Us World Bakn Problem Solution
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Running head: PROBLEM SOLUTION: USA WORLD BANK
Problem Solution: USA World Bank
Kortnie Allen
University of Phoenix
October 1, 2007
Problem Solution: USA World Bank
USA World Bank is a major financial institution with small business and large consumer customers in locations across the United States and internationally. USA World Bank has faced tremendous success domestically and needs to position itself in a way that makes it possible for them to keep pace, by new product development, with its successes internationally. Each year the company presents one new product to the Board of Directors for development consideration. Mary Monroe, Vice President of New Product Development, has a proven record of researching and selecting the most appropriate product for USA Bank development in the past.
New product development is a term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the new product development process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. This is typically seen as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share (wikipedia, para.1). At USA World Bank the added pressure for a successful new product comes from the industry-wide competition and the lack of interest in the new products of the recent past. This year, the presence of an inquisitive new board member and two suggestions for company development has brought USA World bank to its current situation.
Situation Analysis
Issue and Opportunity Identification
The Financial services industry was struggling to succeed and USA World Bank was no different. USA World Bank planned to offer an exciting new product to boost customer interest in the upcoming years. Error sources, internal...
Problem Solution: USA World Bank
Kortnie Allen
University of Phoenix
October 1, 2007
Problem Solution: USA World Bank
USA World Bank is a major financial institution with small business and large consumer customers in locations across the United States and internationally. USA World Bank has faced tremendous success domestically and needs to position itself in a way that makes it possible for them to keep pace, by new product development, with its successes internationally. Each year the company presents one new product to the Board of Directors for development consideration. Mary Monroe, Vice President of New Product Development, has a proven record of researching and selecting the most appropriate product for USA Bank development in the past.
New product development is a term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the new product development process: one involves the idea generation, product design, and detail engineering; the other involves market research and marketing analysis. This is typically seen as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share (wikipedia, para.1). At USA World Bank the added pressure for a successful new product comes from the industry-wide competition and the lack of interest in the new products of the recent past. This year, the presence of an inquisitive new board member and two suggestions for company development has brought USA World bank to its current situation.
Situation Analysis
Issue and Opportunity Identification
The Financial services industry was struggling to succeed and USA World Bank was no different. USA World Bank planned to offer an exciting new product to boost customer interest in the upcoming years. Error sources, internal...