Problem Solution: TeraTech
Companies in today’s market have to be more sensitive than ever to their changing environment. This requires responsible companies to respond to their markets in a timely manner. Environmental scanning provides a variety of important information regarding social, economic, technological, competitive, and regulatory forces which affect the company. If a company wishes to maintain its competitive advantage, then it must be very sensitive to the information received from the environmental scan.
By using the information received from an environmental scan, company executives can then forecast current and future customer needs, market potential, and future demand which directly affect long-term marketing objectives. Proper marketing research, new-product processes, and engaging internal stakeholders in the new product development are critical to the viability of not only a company’s marketing department but the company as a whole.
Describe the Situation
Issue and Opportunity Identification
TeraTech is a rather new company in an industry which itself is in its infancy. However, the executive team of TeraTech has positioned the company as a leader in the CRM industry with great potential. The problem is that technology continues to evolve in this industry as it is fairly new. A continuing environmental scan of technology has not occurred at TeraTech which is clearly evident in the results of customer satisfaction surveys. The company’s IT department is strapped for resources and is not able to keep up with support demand. This situation has led to some unhappy customers as also evidenced by the survey results.
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