Generic Benchmarking, Mba 570 Essay

2802 words - 12 pages

Problem StatementTeraTech appears to not be working the issues in a sensible manner. There is a lot of concern on how the tasks are going to be completed. TeraTech needs to form teams to build synergy in getting to its end goal. There is not any teamwork going on. Everyone is working on their issues and not getting anything accomplished.ResponseFollowing the internet bubble burst of 2000, Cisco, the primary manufacturer of internet switching products was forced to lay off 8,000 employees from its company. In order to survive the collapse of the dot com bubble, John Chambers, CEO of Cisco developed a method for better predicting the future of products with a long development lead-time. ...view middle of the document...

It allows Cisco to have more projects going at one time than if every project had to move up and down the hierarchy path. The teleconference allows the meetings to occur when historically it would take days to get everyone from all over the world together. It has proven to be very successful for Cisco and could possibly improve TeraTechs product development. TeraTech needs to create collaboration instead of infighting over head count, customer expectations and costs. If group collaboration were used, multiply thoughts on solving the TeraTech dilemma would be available.Ted FischerProblem StatementTeraTech is challenged in determining and positioning the elements of its marketing mix (product, price, promotion, and place) to achieve maximum marketing success.ResponseA foundation to the marketing process is aligning, for maximum effectiveness, the components of the marketing equation including the price, product, promotion and place components. When each of these variable components are established and aligned properly, the likelihood of marketing success is increased dramatically. Collectively these marketing components are often referred to as the "marketing mix" or the four P's of marketing. When any or all of these marketing components are not established on a sound foundation, the imbalance will result in weak market penetration, low sales, poor product recognition or any host of other marketing problems.Pricing decisions would include such things as the retail or wholesale price of the product, if discounts are given, price flexibility and types and forms of payment which are accepted. Pricing considerations would also include the positioning of the product cost to that of competition. Does the pricing of the product create the value purchasers are seeking? Pricing considerations must also include the profit margin expectation.Product refers to the tangible or intangible product or service being offered. Does the product adequately present a solution or fill a need for a buyer and are they willing to pay for it? There are many considerations when making product decisions, such as product quality and dependability, features, branding, warranties, ease of use, and much more.Place commonly refers to the distribution method of how the product is acquired or sold and is obtained by the customer. A product can be obtained via the internet, a retail store, directly from a manufacturer, or through other sources. Having the proper distribution or sales points of a product is a key consideration as each sales channel carriers a different expense. Many companies choose to distribute their products through a single distribution point, while others choose to distribute their product through multiple sales channels.Lastly, promotion involves communicating the benefits, value and availability of the product to the public. Promotional activities can take the form of advertising campaigns, promotions or selling techniques. A good product may exist at a good...

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