Problem Solution: Usa World Bank
Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
Problem Solution: USA World Bank
USA World Bank, a financial institution with branches throughout the United States as well as an international presence, attempts to market one new product annually. Return on investment is always a concern, and market research is expenditure. “Marketing budgets for banks have been on the rise since 2002, reaching a peak of $10.6 billion in 2005, and the American Bankers Association predicts that number will drop slightly by the end of this year but remain stable overall” (Nycz-Conner, 2006). Several of these products have seen tremendous success, but recently the marketing initiatives have produced lower than average revenues and USA World Bank needs to ensure a greater earnings ratio (University of Phoenix, 2005).
The current emphasis is on a charge card with rewards. New Product Development is pushing a consumer-based card with rewards such as frequent flier miles or other travel related incentives. Marketing is focusing on a similar charge card for small businesses with a larger spending limit and some reward component. Both of these cards have substantial earnings potential for USA World Bank, provided the research data collected is valid, yet the Board of Directors generally only allows for one marketing incentive per year. The statistics gathered via secondary and primary research must be measurable and closely match with the sampling and surveys of the population. Pertinent research, scientific sampling and accurate statistical data collection ensures USA World Bank will increase market share with the successful launch of their new product incentive of a rewards card that encompasses both small business and the consumer base.
Situation Analysis
Issue and Opportunity Identification
Companies are in business to make money, and market share is vital to growth. In order...
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