Problem Solution: TeraTech
May 6, 2008 Mr. Steve Knabe
University of Phoenix
Problem Solution: TeraTech
Most organizations will experience having dissatisfied customers. Addressing the concerns of those customers in a timely manor could result in continuous growth and a competitive advantage. Most companies should perform environmental scanning in hopes of identifying any market trends and specific markets to target, as well any competitors that may threaten the company’s end goal. In addition, companies such as Tera Tech will need to keep a great deal of customer relationships in order to have a positive effect on sales and profit. Forecasting current and future customer needs can influence long-term marketing objectives of a company. This can be done by meeting the customer’s requirements and making sure that all their needs are met. Company Overview
Tera Tech is a company that provides Customer Relationship Management (CRM) solutions to companies in the pharmaceutical industry. CRM is a way for companies to keep track of current customer relationships and focus efforts on meeting customer needs to create a lasting relationship. Great deals of companies that offer CRM technology focus a great deal of their attention on servicing their customers to ensure repeat business. Currently, Tera Tech is a dominant player in this new arena. With competition increasing, Tera Tech’s growth opportunities are threatened. Though the company has been successful in providing operational CRM tools to pharmaceutical companies, it has plans to develop a new product that would combine the current CRM expertise with analytics and modeling. As a result from this, pharmaceutical companies will be able to maximize the value of their data and refine their marketing efforts for maximum effectiveness. Describe the Situation
Issue and Opportunity Identification
Tera Tech faces several issues and opportunities. The issue at hand is that Tera Tech needs to develop a new product in order to have an advantage over its competitors. Tera Tech must also improve their customer service because some of Tera Tech’s customers are dissatisfied with the current CRM product and the customer service provided. One of the main reasons why these issues are present is because Tera Tech’s employees lack the appropriate skill adequately to support and develop a new analytical CRM product, and this lack of skill may cost them their job. Unfortunately, Tera Tech has a limited budget and cannot invest in new skills or technologies at this time. Tera Tech also needs to change the way things are being managed because stakeholders are not equip with the proper tools they need in order to meet the company’s end goal. In the past, Tera Tech has had its success with their current CRM product, but because it needs more up to date and newer functions, different opportunities for growth need to be addressed. As a result of the CEO asking all stakeholders to give their suggestions as to how to increase sales growth for the company, several opportunities were presented.
Tera Tech could partner with another company in order to access new technology and other industries. Two, Tera Tech could outsource part of the project in order to meet customer demand. Three, If Tera Tech could provide training for their employees this would encourage them to be more productive in not just product development areas but also improving customer intimacy areas. Each opportunity listed will befit Tera Tech in some way or another; however, a few ethical dilemmas need some attention.
Stakeholder Perspectives/Ethical Dilemmas
The solution that is recommended will resolve the ethical dilemmas identified in table 2. The optimum solution is comprised of several individual solutions put together in order to…