Need help filling out the tables for the attached scenario and the following...
-Frame the "Right" Problem
-Describe the "End-State" Vision
-Identify the Alternatives and Benchmarking Validation
-Make the Decision
-Evaluate the Results
We should start with the basics. What is the situation? What about the company? According to the scenario we know TeraTech is a 5-year old CRM company that caters to the pharmaceutical industry. At present, it is the dominant force but is room for the scope of pharma-CRM to grow. Once you have identified that aspect, you should look at how things apply from what you are learning to what is going on. Substantiate your claims by referencing your materials and show your understanding by providing examples from your own experience.
Concept Application in Scenario Reference
I know you didn't ask for this section, but I feel it is important for you to know just how it relates and where in your readings. Experience
Forecast market potential and future demand through organizational markets and online buying TeraTech's must analyze the pharmaceutical industry (organizational buyer) and forecast market potential and demand. "Organizational buyers are divided into three different markets: (1) industrial, (2) reseller, and (3) government markets" (Kerin, Hartley, Berkowitz, & Rudelius, 2006, p. 148). Recently I had to determine the best way market a product for physicians treating a rare disease. I looked at how other companies were doing and how they were doing it. Then, I targeted those physicians in areas where the patient base had grown in recent years.
Identify current and future customer and their needs by analyzing the customer purchase decision process According to the feedback report, TeraTech's customers were not satisfied with the product because of its poor functionality and lack of analytical capability. "Behind the visible act of making a purchase lies an important decision process - the customer purchase decision process - that must be investigated" (Kerin et al., 2006, p. 120). With this, I surveyed several customers about what factors were important to them and just how much. This weighted approach allowed me to focus my efforts on what attracted them the most.
Analyze competitive landscape and customer purchase behaviors TeraTech's felt the product no longer met their needs. This led to a decline in sales. "[P]sychological concepts such as motivation and personality; perception; learning; values, beliefs, and attitudes; and lifestyle are useful for interpreting buying processes and directing marketing efforts" (Kerin et al., p. 126). Again, looking at HOW and WHY people make a purchase can help with both development and marketing. Knowing how my customers bought items gave me insight into the best way to create and market the products.
Identify key external trends (technology, economic, political, legal, etc.) with environmental scanning TeraTech's current product allows customers to collect data, but it cannot be adequately analyzed. "Environmental scanning of the marketplace might uncover key trends that affect consumers and the businesses and organizations that serve them" (Kerin et al., 2006, p. 73). A survey of customers showed some were not happy with a product feature (or lack thereof). This was common in many similar applications and in a recent release many were incorporated into the program. Customer satisfaction increased 15% in the next month; 65% in the next quarter.
Establish long-term marketing objectives by building a marketing plan TeraTech plans to introduce an analytical product and is developing a preliminary marketing plan. "A marketing plan is a road map for the marketing activities of an organization for a specified future period of time, such as one year or five years" (Kerin et al., 2006, p. 53). Going back to targeting physicians, the marketing plan took months to produce. It took so long because we looked at the growing trend of patient identification and what was the best way to advocate and increase awareness.
The challenges facing TeraTech are typical of businesses where competition and variety threaten market share. At present, TeraTech's sales growth declined at the end of the previous year due to customer dissatisfaction and increased competition. There are new products on the market from competitors that have analytical features customers' desire. Current employees lack the skills necessary to develop and support the new analytical product. This problem is compounded by the fact TeraTech hopes to keep the same number of employees from the previous year, or reduce that number through attrition. Finally, time constraints appear to be unreasonable. Implementing the new product in a short time to remain competitive can result in a sub-standard product and drive more customers to the competition.
Aside from the challenges, TeraTech can create opportunities. TeraTech can develop a CRM tool that can appeal to their customers' needs to increase sales. It can forge sustainable customer relationships to retain the company's current client base and attract new customers. The new product can improve the pharmaceutical industry's analytical needs and increase the value of their data. The CRM tool can help TeraTech forecast current and future customer needs for increases in customer satisfaction. TeraTech could partner with other companies to gain access to newer technologies and quickly meet their customers' needs.
It is important to understand who is affected and how. This builds on the foundation of any project. For example, in the scenario you will see that the Investors, employees, the customers, and the company are all stakeholders. Each one has something to gain and something to lose from the CRM product.
Stakeholder Groups with Competing Values
List: Group X vs Group Y The Interests, Rights, and
Values of Each Group Course Concept
Investors vs. TeraTech TeraTech has a responsibility to its shareholders to make a profit while protecting their interests. In turn, the shareholders have the right to expect the company to operate efficiently. Forecast market potential
Employees vs. TeraTech The leadership is responsible for making objectives clear and give employees the tools to fulfill their role within the organization. TeraTech's employees have the right to expect decent working conditions and clear communication of the organization's goals and strategies. Values, beliefs and attitude
Consumers vs. TeraTech Customers expect quality products at an affordable cost. TeraTech has the responsibility to customers to provide a product that meets or exceeds expectations. Identify customers and their needs
As I said, TeraTech's main stakeholders are investors, employees and consumers. The company's growth rate has slowed to single-digits and is a concern for investors. Employees need to know what is expected of them and be given what they need to meet those expectations. We can also see that TeraTech is losing customers because of software limitations. Customers want a product with analytical and modeling capabilities. TeraTech must identify a system that can increase sales growth and meets customer needs.
TeraTech's investors are concerned about the growth rate. The investors have grown used to the double-digit growth during previous years. TeraTech has a responsibility to be a profit-making company and to protect shareholder interests. If it fails to address measures, increase growth, and satisfy customers, TeraTech may lose investors to the emerging competition.
Employees expect a company to provide promotion and development opportunities in decent working conditions. By addressing the needs of employees, TeraTech's can provide job satisfaction and motivate them to sell the ...
Using student provided information on a comapny, the following information was dicussed:
-Framing the "Right" Problem
-Describing the "End-State" Vision
-Identifying the Alternatives and Benchmarking Validation
-Making the Decision
-Evaluating the Results