Problem Solution: TeraTech
“TeraTech is a Customer Relationship Management (CRM) solutions provider with a five year history of being the dominant player in the arena” (University of Phoenix, 2005). The end of the year has come and TeraTech is facing a decrease in the sales and their customer service needs a great deal of improvement. TeraTech executives are trying to implement a plan that will reverse the current situation.
Describe the Situation
Issue and Opportunity Identification
TeraTech is a "Customer Relationship Management (CRM) solutions provider in the pharmaceutical industry" (University of Phoenix, 2008). Although the company has led the industry, TeraTech's fourth quarter sales fell significantly. One of the reasons for slowing growth rates is increased competition in CRM industry and customer dissatisfaction .
TeraTech’s executives are concerned as the decrease in sales may cause the company losses for the next year. The company has decided to attack this problem by developing a product to address customer needs. “TeraTech has proposed a new product that would combine TeraTech’s CRM expertise with analytics and modeling; this results will maximize the value of their data and refine their marketing efforts for maximum effectiveness” (University of Phoenix, 2008).
Teratech has the opportunity to develop a CRM tool that will put them back in the lead and that will give an advantage compared to their competition. In order for TeraTech to obtain this they must understand their customer needs. The company also have the opportunity to start and support a culture in the company that will be focused on sustainable customer relationships this type of action will retain current customers and will attract new customers. The CRM tool can also h ...