The paper "Reasons for Accepting Ten Additional Bank Branches to the Experimental Portfolio" is a good example of a business assignment. The Bank of America (BoA) is an American multinational banking system that offers both banking and financial services. Evidently, the bank is rated as the second-best bank in the United States of America offering financial services. The bank has realized steady growth since its formation in 1998. In this regard, as at the end of 2013, it was ranked the best bank with the largest revenue. Additionally, in 2010 the bank was listed as the third biggest company in the world by Forbes.
The steady growth of this bank has influenced more investors in the bank. The bank has steadily grown and at present, it has several branches across the globe. Consequently, Battler and Brady were offered an additional ten other branches to help expand the banking system. Apparently, it is very critical for the bank to either accept or reject the ten additional branches. Essentially, it is an ideal idea for the bank to accept the ten branches since they will help expand the bank services.
As such, this section of this retrospect case study seeks to explain why Battler and Brady have to accept the ten additional branches in based on their specific plans that have to be presented to the senior management upon the offer. Firstly, the additional ten branches which were presented to the bank as a reward in their experimental portfolio will help create a competitive business environment (Thomke, 2002). The executive's heads for Bank of America’ s Innovations and Development (I& D) team in Atlanta, Georgia were not sure on whether to accept the offer or not.
Essentially, it is ideal for this bank to accept the offer since it will help keep a competitive spirit in the banking market. The ten added branches will foster stiff competition among themselves and the earlier twenty-one experimental project banks. The expected experimental duration of two years will result in positive results and the banks will end up retaining their services in this location. Apparently, completion will not only be in among the branches of the Bank of America but among all financial institutions in Atlanta offering banking and financial services.
As a result, banking services will be provided in high qualities. Secondly, the ten branches will help in increasing revenue in the bank (Thomke, 2002). The goal of the bank is to become a world-class financial institution. As such, the ten extra branches will aid in the collection of more revenue for the bank. The branches will ease the provision of banking services. This will attract many people to the bank to acquire services due to their prompt response.
Correct implementation of the awarded branches will lead to increased service rate per customer. Additionally, access to the bank will be brought close to the customers. Consequently, more customers will seek services from the bank because of its availability (Thomke, 2002). In the end, more revenue will be collected and the bank will remain the largest financial institution in terms of revenue.
Thomke, S. (2002). Bank of America (A). Harvard Business School vol. 4 pp 677
Zhang, Z. (2015). New Product Development Using Experimental Design. SOM Theme A: Intra-Firm Coordination and Change