Essay Paper on Problem Solution
As far as the USA World Bank is a serious and reliable institution which is appealed for meeting the needs of both its huge consumer base and its small business clients. The problem which the Bank has faced this year consists in the necessity of developing a new product (which is conducted annually) which is supposed to have significant impact on the company’s earnings. This year it was projected by the Marketing Development Department to launch such product as Small Business Cards (and, on the other hand, the Vice President of the New Product Development Department, suggested a consumer product – Instant Rewards credit card for loyal consumers). After one of the executive board meetings it became evident that researches conducted in order to forecast the outcomes of the new product introduction were not very accurate (based on simple descriptive statistics) and thus not enough for being confident as to the success of the new product. Thus, it is necessary to define alternative solutions for this situation so that the Bank would not have troubles with its customers and would not lose them for other banks which are able to offer them more attractive options. Thus, to identify alternative solutions it is first essential to define issues and opportunities for achieving the company’s goals.
Alternative solution one is to conduct the completely new statistical research which will be reliable and will prove the need for one of the suggested products and will help to choose one among them. This research is going to be complex and will consist of some stages. Alternative solution two can be relying on the existing research and convincing the executives to launch the product (namely, Instant Rewards credit card) according to the previous research. And finally, alternative solution three may consist in trying to develop the entirely new product other than the two mentioned above.
According to the rating depicted in the table three, it is evident that alternative solution one is probably the best way out of the situation as it will not require the completely new product development and it will not base on poor statistical studies. In consequence of it, the Bank will be able to find out the most appropriate way to satisfy its customers and retain them. On the other hand, solution two is not the best one and actually is rated as low to middle as it is not known whether the product will satisfy the customers or not (as the research which has been conducted is not valid). Also, solution three is rated low as for the time being the Bank does not have the possibility ad time to develop the entirely new product and conduct researches as to whether it will be accepted by the customers or not.
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