Running head: PROBLEM SOLUTION: TERATECH
Problem Solution: TeraTech
University of Phoenix
Problem Solution: TeraTech
Companies in today’s market have to be more sensitive than ever to their changing environment. This requires responsible companies to respond to their markets in a timely manner. Environmental scanning provides a variety of important information regarding social, economic, technological, competitive, and regulatory forces which affect the company. If a company wishes to maintain its competitive advantage, then it must be very sensitive to the information received from the environmental scan.
By using the information received from an environmental scan, company executives can then forecast current and future customer needs, market potential, and future demand which directly affect long-term marketing objectives. Proper marketing research, new-product processes, and engaging internal stakeholders in the new product development are critical to the viability of not only a company’s marketing department but the company as a whole.
Describe the Situation
Issue and Opportunity Identification
There has become more competition for TeraTech recently. Competitors within the pharmaceutical industry are now offering CRM technology that goes beyond basic functions by adding modeling and analytical tools. Due to the rapid changes in technology, customer needs are not being met with the current TeraTech CRM product. As technology continues to evolve, new problems are presented for TeraTech as current CRM has not met customer expectations as shown in negative customer surveys.
Sales figures have deteriorated in the year and in an already crowded and competitive market, it could be disastrous. Additionally, the company faces pressures from its current client base because they are not so happy with the service provided and product support. The company must address the issues dealing with customer satisfaction and reverse the...