Running head: PROBLEM SOLUTION: TERATECH
Problem Solution: TeraTechUniversity of Phoenix
Problem Solution: TeraTech
TeraTech is a large player in the field of providing CRM solutions to pharmaceutical companies. TeraTech has a strong position in this field but faces challenges in the future markets. One of the challenges TeraTech will need to address is customer satisfaction. “Many executives are likely to rank customer satisfaction and use of technology ahead of innovation in priority. However, a major research study sponsored by Forbes ASAP and Ernst Young placed innovation at the top of eight potential driver’s, whereas the use of technology (number 7) and customer satisfaction (number 8) were not ranked as statically significant drivers of mark values. The researchers analyzed the primary nonfinancial factors which create market value (above that explained by traditional accounting metrics) for the modern corporation. These findings emphasize the importance of innovation for competing in today’s complex and rapidly changing marketplace.” (Cravens, David W., Piercy Nigel)
TeraTech is in market that involves rapid changes. TeraTech must anticipate the technology challenges; these changes can help TeraTech indentify threats and opportunities for growth. “Environmental trends typically arise from five sources: social, economic, technical, competitive, and regulatory forces.” (Kerin, Hartley, Berkowitz, Rudelius 2006) Because information may be difficult to uncover regarding environmental trends, a variety of sources may need to be researched. Some of the sources to review are; The Census Bureau for regulatory trends, Magazine Articles for social trends, financial reports of competitors for economical trends, Benchmark competitors profiles for competitive and technological forces. “It is important to be aware of the information that is generally available to your competitors, but
even a “null answer,” a lack of information, can be an important...