Problem Solution: TeraTech
TeraTech is a Customer Relationship Management (CRM) solutions provider. For over five years they have been the principal company in this industry as well as operating successfully. TeraTech has several competitors however; they remain in control of the market. Though, with new competitors inflowing the market, TeraTech’s managers sense the need to remain aggressive and to remain up on the requests of their customers. TeraTech is launching a new product combining CRM solutions with methodical modeling.
Describe the Situation
Issue and Opportunity Identification
“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).
TeraTech should maintain reviewing the requirements of their customers and offer products that meet their customer’s needs. Although TeraTech’s customers are generally satisfied with the company’s products, this remains an area for enhancement. TeraTech will be able to maintain success in the industry if they center on customer requirements and create a product that meets the customer’s needs.
“The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called environmental scanning” (Kerin, 2006). Environmental scanning is able to supply TeraTech with vital information on market trends. Market trend information will help the company recognize what is going on in the industry and what they need to do to continue to be competitive and to meet the present and up-and-coming needs of the customers.
Understanding the potential requirements of