A business management evaluation of price analysis modeling, with a focus on the company, Merrill Lynch.
Written in 2004; 3,139 words; 10 sources; MLA; $ 91.95
Paper Summary:
This paper presents an evaluation and summary of the processes used by Merrill Lynch in the late 199's in designing, implementing, and integrating a new series of business objectives and products in its sales mix. The paper explains that, at the time, Merrill Lynch was an organization that was in the precarious position of offering products and a business philosophy that were still relatively successful and not actually broken. Yet, as technology and various legal and regulatory aspects of the industry changed, the future of the company required drastic new approaches so as not to fall victim of the shifting business climate and culture. To reduce risk, Merrill Lynch implemented "Pricing Analysis Modeling" and detailed data analysis as its tools of choice to assist senior management in their decision making and in product and services roll-outs. This paper, therefore, is based on a case study focused on the integration of the new business paradigm in the presence of new business requirements.
From the Paper:
"Merrill Lynch cannot haphazardly create new products or services without understanding the business impact of those new products or services. Merrill Lynch as an organization has historically followed very precise and logical steps prior to implementation of any new product or service. Senior management has historically been required to always develop business goals, identify the current or existing business process, identify flaws if any in that process, create new business processes to address these identified flaws, recreate or simulate the new process.
Only after this extensive series of steps can Merrill Lynches' senior management team develop both the business and technological requirements and specifications to implement any new process, product or service. Business Modeling has become an essential step in any new product's implementation because of the need to simulate how the new process will affect the organization in regard to customers, partners, internal revenue streams and the employees."
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