Problem Solution: TeraTech
According to Kerin (2006), Customer Relationships Management (CRM) is the process of recognizing potential buyers, understanding them thoroughly, and developing positive company long-term observations and products or services offered so that consumers will select them in the market. CRM requires the participation and obligation of managers and employees all through the company and a growing application of information, communication, and Internet technology.
TeraTech is a five-year-old Customer Relationship Management (CRM) solutions provider in the pharmaceutical industry. Technologies that support this business purpose include the capture, storage and analysis of customer, vendor, partner, and internal process information. Functions that support this business purpose include sales, marketing, customer service, training, professional development, performance management, human resource development, and compensation. Many suppliers offer CRM technology to help implement the concept, but CRM is not merely an outgrowth of software solutions, true CRM looks beyond the technical solution and ensures that the entire business is focused on serving the customer.
Currently, TeraTech is a dominant player in the CRM industry. Several other major players but as CRM offerings go beyond basic functions and into modeling and analytics, there may well be room for more. Logically, TeraTech would like to be a leader as these applications develop and is presently looking for growth opportunities. Though the company has been successful in providing operational CRM tools to pharmaceutical companies, it has proposed a new product that would combine TeraTech’s CRM expertise with analytics and modeling; the results would allow pharmaceutical companies to maximize the value of their data and refine their marketing efforts for maximum effectiveness.
Nine steps have been taken to ensure an optimal customer relationships management solution is...