Essay on Business Situation Analysis and Problem Solving

Business Situation Analysis and Problem Solving Abstract USA World Bank (UWB) is faced with a situation of deciding upon a new product to expand its market share. This paper deals with a scenario in which the ultimate goal is to provide a holistic approach to problem-solving and solution development. In particular, this paper will analyze the first three steps in problem-solving, which include; description of the situation with the emphasis on the issue and opportunity, defining the right problem-based on the situation, and explain the desired future end-state goals. Situation Analysis and Problem Statement The banking industry has been impacted by the vast changes in technology. The changes occurring in the banking industry†¦show more content†¦Mary Monroe, Vice President of New Product Development and Jim Wilson, the Vice President of Marketing Development presented their products to the executive staff. The executive staff supported both Marys Instant Rewards and Brians Small Business Cards indicating these products would show growth to both sides of the company. Ultimately, Brian Allen, President of New Product Development chose to present Instant Rewards to the Board of Directors. Although the new product development team has ideas that are strong they were not sufficient enough for the Board to give them seal of approval. Issue Identification The focus groups and surveys of both products show they can expand its market share, yet each department is faced with a challenge of proving to the Board the results are adequate. With the newest member to the Board of Directors, Bea Henson, has challenged Brian to re-strategize his research and approach. Bea pointed out to Brian that the huge sample size may be distorting the results. Without reliable statistics, we dont know the full scope of the problems and cannot adequately measure the results we actually achieve, said Shaida Badiee, Director of the World Banks Development Data Group, who chaired the panel discussion (The World Bank, 2006). With limited time and capital, USB faces a challenge of successfully launching a new product. The team players are not fully aligned in their goals. UWB is faced with two products that areShow MoreRelatedEssay on Improving Our Ability to Make Decisions1716 Words   |  7 PagesDecision-Making Process: Improving Our Ability to Make Dec ision Facing a situation, you have to decide. For example, the fire surrounds you: What do you do? Jump through the windows and risk to kill yourself or to wait the firemen and risk to be burned to death if they come to late? Every decision that we make or don’t make shapes our future. Everyone tries to make good decisions. 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