Problem Solution: Remington Peckinpaw Davis Inc.
Remington Peckinpaw Davis began more than 35 years ago as a trading firm. RPD has since been a Wall Street force to be reckoned with. The company was founded by legendary Wall Street buccaneer Sam Remington, who was instrumental in shaping the stock market as it exists today.
RPD was successful by targeting the 2% of American families who hold 80% of the country’s assets. This strategy that served the company well through the early 1990s was not faring so well by the mid-1990s. A new layer of wealth was created which in turn created new target audience for RPD and for their competitors.
In 2005, RPD developed their first attempt at an online trading site called eRPD. The site has had…show more content… They will earn their customers business through hard work, integrity, and new incentives for customers.
Identify the Alternatives and Benchmarking Validation
Remington Peckinpaw Davis needs to identify alternative solutions to the problems that they are facing. To do this, it should consider best and worst practices of benchmarked companies such as Microsoft, Universal, Chrysler, Eddie Bauer, and TD Ameritrade.
One situation that is similar to RPD is Chrysler, In recent years Chrysler succumbed to the bad reputation that many of the car companies have had to deal with. With their reputation at risk, Chrysler needed to make a decision to accept the bail out money- they did in 2009. Nevertheless, the decision to accept the bail out money was the symptom not the cause. Digging much deeper into the situation of Chrysler is can be seen that they too struggled with poor management decision, poor public reputation and malfunctioning systems. For RPD Chrysler can be a benchmark company to take notes. Although Chrysler did accept the bail out money they have managed to adjust their strategy and become one of the highest companies with third and fourth quarter gains (Branford, 2010). The proof for RPD can be seen in Chrysler's findings through their own success. Although Chrysler is not completely recovered from their experience, they are making progress. While RPD does not have an