Tera Tech Problem Solution
Problem Solution: TeraTech
In order to be successful in increasing sales and profits, it is important that every organization take steps to sustain customer relationships and improve their business processes. TeraTech (TT) has been in the Customer Relationship Management (CRM) solutions business for five years with their main focus customer being the pharmaceutical industry. TT would like to be the number one provider of CRMs and is presently looking for growth opportunities. Though TT has been successful in providing CRMs to the pharmaceutical industry, they are looking to combine CRM expertise with analytics and modeling that would allow the pharmaceutical companies to maximize the value of their data and refine their marketing efforts. (UOP, 2007)
Sustaining customer relationships, increasing sales and increasing profits are TT main goals. Currently TT is showing a decline in both sales and customer satisfaction which is causing concern among the executive team. TT must identify the different forces that will influence their organization as well as influence customer buying behaviors. They need to devise ways to identify their current and future customer's needs which will allow them effectively create a product/service that will meet those needs.
The following paper will dissect and discuss the current state of TT, identifying issues and opportunities, stakeholder perspectives/ethical dilemmas, problem statement, end-state vision, alternative solutions, analysis of alternative solutions, risk assessment and mitigation techniques, optimal solution and plan implementation.
Issue and Opportunity Identification
Issues
TT sales rates were down in the last quarter due to customer dissatisfaction. Customers are concerned about TT current product functionality and its lack of analytical ability that will give maximum effectiveness.
TT is facing increased competition in CRM and customers are...
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