Problem Solution: TeraTech
Improving business processes and addressing customer concerns help an organization achieve competitive advantage and sustain growth. Business processes can be improved by scanning the environment in order to identify the market trends and the target markets to exploit. Furthermore, companies should sustain customer relationships. To retain and increase customer relationship, companies should use the model of forecasting and satisfy the customer needs.
According to Kerin(2006), an obligation and participation of all managers and employees is required along with a growth in application of information, communication, and Internet technology for the process of customer relationships management.
The issues and opportunities faced by TeraTech will be identified and set of alternatives solutions will be recognized out of which the best possible alternative will be reached at which will help TeraTech achieve their end state goals.
Describe the Situation
Issue and Opportunity Identification
TeraTech is a dominant player in the arena of Customer Relationship Management (CRM solutions) in the pharmaceutical industry. In the fourth quarter sales, TeraTechs sales fell significantly causing great deal of concern to the CEO. One of the assumed reasons for slow growth is increased competition with the availability of the highly desired analytical software to the competitors of TeraTech. Recent customer survey has identified customer dissatisfaction as another concern. According to Kerin et al(2006, p. 120) “Problem recognition, the initial step in the purchase decision, is perceiving a difference between a person’s ideal and actual situations big enough to trigger a decision."
The pharmaceutical industry desires analytical and modeling tools. TeraTech needs to implement a new analytical product to propel the double digit growth of the company which is affected by the competitors of TeraTech offering the analytical products. The concern can...