strong enough. It’s a card for small business owners that will allow them to purchase capital items. The card has a credit line of 0,000 and has a reward component. There needs to consider the focus groups that are conclusive; there is a definite need for a new product that allows small-business owners who qualify to have a high-limit card that can be used to purchase capital items. The challenge to pursue on the Instant Rewards consumer credit card as research shows that consumers are looking for a credit card that rewards their loyalty with Instant Rewards that they can choose themselves.
The Problem
Upon analyzing the scenario for UWB there has been several crucial problems that needs to be in due time before the situation of the bank situation gets worst that could negatively affect their reputation in the society as well as in the domestic and international presence within established business organizations. The one problem that UWB is facing recently involves to their respected key players that serves as the main structure for the success of their New Product Development, as the several initiatives of Mr. Brian Allen have been only marginally successful and that Brian is feeling pressure to show some results. Mary Monroe on the other hand, does not always thorough in her assessment of the research from firms that she hires even if she is very collaborative. UWB may involve problems as Mary and Jim Wilson, the Vice President of Marketing Development, don’t always see eye to eye to discuss important matters regarding choices for the new development. Jim thinks he is in sync with this business segment because he connects well with relationship managers like Aaron Anderson, Beth Brown and Charlie Cousins who are a direct link to the customers. A no sense leader, Jim is very focused on building business for the bank that could be a major problem in the process.
Moreover, Alexis Andrews is a results-focused leader who has little patience for errors. Bea Hansen, newest member of the Board of Directors at UWB, she likes to make decisions based on facts. She is not political and will not play like a team member just to reach a decision. She prides herself on being reasonable and will support the decisions made by Alexis Andrews in turn, can possibly adhere to the to a poor product development in having effective ways to maintain good principles of their business and be able to survive the future situations that may cause the bank to be off in the customers’ preferences in lieu to some market situations. The major problem for UWB could be the problem in establishing out for the best fitted methodology regarding which of the product development is of clear and suitable implication to the customers as needed as possible for the launching of a new product that could be a good potential to the UWB’s domestic and international presence involving the customers and the small business owners respectively.
Desired future state and goals which to evaluate alternatives
The need to discuss a new product with great potential: a small-business owner card with a reward component. Thus, there has been a lack of doing a detailed analysis of the results because Best Market has always done a fine job for the UWB as Mary said. As Jim and his team used a focus group study, just the launching of the Business to Business (B2B) product lines with the success of the methodology being employed as the products gained a successful remark. There needs to review and analyze the sample size being used for the feasibility of the study in terms of limiting its size to just reachable and valid process in order to avoid in distorting of results. There is a reliability in applying the significant correlation that the weight of the mathematical model is equal to zero. It means that there is a relationship between age and the likelihood of purchase and the likelihood of changing banks. The information about age helps UWB estimate purchase and bank changing. The ample need to make sure that the companies the market research company interviews represent a full range of sizes and a good mix of founders and CEO’s who came into the business after it had started.
Potential Solutions
This part of the presentation will have to present, identify and discuss alternatives that will give emphasis to the issues of concern that UWB is involved into. There will be two to four potential solutions that will be able to allow the bank to evaluate the best possible alternative to be implemented and in order for the players of UWB to effectively evaluate the alternatives and possibly come up with better applicable decisions regarding the realization of essential solutions to support and justify the issues in quick process so that the development of a new product will aspire growth and stability in the market where the bank is to function its role in achieving for a better business position.
Solution 1: The realization of the Instant Rewards consumer credit card: Application of the Reward Instrument for the integration of effective Research Results
The first alternative being proposed is the realization of the Instant Rewards consumer credit card: Application of the Reward Instrument for the integration of effective Research Results that is crucial in determining good relations among UWB’s small business owners and its customers so as to give the latter a good product satisfaction within its process development and the need to integrate research results in order to keep every factual information valid as needed as possible to have the best plan of action effective to the market and its designated banking sectors and organizations. Thus, the realization of the Instant Rewards consumer credit card, UWB can positively adapt a good research implication of its basic need to the customers as it is needed to pursue the banks planning goal of deciding what plans are to be realized and what are to be terminated in the process assessment.
Solution 2: Providing of a Detailed Analysis of the research made by the Best Market Research
The second alternative proposed is the Providing of a Detailed Analysis of the research made by the Best Market Research as this process is important because it may positively open a new channel for UWB’s development of new products that will impact successfully within the small business owners in enhancing useful credit cards that will increase the profit standards of their business. This is possible because Best Market Research has been supportive to the banks’ goals and purposes in launching of their successful products as detailed analysis will involve the whole package, complete with research evidences and gathered data with enough research function and its paradigm to continue improving its research ways to provide basis in justifying information within its research findings and discussion of results to really emphasize that research is still the most effective tool in looking for truth among relationship ideas and concepts in order to get things started at the right phase of the process that will strengthen the present situation.
Alternative 3: The Application of a suitable Methodology in strengthening a better product development through credit cards
Methodology is an important tool that will guide the players to a good decision in handling out relevant ways to have a nice product development launching by means of giving importance to the materials and resources being used in the actual measure within the purpose of understanding the situation playing a vital role with an in-depth approach which was suitable for conducting the focus group study and analysis in grasping a complex subject and help to explain why certain decisions were made, how they were implemented and with what results (Chetty, 1997). The choice of launching credit card involves fierce competition, high product development that have been thoroughly studied through valid research interviews (Eisenhardt, 1989). Methodology can lead UWB in contact with other interesting groups for various reasons to the unavailability of people who could provide proper information or the information received being incomplete.
Alternative 4: The Consideration of the essential variables needed in setting up Small Business Card Focus in relation to the ROI measures for gathering new product ideas in order to see where the bank stand and what barriers are to overcome.
It is proper to have consideration of the essential variables needed in setting up Small Business Card Focus in relation to the ROI measures for gathering new product ideas in order to see where the bank stand and what barriers are to overcome as UWB face the challenge of making the business case for better product development. Most small business owners have neither the capability to develop better technology nor the marginal resources to have such practices in terms of enhancing customer loyalty and market position by taking stewardship for the product though its life-cycle as the potential for new product and market development is really so big, the answer is risk. to both risk and reward (Day 1998). It shows why UWB should pursue new product development even though the instant rewards may be significant. The risks have just been too high.
Assessment of the Alternative Solutions
UWB needs to decide on how to go on with the process of Small Business Card focus in order to foster and enhance their product development within a desirable research sample that needs to be randomly selected through the effective market research in order to have a good fit in the banking system in the US. Henceforth, the above initiatives are considered necessary for USA World Bank to truly move on within their specific planning goals as potential solutions are a big part for the pursuance of their Rewards credit card proposal. Thus, time constraint is a hanging factor in the inadequacy of the alternatives in the process even if the focus group approach seems great to UWB within the integration of effective research process.
Risk Assessment
Emerging resource constraints are changing the risk-reward ratio and other issues–the risks also rise of engaging in banks protection activities. Although the risks of pre-emptive actions are rising, the risks of new product development are falling as pressures in the market grow. UWB knows that process are responding by developing products that will help customers reduce their expensive needs. These products would find very small niches today but, when the anticipated policy changes take place, the bank will be well positioned in a better market. The changing risk–reward relationships are making it more important than ever for UWB to begin to look for opportunities as the change is taking place that can capitalize on some of the business opportunities in new product development.
Recommended Solution and Rationale
The implementation process will adhere to the following discussions below.
Protecting Business’s Right to Operate
UWB do not comply risk being closed believe the positive effect of having a reputation within its credit card option working with the best people as UWB will enjoy privileged access to new markets and generate greater trust from research leaders and socially responsible ways because of the personal values of their key executives. (Bonifant 1994) UWB can invest in Small Business Card Focus projects to enhance the reputation and the market for the good of the company and ensure the continued right to operate. UWB should be successful in attempts to introduce the credit card products so that they cannot lost sight of customer value. Most customers will not make a meaningful sacrifice to protect the situation but they always tend to respond to price, performance and convenience. When marketing concerns create product development and that may reduce the market appeal of a certain product.
The approaches represent different ways of creating credit benefits which also create customer value. They are presented in ascending order of difficulty and investment with the recognition that most businesses inadvertently create environmental problems for their customers. Most products consume resources, and these products allow customers to produce better product line to continue the stream of products and eliminate the negative impacts without creating new and perhaps bigger business problems.
Moving toward the Customer
The evolution from product to offering requires that the bank knows its customers well. The services that help the customer become more efficient in applying for reward cards will lead to stable sales. If the purchasing relationship is changed so that the supplier is paid not for gallons of paint but for the number of vehicles painted, then the incentive to reduce material flow through the system increases. The supplier has an interest in reducing paint use through thinner coatings and higher transfer efficiency, The overall business system becomes more efficient, and everyone benefits.
It is also a must for UWB to adopt any agenda will use it to develop new markets for entirely different streams of technology and services that substitute knowledge for material and connect people as UWB should assess its technical and business capability for new markets assuming not only that connectivity will continue to rise, but that new markets will have tremendous demand for their products. (World Bank 1998 p. 176). However, UWB has to find a way both of tapping into latent consumer needs and of strengthening the credit card’s potential in the market in partnership with several international investors from the plans to expand the service into new markets and can use this connection to a large untapped populace to promote its banking and other services.
Expected Impact and Value
The expected impact and value is of high rate because the market values of credit cards usage incorporates both the different types of debt and their sectoral distribution and the relation between market and par value series are analyzed. The methodology incorporates both the different classes of the rewards card as well as their product distribution when the process is measured at market value. In assessing current credit card conditions may be the best indicator, while the outstanding stock may be more useful in evaluating the product capacity that clearly involves par values, yet market values may provide better indicators of servicing burdens.
Thus, market value estimates are useful in evaluating credit card capacity and in assessing inflation and interest rate wealth effects. It also is true that problem in development may be capitalized in the value of the underlying asset, so that marking both assets and liabilities to market may involve double-counting. UWB need have to use to estimate the market value of consumer credit card and it should be noted that the levels of small business card focus is larger than the product value to the extent that contract interest are below current rates having a substantial amount of consumer credit card balance represents an interest-free loan to those consumers who pay their outstanding monthly balances in avoiding finance charges.
Summary for the implementation approach for the recommended solution and measuring its effectiveness
The use of the Best Market Research and be able to use the two variables to stratify the sample to represent UWB’s customer base and randomly select companies within each of these cells to be in the focus groups. The need to launch both commercial and consumer products at the same time within the separation of the market research function into two branches so that Jim and Mary will be able to explore opportunities separately in terms of setting up of the Small Business Card focus group project in relation to the ROI measures and start to have systems for gathering new product ideas in order to see where the bank stand and what barriers are to overcome. As might be expected, the pursuance of credit cards exhibit greater volatility as well as trend influences are controlled with the related business values engaged in UWB as the researches has assumed and does not suggest inherent concept of the de3velopment process within data do indicate a rising volume of customers and to relate to the small business owners.
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