You have been summoned by your CEO to explain what you believe are the 3 most critical issues in marketing that will affect your company in the next 5 years. Explain the issues and your recommendations as to the best course of action for your company to thrive in the marketplace that it finds itself. Remember you have all of the 4Ps to work with in considering and formulating your answer.
If your company makes this exercise difficult you may choose another company (except for your project company - no "double dipping" allowed ) and provide your expertise to that CEO.
Any help will be much appreciated.
Interesting project! Let's go with Hewlett-Packard Co. (HP).
Hewlett-Packard Co. is the world's second-largest high-tech company, best known for its printers and precision instrument. It faces a number of challenges in the next five years.
1. The continued low priced HP printer ''will validate the market for desktop photography'', but the challenge lies in increasing its market share in the hotly competitive, $40 billion photography market for desktop photography for personal use. Although the PhotoSmart digital photography gear began a bold new strategy in the past, HP will be challenged to pit future photography gear against the snapshot might of Kodak, Canon, Fuji, and other photo kings. Kodak is the competition and perhaps the company best poised to reap the benefits of a photo revolution. For instance, Kodak has put more than $500 million a year into digital photography--about 10 times HP's investment. And Kodak offers a range of digital cameras, including the much-lauded $999 DC120.
The new technologies (product) of the future will need to move to higher quality while keeping the price within the range of the population of people targeted. For example, HP $399 PhotoSmart digital camera doesn't eclipse any of the camera heavyweights, which is more affordable than some of the high priced digital cameras offered by Kodak. HP's new camera technologies need to aim at turning its gear into the ''home digital darkroom'' (promotion) of the future--printing out near lab-quality snaps, at home, ...
Through an illustrative example, this solution explains the three most critical issues in marketing that will affect the company in the next 5 years, including the 4Ps and recommendations as the best course of action.