You are the newly minted Chief Marketing Officer (CMO) for Casco, a onetime Silicon Valley “High flyer”. Casco’s products historical have been sold to IT departments. However, as this market has matured, Casco’s growth has slowed and its stock price has sagged. In a back room, Casco’s management discovers a team working on a new class of set-top box that can enable Internet and television to be shown at the same time on the same topics. Management sees this product as a game changer for the way consumers interact with multimedia. The company’s board has backed this as the company’s new direction. Your job as the Casco’s new CMO is to prepare a plan for the board of directors explaining the areas where the marketing mix will need to change to move from a corporate technology business to a consumer technology business. Answer the following questions within your paper:
- What are the strategic issues and risks of making this change? Please use at least three different sources in your discussion of marketing mix change requirements.
- What are the changes to the marketing mix (product, place, price, and promotion) that you believe are necessary and their importance to the company’s new business strategy
- Please be concrete in the changes to the marketing mix that you have determine are necessary. Please do not say the product will change. Instead say, for example, that warranties are important to consumers so they will need to create a consumer-friendly warranty policy. One last thing please do not focus time on creating additional details about the physical product.
Your 3 to 4 page paper should answer all of these questions.