OPPapers.com

Tera Tech

Problem Solution: TeraTech

TeraTech has been successful with their existing CRM product and in the Pharmaceutical industry. As CRM offerings go beyond basic functions and into modeling and analytics, the company needs to be presently looking for growth opportunities. TeraTech has proposed a new product would combine TeraTech's CRM expertise with analytics and modeling; the results would allow pharmaceutical companies to maximize the value of their data and refine their marketing efforts for maximum effectiveness. The CEO has given the Chief Marketing Officer (CMO), Christine DeFalco, the assignment of building a strategic marketing plan for this new product to present to the Board of Directors. DeFalco has many challenges and opportunities to view and outline in order for the company to reach to following objectives. TeraTech needs to develop a new product to maintain a competitive advantage, ensure future profitability and reach satisfactory customer service levels to enable TeraTech to stay a dominant factor in the pharmaceutical industry. TeraTech needs to remain competitive in the industry by developing new technology, organizing internally to meet new demands while developing marketing strategies for current and future products to better serve consumers.
Describe the Situation
Issue and Opportunity Identification
The following information is from the TeraTech scenario and is a brief description of some of the important events that led to the identification of the issues and opportunities that are listed in Table 1. There has become more competition for TeraTech recently. Competitors within the pharmaceutical industry are now offering CRM technology that goes beyond basic functions by adding modeling and analytical tools. Due to the rapid changes in technology, customer needs are not being met with the current TeraTech CRM product. After running the CRM system for two years, TeraTech is currently not meeting the ROI and sales targets that were...