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Running head: PROBLEM SOLUTION: TERATECH
Problem Solution: TeraTech
University of Phoenix
Problem Solution: TeraTech
TeraTech is a Customer Relationship Management (CRM) solutions provider. They have bee the dominant company in this industry for five years. Though they have some competition in the industry but they basically have control of the market. TeraTech has been operating successfully for the last five years. However, with new competitors entering their market, they feel the need to stay competitive and to stay on top of the needs of their customers. For this reason, TeraTech is introducing a new product. This product combines CRM solutions with analytics and modeling. This new product will help theirs customers get the most out of their information, thereby strengthening their relationships with their customers.
Describe the Situation
Issue and Opportunity Identification
To be successful in any industry, companies must build productive and beneficial customers relationships. “An important outgrowth of this focus on the customer is the recent attention placed on customer relationship management (CRM), the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace” (Kerin, 2006). This must be a continuous process. The same is for TeraTech. They must continue to evaluate the needs of their customers and provide products that fit those needs. This is an issue for TeraTech but can also be seen as an opportunity. While their customers are somewhat s ...