Teratech Benchmarking

In: Business and Management

Submitted By sharenab
Words 3145
Pages 13
TeraTech Benchmarking
Luna Cortez
University of Phoenix
MBA/570: Sustainable Customer Relationships
October 14, 2008

Generic Benchmarking Worksheet

|Task A: Problem/Opportunity Statement- Sharena Barriga |
|Response to Task A: TeraTech will increase company profits and maximize shareholder wealth by, utilizing strategies to optimize |
|customer services and their business processes while engaging the support of vital stakeholders. |
|Topic A: Entellium Ltd.- Sharena Barriga |
|Response to Topic A: |
|Entellium Ltd. is a Malaysian firm and new hosted CRM service provider. The firm formally announced their intentions to tap into |
|the North American market for hosted sales, marketing and customer service applications. Entellium’s target includes small and |
|midsized businesses and departments of larger organizations. Like TeraTech, the firm’s problem lies in the fact that the hosted CRM|
|market is already crowded and is concerned with the ability to keep up with there competitors. Entellium is a small company in |
|comparison with to their competitors with just 100 customer and 3,000 users mostly in the Asian Pacific Region (Callaghan, 2004). |
|In order to successfully compete in such a competitive market, Entellium will continue to develop their product in Malaysia while |
|only moving their headquarters to Seattle. This will enable the firm to reduce their prices significantly charging $59 per month |
|for their service. The firm hopes this will help gain market share in a crowded market. At this point the company is…...

Similar Documents

Benchmarking

...ΕΠΙΧΕΙΡΗΣΙΑΚΟΣ ΟΔΗΓΟΣ BENCHMARKING Γιώργος Βλαδίκας, Νίκος Χουσουρίδης ΜΕΡΟΣ 1Ο BENCHMARKING Ορισμός Benchmarking………………………………………………………………. Είδη Benchmarking…………………………………………………………………….. Διαδικασία υλοποίησης………………………………………………………………. Αποτελέσματα του Benchmarking …………………………………………….. Που απευθύνεται το Benchmarking……………………………………………. Το κόστος εφαρμογής…………………………………………………………………. 2 2 3 3 3 3 ΣΥΓΚΡΙΤΙΚΗ ΑΞΙΟΛΟΓΗΣΗ Περιγραφή ………………………………………………………………………………… Γενικά για την τεχνική συγκριτικής αξιολόγησης………………………. Στόχοι της τεχνικής …………………………………………………………………... Μεθοδολογία της τεχνικής συγκριτικής αξιολόγησης………………… Αναμενόμενα αποτελέσματα, οφέλη και παγίδες……………………….. Χαρακτηριστικά επιχειρήσεων και οργανισμών…………………………. Φορείς παροχής υπηρεσιών………………………………………………………… 4 4 5 6 7 9 11 11 11 13 13 13 15 Εφαρμογή…………………………………………………………………………………… Τύπος Ενδιαφερομένων επιχειρήσεων και οργανισμών…………….. Προϋποθέσεις εφαρμογής………………………………………………………….. Διαδικασία Εφαρμογής……………………………………………………………. Βήματα / Φάσεις…………………………………………………………………………. Επιμέρους τεχνικές και εργαλεία για κάθε βήμα………………………… ΜΕΡΟΣ 2Ο Οργανισμοί που εφαρμόζουν την τεχνική …………………………… Ζητήματα που αφορούν μια επιχείρηση………………………………. Τα οικονομικά στοιχεία………………………………………………………………. Διοίκηση…………………………………………………………………………………….. Οι τεχνολογίες της πληροφορικής…………………………………………….. Προϊόντα και Αγορές Διάθεσης…………………………………………………. Έρευνα και Καινοτομία ……………………………………………………………… Ποιότητα......

Words: 7728 - Pages: 31

Benchmarking

...Benchmarking Training Article Benchmarking for competitive advantage Introduction There has been a progressive increase in the topic of benchmarking – but for all that there is still a great deal of ignorance about what it actually is. It has taken its place as a management buzzword along with BPR, TQM, Change, EVA and many others – but its true nature is poorly understood. Some see it as stealing (or ‘borrowing’) ideas; others as a mechanism for comparison with a competitor; whilst others view it as a form of industrial espionage. In fact it is all of these and none of these at the same time, but instead involves understanding strategic gaps; cooperation; hard work; a willingness to question and where necessary to change fundamental precepts (sacred cows) and also - giving. This paper will address several issues including: what benchmarking is; when it should be used; and the benefits from using it; how to approach a benchmarking initiative; and how to optimise a benchmarking project. What is benchmarking? The term benchmark comes from surveying where it was used to denote a notch or mark representing a given altitude and against which other heights could be calibrated or ‘benchmarked’, since when it has come to mean any standard against which something is compared; and some of the leading exponents in business include Xerox and GE. In business terms there are numerous definitions of benchmarking, but essentially it involves learning, sharing information and......

Words: 4668 - Pages: 19

Benchmarking

...Benchmarking El benchmarking es un anglicismo que, en las ciencias de la administración de empresas, puede definirse como un proceso sistemático y continuo para evaluar comparativamente los productos, servicios y procesos de trabajo en organizaciones. Consiste en tomar "comparadores" o benchmarks a aquellos productos, servicios y procesos de trabajo que pertenezcan a organizaciones que evidencien las mejores prácticas sobre el área de interés, con el propósito de transferir el conocimiento de las mejores prácticas y su aplicación. En economía, toma su acepción para la Regulación: benchmarking es una herramienta destinada a lograr comportamientos competitivos (eficientes) en la oferta de los mercados monopolísticos, consistente en la comparación del desempeño de las empresas, a través de la métrica por variables, indicadores y coeficientes. En la práctica, se utilizan diversos mecanismos de incentivos al comportamiento eficiente, como la publicidad de los resultados de las comparaciones (nadie quiere ser el peor) o con la utilización de mecanismos que transforman esos resultados comparativos en premios o castigos sobre los ingresos del empresario. 1. Reseña histórica del benchmarking En 1982, en Rochester, durante una reunión de la Corporación Xerox donde se trato el aspecto organizacional de esta, con respecto a sus competidores, se utilizó por primera vez la palabra Benchmarking Competitivo y cuyo sistema impresionó por la manera en que se recopilo la información. Allí......

Words: 7110 - Pages: 29

Benchmarking

...Benchmarking is a measurement of the quality of an organization’s policies, products, programs, strategies, etc., and their comparison with standard measurement, or similar measurement of its peers. The objectives of benchmarking are; 1 To determine what and where improvements are called for. 2 To analyze how other organizations achieve their high performance levels. 3 To use this information to improve performance Benchmarking is also called; the process of identifying best practices in relation to both products and services. I work for a non-profit organization where we use strategic benchmarking to indicate where the organization needs overall best performance by examining the long terms strategies and general approaches that have enable high performances to success. When you operate on grants, funding sources require high performance and accountability in order to renew their awards-contract each year. The organizations are reimbursed for service provided on performance-based. So there is a constant challenge to stay in business. In performance there is also competitive benchmarking to deal with other organization providing the same services like the public schools, the nursing homes, the hospitals, and the government funded universities as well. Non-profit organizations involve in internal benchmarking for measurement of effective use of available resources, performance evaluation within departments, employees satisfaction, and wages comparison in HR, employee welfare.......

Words: 252 - Pages: 2

Benchmarking

...evaluating a company performance. According to Kulmala (1999), “benchmarking refers basically to the process of evaluating and applying best practices that provides possibilities to improve the quality.” Based on Bhutta and Huq (1999, p. 255), benchmark is a tool for improvement, achieved through comparison with other organisations recognised as the best within the area. In simple words, benchmarking is the process of comparing result, output, method, process, and practices in a systematic ways and improving the organization performance. However, Ahmed and Rafiq (1998) argue that the essence of benchmarking is how to improve activities, processes and management. Benchmark can be classified into six types which are competitive benchmarking or performance benchmarking, process benchmarking, strategic benchmarking, functional benchmarking or generic benchmarking, internal benchmarking and lastly external benchmarking. 3.2 Competitive Benchmarking Competitive benchmarking involves the continuous measurement of the company’s product, services and practices against the standards of best competitors and the companies who are identified as industry leaders, resulting in continuous improvement in products and processes. Besides that, competitive benchmarking also the process of comparing results of output, method, process and practice of improving the organization performance. According to the Bjorn Anderson, benchmarking is the practice of being humble enough to admit that......

Words: 4825 - Pages: 20

Benchmarking

...-BENCHMARKING - 2014 BENCHMARKING DIANA C. HURTADO MUÑETON LORENA PULIDO BENAVIDES DANIEL JIMENEZ GOMEZ DOCENTE: EFRAIN OCAMPO UNIVERSIDAD AUTONOMA DE MANIZALES NEGOCIOS INTERNACIONALES COSTOS LOGISTICOS Y BSC 1 -BENCHMARKING DEFINICIÓN El benchmarking es una forma de determinar qué tan bien se desempeña una empresa (o una unidad de esta), comparado otras empresas (o unidades). Esta ubica el desempeño de la empresa en un contexto amplio, y permite determinar las mejores prácticas.  “Benchmarking es el proceso continuo de medir productos, servicios y prácticas contra los competidores más duros o aquellas compañías reconocidas como líderes en la industria”. David T. Kearns, director general de Xerox Corporation. La continuidad en el benchmarking no sólo significa un proceso que se hace una vez y se olvida, sino que es un proceso continuo y constante. Otro aspecto es el de la medición, ya que esta está implicada en el proceso de benchmarking, pues se tienen que medir los procesos propios y los de otras empresas para poder compararlos. Del mismo modo este proceso se puede aplicar a todos las facetas del negocio. Y finalmente este se debe dirigir hacia aquellas empresas y funciones de negocios dentro de las empresas que son reconocidas como las mejores o como los líderes de la industria.  “Una marca del agrimensor de una posición previamente determinada y que se usa como punto de referencia, un estándar mediante el cual se puede medir o juzgar algo”....

Words: 2416 - Pages: 10

Problem Solution: Teratech

...Problem Solution: TeraTech TeraTech is a Customer Relationship Management (CRM) solutions provider. For over five years they have been the principal company in this industry as well as operating successfully. TeraTech has several competitors however; they remain in control of the market. Though, with new competitors inflowing the market, TeraTech’s managers sense the need to remain aggressive and to remain up on the requests of their customers. TeraTech is launching a new product combining CRM solutions with methodical modeling. Describe the Situation Issue and Opportunity Identification “An important outgrowth of this focus on the customer is the recent attention placed on customer relationship management (CRM), the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace” (Kerin, 2006). TeraTech should maintain reviewing the requirements of their customers and offer products that meet their customer’s needs. Although TeraTech’s customers are generally satisfied with the company’s products, this remains an area for enhancement. TeraTech will be able to maintain success in the industry if they center on customer requirements and create a product that meets the customer’s needs. “The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends......

Words: 2370 - Pages: 10

Benchmarking

...Company Benchmarking for Competitive Advantage Terry Pilcher Assistant Director – Department of Trade and Industry UK Before undertaking a benchmarking study a company must be aware of the different types of benchmarking that exist. One of the major reasons for misunderstanding is the tendency to call a wide variety of different activities Benchmarking. The most simplistic form of benchmarking could be one person talking to another and deciding if they have similar areas of interest. At this level people undertakes benchmarking every day. Before listing the different types of benchmarking that exist it might be useful to present some definitions of benchmarking to set the scene. There are many definitions around but it is not so much the differences that matter but the similarities. This can be best illustrated using the following definitions: ‘A continuous systematic process for evaluating the products, services and work of organisations that are recognised as representing best practices for the purpose of organisational improvement’ (Spendolini, 1992) ‘Benchmarking is an external focus on internal activities, functions, or operations in order to achieve continuous improvement’ (McNair and Leibfried, 1992) ‘A disciplined process that begins with a thorough search to identify best practice organisations, continues with the careful study of one’s own practices and performance, progresses through systematic site visits and interviews, and concludes with an analysis of......

Words: 1707 - Pages: 7

Benchmarking

...The definition of benchmarking is “the continual process of measuring products, services and practices against the toughest competitors or those companies recognized as industry leaders” (Wheelen & Hunger, 2010). Benchmarking focuses on bettering a company by openly learning how other companies operate and so competing companies can better their business operations. There are usually six steps involved with benchmarking and they are known to be used within companies that are already well managed, instead of focusing on companies that are in poor standings. To me, benchmarking is a positive program. I do not believe it is just another fad. “Benchmarking can help with increase sales, expand goal setting, and lift employees drive” (Wheelen & Hunger, 2010). To look into benchmarking, “the average cost of a benchmarking study is $100,000.00 and involves 30 weeks of effort” (Wheelen & Hunger, 2010). By reading about benchmarking, it seems as if the study would be well worth the money and effort (time put into bettering a company) because the outcome would be on top of what was spent. If my company was already doing well and I took on a benchmarking study and come out on top of what I spent, the time, effort and money would not be a waste. In fact, it would be a positive resource brought into my company. I do believe it is a valuable tool now and will continue to be in the future. References             Wheelen, T. L., & Hunger, D. J. (2010). Concepts in......

Words: 264 - Pages: 2

Problem Solution: Teratech

...Problem Solution: TeraTech University of Phoenix MBA 570 Problem Solution: TeraTech TeraTech a five year old Customer Relationship Management (CRM) solutions provider in the pharmaceutical industry who is facing a challenge of whether to create a new product in-house or through a partnership in order to meet the needs of their customers. They also have to consider in their decision the issues with their current staff lacking some of the skill needed to produce this new product. Describe the Situation Issue and Opportunity Identification TeraTech is faced with the dilemma of which direction the company should move forward. With customer satisfaction becoming an issue and increased competition TT needs to move fast on deciding to launch a new product created in-house or to partner with a company already producing such a product. TT is being challenged by this due to company growth has begun to slow down. Christine DeFalco has addressed the issue of a marketing mix and whether production in-house or thru a partnership as to how this product be priced, promoted and placed to fit within the direction TeraTech is wanting to move forward. Stakeholder Perspectives/Ethical Dilemmas If going with the direction of TeraTech expanding its product line there are ethical dilemmas that stakeholders are being challenged. One dilemma is Christine DeFalco hopes of expanding TT product line may become a challenge with Chris Riggs, VP of human resource announcing a......

Words: 2126 - Pages: 9

Benchmarking

...The Practice Of Benchmarking And Its Advantages And Disadvantages Introduction Over the years, there has been a tremendous development in benchmarking techniques, in terms of both benchmarking practices and method, which are widely used in different organization to achieve different goals in the developing countries. In this assignment I will discuss the definition of benchmarking and then the use of benchmarking. After that I will discuss the advantage and the disadvantage of benchmarking according the researches and the case studies of benchmarking. Then, I will discuss and analyze the practice of benchmarking to explain why managers find that benchmarking did not live up to their expectation. Finally, the conclusion will have summary of the assignment question. Background of Benchmarking 2.1 Definition of Benchmarking Benchmarking, as the definition of the CEO of Xerox -D.T. Kearns- is the continuous process of measuring the products, the services, and practices against the best competitors or the leader in their industry (Kolarik, 1995). Freytag and Hollensen (2001) states that ‘benchmarking involves measurement of business performance against the best and makes continuous effort in reviewing process practice and method’. This essay is an example of a student's work Disclaimer This essay has been submitted to us by a student in order to help you with your studies. This is not an example of the work written by our professional essay writers. Essay......

Words: 2696 - Pages: 11

Benchmarking

...The basic idea behind benchmarking is by doing a comparison. An organization finds another organization that is similar and compares them. By studying the achievements of such results; make plans for improving the business performance; implement plans monitor and evaluate the results. By doing the comparison it allows the organization to make the necessary changes, but it is not a quick fix. Benchmarking is vital, by using this practice it can identify costs and provide efficient information that can implement best practice by becoming a central instrument for improvement and the performance of an organization; under the right conditions comparison can be a key driver of performance (OECD, International benchmarking, p. 1). Through benchmarking, many organizations realize that more can be achieved through collaboration between leaders in an industry. There are three primary types of benchmarking used today; first is process benchmarking, which is done at the lower levels of the organization. It focuses on the day to day activities and operations to include anything from customer complaints to the billing process. The changes made on this level improve performance quickly. Second there is performance benchmarking, focuses on competitiveness by looking at where the company’s products and services are in relation to other competitors referring to things such as speed, quality and reliability. Third there is strategic benchmarking, focusing on top management. Discussions are......

Words: 644 - Pages: 3

Benchmarking

...The Importance of Benchmarking in Improving Operational Performance Benchmarking is a key tool used in all sectors in the industrial world. It is an accepted standard to which actual performance is compared, evaluated and, if needed, improved. In the current economy there is an increase in competition therefore companies have to always be ahead of their competition by having a high standard of quality maintained, the companies need to be constantly updated with the newest technology, and at the same time have lesser costs than their competition. “Benchmarking helps to improve the company and helps the company with innovate. It is the process of identifying, understanding, and adapting outstanding practices from organizations anywhere in the world to help an organization improve its performance. It is an activity that looks outward to find best practice and high performance and then measures actual business operations against those goals” (Kumar et al., 2006). This definition is the most evolved definition of benchmarking; benchmarking went through four stages of evolution. It is heavily used in the retail industry to help improve the quality of a retail business, which then leads to higher profits. There are three points that need to be covered to have a successful level of benchmarking: the business must focus around its customers and employees and have continuous improvements; the business has to be flexible to change and has to be able to share and accept all......

Words: 1493 - Pages: 6

Benchmarking

...TITLE: Benchmarking: A general review about the classification, process and pitfall of the model LECTURER: PROF. MADYA DR. RIZAL BIN RAZALLI NAME: ONG YUH KIANG MATRIC NO: 227806 TITLE: Benchmarking: A general review about the classification, process and pitfall of the model LECTURER: PROF. MADYA DR. RIZAL BIN RAZALLI | | | | | | Summary of selected articles Article 1 | Benchmarking: a general reading for management practitioners | Author | Sik, W.F., Cheng, E.W.L., & Ho, D.C.K. | Year | 1998 | Setting/ Place/ Sample | Management Decision, Vol. 36 Iss 6 pp. 407 - 418 | Objectives | Introduce the basics of benchmarking to management practitioners | Analysis | Classification of benchmarking, benchmarking process model, components in a benchmarking project, hints for organization to conduct first time benchmarking project. | Findings | Identify the sources of best practices as a result of assisting in promoting management perspectives and facilitating the formation of various specific goals. | Article 2 | Benchmarking the benchmarking models | Author | Anand, G., & Kodali, Rambabu | Year | 2008 | Setting/ Place/ Sample | Benchmarking: An International Journal, Vol. 15 Iss 3 pp. 257 - 291 | Objectives | To classify the fundamental benchmarking model and the unique benchmarking model, propose a universal benchmarking model which can be applied for all types of benchmarking | Analysis | Benchmarking the benchmarking......

Words: 3835 - Pages: 16

Benchmarking

...WHAT IS BENCHMARKING? http://tqmgroups.blogspot.com/p/benchmarking.html “Benchmarking is simply the process of measuring the performance of one's company against the best in the same or another industry. Benchmarking is not a complex concept but it should not be taken too lightly. Benchmarking is basically learning from others. It is using the knowledge and the experience of others to improve the organization. It is analyzing the performance and noting the strengths and weaknesses of the organization and assessing what must be done to improve. REASONS FOR BENCHMARKING There are several reasons that benchmarking is becoming more commonly used in industry; •         Benchmarking is a more efficient way to make improvements. Managers can eliminate trial and error process improvements. Practicing benchmarking focuses on tailoring existing processes to fit within the organization. •         Benchmarking speeds up organization’s ability to make improvements. •         Compare business practices with those of world class organizations •         Challenge current practices and processes •         Create improved goals and practices for the organization •         Change the perspective of executives and managers. OBJECTIVES OF BENCHMARKING ϖ  Becoming competitive ϖ  Improving industry best practices ϖ  Defining customer requirement ϖ  Establishing effective goals and objectives ϖ  Developing the measures of......

Words: 2078 - Pages: 9