Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
Marlo R. Miller
University of Phoenix
April 19, 2008
Problem Solution: USA World Bank
Over the last few years the banking industry has experienced intense pressure to identify and launch campaigns for new products both in the United States and around the world. This paper will discuss the problems and solutions of USA World Bank (UWB) whom is a major bank with both an international and domestic presence. USA World Bank is a successful international bank with a large consumer and small business base clientele. However, like all international organizations, UWB feels the need to develop profitable ...view middle of the document...
Issue and Opportunity Identification
The primary issue facing UWB is that each year the company launches a new product and this year a decision must be made concerning which product to present to the Board. Banks are upping the ante when it comes to rewards programs. By 2010, reward expenditures are expected to reach $18.4 billion, a 15 percent compound annual growth rate from the 2006 level of $10.3 billion, according to research from Alice Group, a Boston-based research and consulting firm serving the financial services industry.
While credit card rewards will continue to get the lion's share of expenditures, debit card rewards programs are expected to rise from $.4 billion in 2006 to $.9 billion in 2010. (Swann, 2007) The competition is fierce in the banking industry; therefore finding unique and profitable products is essential to the success of being able to compete in the current market.
In today's global marketplace, an organization must be able to progress using a change management process to meet the changing needs of the various customers of the company. For an organization, change management means defining and implementing procedures and or steps to deal with changes in the business environment and to profit from changing opportunities. The change process is a necessary aspect of business survival for an organization similar to that of the human population.
Stakeholder Perspectives/Ethical Dilemmas
Brian Allen, President of New Product Development for USA World Bank: Brian has held this position for 13 years. Each year, he and his marketing team are expected to develop and launch a product that will have significant impact on earnings. A confirmed hands-off supervisor, his past several initiatives have been only marginally successful, and this year, he's feeling pressure to show some results.
Mary Monroe, Vice President of New Development: Mary has worked under Brian under Brian for the past 10 years and she has a good track record. A favorite of the Board of Directors, she is very collaborative, and knows how to work corporate politics to her advantage. Mary is responsible for deciding which new product to present to the Board. She and Jim Wilson, the Vice President of Marketing Development, don't always see eye-to-eye on his choice, but she respects him as a person and professional.
Jim Wilson, Vice President of Marketing Development for USA World Bank: Jim has been with the company four years and in the past three, heâ€™s increased USA World Bankâ€™s small business segment by 40 percent through successful relationship building with small-business organizations and owners. A no-nonsense leader, Jim is very focused on building business for the bank.
Alexis Andrews, Chairman of the Board of USA World Bank USA: Alexis came to USA World Bank three years ago, she has a long history of launching successful banking products, and of hiring people who have complemented...