Problem Solution: TeraTech

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Recommended: The issue of Customer Relationship Management

Problem Solution: TeraTech Currently the dominant player in a new arena, TeraTech a leader in the pharmaceutical industry, is a fiver year-old Customer Relationship Management (CRM) solutions provider. This CRM concept is relatively new, and its basic function is to help develop a complete picture of the industry customers, then evaluating those relationships across products and services. The purpose of this paper is to first identify the different issues and opportunities that TeraTech is facing, and to discuss the various alternatives that could help them solve their problems. The ultimate solution of course, would be to help TeraTech reach an effective process by which they establish customer satisfaction and customer loyalty, through efficient customer service. Successfully doing this will bring an increase in sales and profits, and help maintain a level of satisfactory customer relationships. Describe the Situation Issue and Opportunity Identification TeraTech’s CEO is concerned because of the significant fall in the fourth quarter sales. The executives at TeraTech, suspects that aggressive and increased competition from other companies that produces the analytical software that the pharmaceutical industry want, is also part of their problem. They are also concerned with the dissatisfaction of their customers, which was revealed to them by the most current customer surveys. Another major issue facing TeraTech, is their reluctance to hire new employees. Although the current employees do not have the skills needed to handle the new analytical product, they plan on keeping the same number of employees from the previous year. Time constraint is also an issue for TeraTech. They feel the need to keep up with competition, and so they are concerned about producing the product within a short space of time. With all the given issues and challenges that TeraTech is facing, they can use them to their advantage, and turn them into opportunities. They are faced with the opportunity to develop a CRM tool that will bridge the gap between the product and the customer, appealing to their wants and needs, which will in turn generate an increase in sales. With the improvement in customer service and customer relations, TeraTech has the opportunity to create customer loyalty with the potential to entice future customers.

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