Problem Solution Tera Tech
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Problem Solution: Tera Tech
Most organizations will experience having dissatisfied customers. Addressing the concerns of those customers in a timely manor could result in continuous growth and a competitive advantage. Most companies should perform environmental scanning in hopes of identifying any market trends and specific markets to target, as well any competitors that may threaten the companys end goal. In addition to what was listed previously, companies such as Tera Tech will need to keep a great deal of customer relationships in order to have a positive effect on sales and profit. Forecasting current and future customer needs can influence long-term marketing objectives of a company. This can be done by meeting the customers requirements and making sure that all their needs are met. The purpose of this paper is to identify the issues and opportunities facing Tera Tech, the stake holders perspective and their ethical dilemmas, the problem facing the company, the companys end-state vision, and possible alternatives for solving the companys problems. Finally, the paper will provide an optimal solution that Tera Tech could implement in order to meet their goal of improving sales growth by increasing the number of customers the company has.
Company Overview
Tera Tech is a company that provides Customer Relationship Management (CRM) solutions to companies in the pharmaceutical industry. CRM is a way for companies to keep track of current customer relationships and focus efforts on meeting customer needs to create a lasting relationship. Great deals of companies that offer CRM technology focus a great deal of their attention on servicing their customers to ensure repeat business.
Currently, Tera Tech is a dominant player in this new arena. With competition increasing, Tera Techs growth opportunities are threatened. Though the company has been successful in providing operational CRM tools to pharmaceutical companies, it has plans to develop a new product that would combine the current CRM expertise with analytics and modeling. As a result from this, pharmaceutical companies will be able to maximize the value of their data and refine their marketing efforts for maximum effectiveness.
Describe the Situation
Issue and Opportunity Identification
Tera Tech faces several issues and opportunities. The issue at hand is that Tera Tech needs to develop a new product in order to have an advantage over its competitors. Tera Tech must also improve their customer service because some of Tera Techs customers are dissatisfied with the current CRM product and the customer service provided. One of the main reasons why these issues are present is because Tera Techs employees lack the appropriate skill adequately to support and develop a new analytical CRM product, and this lack of skill may cause them their job. Unfortunately, Tera Tech has a limited budget and cannot invest in new skills or technologies at this time. Tera Tech also needs to change the way things are being managed because stakeholders are not equip with the proper tools they need in order to meet the companys end goal. In the past, Tera Tech has had its success with their current CRM product, but because it needs more up to date and newer functions, different opportunities for growth need to be addressed. As a result of the CEO asking all stakeholders to give their suggestions as to how to increase sales growth for the company, several opportunities were presented.
Tera Tech could partner with another company in order to access new technology and other industries. Two, Tera Tech could outsource part of the project in order to meet customer demand. Three, If Tera Tech could provide training for their employees this would encourage them to be more productive in not just product development areas but also improving customer intimacy areas. Each opportunity listed will befit Tera Tech in some way or another; however, a few ethical dilemmas need some attention.
Stakeholder Perspectives/Ethical Dilemmas
The solution that is recommended will resolve the ethical dilemmas identified in table 2. The optimum solution is comprised of several individual solutions put together in order to put Tera Tech in a position where they can become and stay a leader in the CRM industry and a pioneer in providing revelatory products and services.
Frame the “Right” Problem
Tera Tech will become a leader in the pharmaceutical industry by coming up with completive strategies that are distinctive from its competitors, which will help the company reach its end-state vision.
Describe the “End-State” Vision
Tera Techs end-state vision tells what the company would look like if there was successful implementation of the recommended solutions. Given below is an example of what Tera Techs end-state vision would possibly look like.
End-State Vision
Tera Tech is a Customer Relationship Management (CRM) solutions provider in the pharmaceutical industry deeply committed to serving our customers. Our company is built on integrity, trust, respect, and fairness. The company provides products for personal or business needs. Tera Tech makes it a goal to provide quality products and services to ever customers, ensuring that every experience is pleasurable and every customer knows that the company is concerned about each of their needs and wants.
Identify the Alternatives and Benchmarking Validation
Redirecting the attention from where Tera Tech aspires to be and where the company is presently at now, after a generic benchmarking was performed, several alternative solutions were noticed that would help Tera Tech meet their end-state goal. The benchmarking of other companies was performed in order to address the issues and capture the best practices of four companies, of which, all four faced some of the same situations as Tera Tech. Apple Inc. gave recommended solutions on how to handle a product pricing analysis. Ventanna Medical Supplies gave solutions on how to handle a partnership. Microsoft Inc. gave solutions on how to handle competition, and Bristol-Myers Squibb gave recommendation on how to handle a lack in workforce and skills development. From the benchmarks, there was evidence that suggested that through careful planning and accurate analysis, Tera Tech can transform their obstacles into opportunities for success and become the industry leader.
Evaluate the Alternatives
Setting