Teratech Case Study Example | Topics and Well Written Essays - 1000 words

Teratech - Case Study Example The first provider to tap these advance resources would gain a bigger share in the market, lead the CRM service industry and have the first market entrant advantage. In the first quarter of 2005, Teratech aimed to go beyond the basic CRM functions and venture into modeling and analytics. The growth opportunities in predictive modeling and analytical CRM software is very big for the five-year-old company. Grabbing this opportunity would give a strategic advantage to Teratech, since the company is considered as a CRM expert for the pharmaceutical industry. According to Teratech's CEO, Jack Dwyer, developing a new analytical CRM product would assure the stakeholders continued sales and revenue growths as well as market leadership in the industry, while compensating the declining sales in the last quarter of the previous year. The new product is one of his corporate strategies for continued success of the organization. He is looking forward to an exceptional business performance of the company for three years. Jack Dwyer is a self-made man, who worked his way up to become a respected CIO in his previous job before he founded Teratech. He is a successful man with a 20-year experience in a leading technology service firm and a bold vision for Teratech's future. His vision for Teratech is to become the preferred solutions provider for pharmaceutical companies and the forerunner in the industry. This is the ideal end-state goal of Teratech. With the development of a new analytical software, Teratech's customers can identify trends, understand customer behavior, explore simulated scenarios and predict outcomes. This software would complete the company's CRM package of product functionality and analytical capability. The package is very marketable and salable to loyal customers as well as new recruits, as shown by the optimism of the sales team members. This would enhance the company's competitiveness in the market. The existing products and the development of a new analytical application software would answer to the vision of the CEO and help the company achieve its goal. However, development of a new product does not end on the salespeople. New product development is a company wide operation. It also involves other teams such as marketing, finance, human resource, and technology development teams. The marketing team is optimistic that the new product would answer the customer's concerns on the current product and return on their investment. The relatively new concept of CRM in pharmaceuticals and pharmacy-related industries is still at its infancy stage and the customers are still uncertain on its applicability. The development of the new product would assure the customers of its added benefit. The pharmaceutical companies would be able to maximize the value of their customer and market data as well as enhance their marketing strategy for optimum effectiveness. In the ultra-competitive environment of the pharmaceutical industry, the new product can address both the effectiveness and efficiency of their marketing campaigns. The success of the new product in the market would boost Teratech's expertise and market image, such that, the marketing team are challenged to cater new industries and access new technologies. Finding new markets or even creating a new one would be a blue ocean strategy for the team. Furthermore, Christine