What to do when Wrong page ranks for the Right keyword?

[McMohan]

The keyword "My Widget" is a very popular keyword, with some 60k+ searches a month. We used to run a scholarship program and put the details on a /scholarship/ page. Many universities linked to it. Now this page ranks for "My Widget" at 11th position, and already has high bounce rate since it doesn't offer anything to people that want to buy "My Widget". Homepage is the ideal fit, since the website is all about "My Widget".

Options I am juggling in my mind in the order of preference -
1. Ignore that /scholarship/ page ranks high enough for "My Widget" and carry on promoting the site until Google finally gets it right. It took over a year to get here. Being at 11th, the page doesn't get much traffic anyway.
2. Redo the /scholarship/ page with strong CTA and focus promoting that page.
3. 302 Redirect this page to the homepage

Suggestions are appreciated!

[netmeg]

I don't think I'd 302 the whole page, but I might put a prominent link or banner on the page that says "for more information on my widget, click here" or some such. If enough people looking for "my widget" click through on that link, Google might finally figure it out. Probly worth a try.

[McMohan]

netmeg, excellent suggestion worth trying out. If nothing else, this page might contribute something to conversions until the right page is ranked.