Problem Solution: Teratech

Problem Solution: Teratech

  • Submitted By: Darren2005
  • Date Submitted: 01/09/2009 5:52 AM
  • Category: Business
  • Words: 4587
  • Page: 19
  • Views: 807

Running head: PROBLEM SOLUTION: TERATECH
Problem Solution: TeraTech
Marshalene Fleming
University of Phoenix

Problem Solution: TeraTech
Organizations must address customer concerns and improve business processes in order to sustain growth and competitive advantage. Companies such as TeraTech can improve their processes by scanning the environment to identify market trends and target markets to exploit. Furthermore, companies should sustain customer relationships to retain and increase customers by forecasting and satisfying their needs. The objective of this paper is to demonstrate a systematic approach using the 9-step Problem-Solving Model to provide TeraTech with real solutions to the company’s challenges. The paper identifies opportunities and issues, defines the problem, and develops a set of alternatives solutions. Finally, the paper suggests the best alternative to implement in order to for TeraTech to achieve their goal of sustaining sales growth in the double digits.
Describe the Situation
TeraTech is a “Customer Relationship Management (CRM) solutions provider in the pharmaceutical industry” (Scenario One,” 2008,1). Although the company has led its competitors in the industry, TeraTech’s fourth quarter sales fell significantly, which concerns the company’s CEO. TeraTech’s excecutives assume one of the reasons for slowing growth rates is increased competition with competitors that have the analytical software the pharmaceutical industry desires. Another concern is customer dissatisfaction identified from the most current customer surveys.
TeraTech’s sales growth is slowing, which may lead to continued losses if the company does not develop a product to address customer needs. Furthermore, slowing growth rates can be attributed to the company’s clients moving to TeraTech’s competitors who offer analytical and modeling tools that address pharmaceutical industry needs. To solve these concerns, TeraTech needs to conduct a market...

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